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Auction question


ditchman
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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.............. 

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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..................

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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 by McSpredder
Edit: corrected identification of seller and buyer
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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% .

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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

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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

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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 . 

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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. 

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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)

 

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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. 

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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

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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.                                   

 

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