The final price at which an item sells at auction, as indicated by the fall of the auctioneer's gavel or the close of online bidding. The hammer price does NOT include the buyer's premium, taxes, or other fees. It is the base from which both the buyer's total and the seller's payout are calculated.
How It Works in Practice
Understanding hammer price math is essential for auctioneers: if an item has a $500 hammer price with a 20% buyer's premium, the buyer pays $600. If the seller's commission is 30%, the seller receives $350. The auction house earns $250 total ($100 from the buyer's premium + $150 from the seller's commission). Hammer price is always reported as the headline number in sale results, but it does not represent what either party actually paid or received.
Frequently Asked Questions
Does hammer price include buyer's premium?
How is the seller paid from hammer price?
Related Terms
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