Horseshoe Chips, weird auction though, advice?

PokerFiend · #1 (**permalink**) 05-19-2007, 02:04 AM

http://cgi.liveauctions.ebay.com/620...16538934QQrdZ1

56 "Horseshoe Club": ten $500, eleven $100, eleven $25, twelve $5, and twelve 25 cents
52 "Horseshoe": ten $25, thirty $5, twelve 25 cents

The auction seems strange.
It says 20% buyer premium, what the heck does that mean?

gmunny · #2 (**permalink**) 05-19-2007, 11:45 AM

Buyers premium means that there is a charge to the buyer for the state % of the winning auction price. For this auction its 20% so if you bid $1000 and win, you will have to pay $1200. Usually you see a buyers premium on "live" auctions. My guess is that this is part of a live auction, but you can also submit bids via ebay. It's a nice set of chips, but be aware that there has been a flood of Horseshoe chips, so its value is not as high as they used to be.

PokerFiend · #3 (**permalink**) 05-19-2007, 02:52 PM

Quote:

Originally Posted by gmunny

Buyers premium means that there is a charge to the buyer for the state % of the winning auction price. For this auction its 20% so if you bid $1000 and win, you will have to pay $1200. Usually you see a buyers premium on "live" auctions. My guess is that this is part of a live auction, but you can also submit bids via ebay. It's a nice set of chips, but be aware that there has been a flood of Horseshoe chips, so its value is not as high as they used to be.

are they circumventing eBay fees with that 20%?