For the buyer, the price at which the hammer falls is unlikely to reflect the full cost. The major addition will be the buyer’s premium- generally 15 per cent at international auction houses. In addition, there are government taxes. All goods are subject to the taxation policies of the country in which they are sold. That means Value added Tax in the United Kingdom, for example, and Goods and Services Tax in Singapore, currently running at three per cent. The tax can be applied in different ways, again depending on the country. It may be applicable on just the buyer’s premium , or on the total price.