Should buyer's premiums and fees be included in the written contract with the consignor?

Including buyer's premiums and fees in the written contract with the consignor is essential for several reasons. Transparency in auction practices builds trust among all parties involved—the consignor, the buyer, and the auctioneer. By detailing these fees in the contract, the consignor is fully informed about the financial aspects that will affect the sale process, ensuring that there are no surprises after the auction.

Moreover, having this information documented helps in establishing clear terms that govern the auction transaction. This includes the responsibilities of the auctioneer and outlines what costs the buyer will be expected to cover, which can aid in preventing potential disputes or misunderstandings later on. It also ensures compliance with relevant regulations governing auction practices, which often require such disclosures to protect consumers.

In contrast, leaving fees to be included later or only upon request may lead to ambiguity and dissatisfaction among parties involved. This could ultimately harm the auctioneer's reputation and could result in legal complications. Thus, the necessity of having buyer's premiums and fees explicitly included in the written contract is fundamental to maintaining fair and ethical auction operations.