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"Hammer Price"

What does "hammer price" refer to? The price we pay?

http://www.wineconsigners.com/wines/d...

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  1. Like when an auctioneer hits the gavel and says, "Sold!"

    9 Replies
    1. re: SteveTimko

      So, then that IS the price the bottle is sold for? I did guess what it referred to. Just wanted to make sure.

      1. re: BDD888

        The price of the bottle/lot without the buyer's premium applied (typically 14-20%).

        1. re: andtheodor

          Without the "buyer's premium"? Can you explain? I've never bought a bottle of wine via bidding.

          I contacted the company and they told me the final cost would be the hammer price plus shipping (to LA).

          1. re: BDD888

            I've never done business with the company in question but winebid, vinfolio, and the like typically charge a premium on top of the winning bid plus shipping. It looks like this company is a single-party auction and has no premium so what you see is probably what you pay.

            1. re: andtheodor

              Might buy from them just before I leave LA.

              1. re: BDD888

                You might try winecommune.com when you are in LA, lots of private people selling. There are some bad apples there(as everywhere) but most people have very good luck and you can get really great deals. Stay away from "big" sellers there- they don't care about provenance.

                1. re: sedimental

                  Thanks Sedimental. But I think I'll stick to known established LA wine shops. :)

                  1. re: BDD888

                    K&L has been running online auctions for a number of months now. There's no buyer premium assessed, which is nice. Winning bidders have the option of picking up their lots at K&L stores free of shipping charges. They have a location in Hollywood, so you'd just have to time the auctions to close and ship while you're in the LA region.

                    1. re: Eugene Park

                      Will keep that in mind. Thanks EP.