Auction question

[ditchman]

If i go to an auction and bid £100 quid for an item and it goes to me under the hammer.................what do i need to pay to the auction house to take it away..........

 

likewise if i enter something in and auction and the hammer falls at £100 quid..............what do i get.............. 

[Kalahari]

Depends on the auction. But roughly 20% is common. Lose 20% selling and pay extra 20% buying. The action will have the fees shown on their web site and in the catalogue.

 

David.

[ditchman]

14 minutes ago, Kalahari said:

Depends on the auction. But roughly 20% is common. Lose 20% selling and pay extra 20% buying. The action will have the fees shown on their web site and in the catalogue.

 

David.

any VAT to pay..................

[JJsDad]

15 minutes ago, Kalahari said:

But roughly 20% is common.

Some lots will be subject to VAT on top of the selling price & commision, however where VAT is due this will normally be stated against the item.

[walshie]

1 minute ago, ditchman said:

any VAT to pay..................

Yes, but it's normally VAT on the premium, not the purchase price.

[The gouse]

If it’s an agriculture auction there can be know buyers premium and the auctioneer will tell you if there is vat to be added on that lot. 

It will be stated at the start of auction if there is a buyers premium.

[Harnser]

simon ,if you are going to the well known local auction you will pay 15% buyers commission at the fall of hammer plus vat on the commission.

harnser

 

 

[Bigbob]

Most are 15 % to 20% plus vat 

[Scully]

The vat is only payable on the commission, not on top of the selling price. 

Edited: Walshie has already stated this, sorry. 

Edited November 2, 2018 by Scully

[McSpredder]

At our local auction house the buyer pays hammer price + 20%.   The seller is charged commission (20% of hammer price) + VAT (20% of commission) + insurance  (1% of hammer price) + entry fee (£5 per lot, whether sold or unsold).

Result:

Hammer price £10, buyer pays £12, seller gets £2.50  (21% of what buyer pays)

Hammer price £100, buyer pays £120, seller gets £70  (58% of what buyer pays)

Hammer price £1000, buyer pays £1200, seller gets £745  (62% of what buyer pays)

Edited November 3, 2018 by McSpredder
Edit: corrected identification of seller and buyer

[Gordon R]

At my local auction - buying fees are about 48% of hammer price. You end up paying roughly half again.

[marsh man]

1 hour ago, ditchman said:

If i go to an auction and bid £100 quid for an item and it goes to me under the hammer.................what do i need to pay to the auction house to take it away..........

 

likewise if i enter something in and auction and the hammer falls at £100 quid..............what do i get.............. 

Are you referring to Horners at Acle ? , Strangely enough you mentioned £100 , I put some stuff in the last sporting auction at Acle and all the gear made exactly £100 and I got £80 and a few pence , so the fees were 20% .

[ditchman]

46 minutes ago, McSpredder said:

At our local auction house the buyer pays hammer price + 20%.   The seller is charged commission (20% of hammer price) + VAT (20% of commission) + insurance  (1% of hammer price) + entry fee (£5 per lot, whether sold or unsold).

Result:

Hammer price £10, buyer pays £12, seller gets £2.50  (21% of what buyer pays)

Hammer price £100, buyer pays £120, buyer gets £70  (58% of what buyer pays)

Hammer price £1000, buyer pays £1200, buyer gets £745  (62% of what buyer pays)

so the autioneer................gets £ 9.50p for flogging something worth £10 quid.............................should call em Bucaneers not auctioneer

[JJsDad]

1 hour ago, Gordon R said:

buying fees are about 48% of hammer price. You end up paying roughly half again.

Thats outragous, I think Holt`s only charge 25% and thats a fair old mark up when you are looking at guns in the £2k to 3k bracket.

[Harnser]

1 hour ago, marsh man said:

Are you referring to Horners at Acle ? , Strangely enough you mentioned £100 , I put some stuff in the last sporting auction at Acle and all the gear made exactly £100 and I got £80 and a few pence , so the fees were 20% .

You would have paid vat some where among your fees on the vat charged on the commission 

harnser

[marsh man]

2 minutes ago, Harnser said:

You would have paid vat some where among your fees on the vat charged on the commission 

harnser

I am not sure how they arrived at the amount of money I got , I know all the goods added up to exactly £100 , if it had been exactly 20% then I would had got £80 dead , whereas I got £80 and I think 30 odd pence and there was six separate items.

I will try and find the receipt in the morning and let you know what was what . 

[McSpredder]

2 hours ago, ditchman said:

so the autioneer................gets £ 9.50p for flogging something worth £10 quid.............................should call em Bucaneers not auctioneer

Don't be too hard on the auctioneer -- the poor chap only earns £9.10 because he has to give the other 40 pence to the VAT man.   I suppose an auctioneer's costs are pretty much the same for selling a cheap lot as for a very expensive one.   That £5 per lot entry fee, on top of all the other charges, is presumably intended to deter folk from entering low-value items;  it would certainly deter me. 

[Winston72]

7 hours ago, Kalahari said:

Depends on the auction. But roughly 20% is common. Lose 20% selling and pay extra 20% buying. The action will have the fees shown on their web site and in the catalogue.

 

David.

+1 +18%

[Gordon R]

From local auction site:-

For example. A lot bought for £100 without VAT would cost £122.80. (Hammer £100 + Buyers Premium £19.00 + VAT on Buyers Premium £3.80 = £122.80)

A lot with VAT attributed to it bought for £100 would cost £142.80. (Hammer £100 + VAT on Item £20 + Buyers Premium £19.00 + VAT on Buyers Premium £3.80 = £142.80)

 

[bear-uk]

Just sold something for exactly £100.

Breakdown is

Vat on commission = £24

Insurance = £1

Electrical testing = £2

Vat on charges = 0.60

Total = £27.60

Amount payable = £72.40

[The Heron]

If anyone watches chasing classic cars on sky where the cars are sold for millions of dollars/pounds yen etc at auction usually bonhams the commission is eye watering hundreds of thoundsands.

[pinfireman]

If you have several items for sale, you can often negotiate a lower sellers commission..... especially with the smaller auction houses. 

[Paul1440]

Holts have a calculator built into the item description. If bidding I always use this to see what I will pay and use to guide my max bid price.

On auction in general.  I get amused by items that fetch a total price which is pretty much thecaame as widly available In shops at the same total cost . How can that be a good deal? At least at a shop you have some come back. As with eBay my general rule is that, unless it a totally unique piece, don't bid more than around 60% of what is available from a shop. Experience has taught me you will get burnt. 

[scotslad]

It depends on the auction house, some of the big plant auctions fees can be a slow as 1%, Sweeny kincaid online is 15% plus vat so ur usually +35% as most stuff they sell is vat ratable.

 

Just read the small print, something which u think is a steal for 100 might not be such a steal with fees on top

[marsh man]

On 02/11/2018 at 20:02, Harnser said:

You would have paid vat some where among your fees on the vat charged on the commission 

harnser

Morning harser      This is a break down on my receipt.

                                                   Hammer Price             Comm + Vat

                3 items at £20.00         £60.00                        £11.52

               2 items at £15.00          £30.00                        £5.76

               ! item at £10.00              £10.00                        £2.40

                      Total Sold                                    £100.00

                      Less Charges                             £19 .68

                       Less   Vat                                   £ 0.00

                         Net Total                                  £80.32

                          Total                                         £80.32   

High value guns and cars might be different , but this is exactly how my general shooting stuff was on my receipt.