What is Mecum? Understanding Auction Fees and Commission

Mecum is a term used in the context of auctions, particularly in the automotive industry. It refers to a type of bidder's fee that is charged by the auction house or company conducting the sale.

In essence, mecum is a commission or fee that is paid by the winning bidder to the auction house for their services in facilitating the sale. The amount of the mecum fee can vary depending on the type of auction and the terms of the sale.

For example, in a traditional live auction, the mecum fee might be a flat percentage of the final sale price, such as 10% or 15%. In an online auction, the mecum fee might be a fixed amount per item sold, or it might be based on a percentage of the final sale price.

The purpose of the mecum fee is to compensate the auction house for their services in hosting and conducting the auction, including advertising, organizing the event, and handling the logistics of the sale. The fee also helps to cover the costs of running the auction business, such as employee salaries, overhead expenses, and other operational costs.

Overall, mecum is an important aspect of the auction process, as it helps to ensure that the auction house can continue to provide high-quality services to their clients and maintain a profitable business model.