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See also: The relationship between Guineas and Pound Sterling in British auctions. Your bid is in Pound - but you pay in Guineas (which are worth 5% more) - th
by DocTomoe 4y ago
See also: The relationship between Guineas and Pound Sterling in British auctions.
Your bid is in Pound - but you pay in Guineas (which are worth 5% more) - the difference in worth is the auctioneer's fee.
Of course, noone's paying in actual Guineas - those are too rare, and noone's carrying gold coins around. The Guinea value is being converted to Pound value - but the Pound value is the amount the former owner of the object to be sold will receive.
- devilbunny 4y ago5% is an insanely low auctioneer's fee. Is that for really high-ticket items only? The place I usually buy from in the US, it's 22%, and while that's on the high end, I don't think I've ever seen less than 15%. These are largely items in the $500-$5000 range, with a few in the $5-20k range and occasional big-ticket items going for a bit over $100k.