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In auctions, the buyer's premium is a charge in addition to the hammer price (i.e. the winning bid announced) of an auction item, or lot. The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer's premium.
Manheim, Inc. is an automobile auction company. As a subsidiary of Cox Automotive, a subsidiary of privately owned Cox Enterprises, Inc. based in Atlanta, Georgia, Manheim's primary business is wholesaling vehicles via a bidding process using traditional and online formats.
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The painting was exhibited in Hong Kong, London, San Francisco, and New York in 2017, and then sold at auction at Christie's in New York on 15 November 2017 for $450,312,500, [n 25] a new record price for an artwork (the hammer price was $400 million, plus $50.3 million in fees).