Buying at auction: understanding the final price

The hammer price is the final amount announced by the auctioneer when the lot is sold, the price at which the bidding ends, before any additional fees. It represents the base price, but not the total amount the buyer will pay. Additional costs, particularly the buyer’s premium, are added to this amount.

Also known as the auction fee, the buyer’s premium is a percentage set by the auction house and added to the hammer price. It covers services such as organizing the sale, expert appraisals, and catalog publication.
For example, if a lot is sold for €1,000 and the buyer’s premium is 26%, the total to pay will be €1,260 (excluding any other applicable fees).
This rate is always specified in the General Terms and Conditions of Sale, available in the catalog.

Auction houses may offer live streaming of their sales, allowing bidders to participate remotely.
For lots purchased via Drouot.com, additional fees ranging from 1.8% to 3.6% (incl. VAT) are charged, on top of the buyer’s premium.

In most cases, VAT is already included in the buyer’s premium. This means the buyer does not need to add VAT separately: it’s included in the published rate.
However, for some lots, VAT may apply to the hammer price or fall under a special tax regime. This depends on the seller’s status and current regulations. Auction houses always clearly indicate when VAT applies.