What is the maximum percentage typically charged as a buyer's premium in Indiana auctions?

In Indiana auctions, the buyer's premium is a fee added to the winning bid amount, which is typically used to cover the auctioneer's costs and enhance their revenue. While there is no legally mandated maximum for this premium, it is common in practice for it to range from approximately 5% to 10%. This industry standard allows auctioneers the flexibility to set their premiums based on the type of auction, the items being sold, and market conditions.

The absence of a specified upper limit permits auctioneers to adjust their fees in accordance with the specific needs of an auction or the expectations of buyers, potentially adopting higher premiums when market demand allows. Understanding this practice is essential for participants in Indiana auctions, as it directly influences the overall cost for buyers.