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Auction Houses Charge if reserve price is not met

wilko116
Posts: 31 Forumite
If you put an item into an Auction House for a reserve price of say £500 which is in line with a valuation. If the item does not reach its reserve price do the auction house charge and if so how much!!
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Comments
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Each auction will operate with its own set of fees. You need to ask them or look at their terms and conditions. Are these on their web site?0
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Is that what the auction house says its worth?
Because if not , let them value it.0 -
If you put an item into an Auction House for a reserve price of say £500 which is in line with a valuation. If the item does not reach its reserve price do the auction house charge and if so how much!!
It's one of many questions you should ask when putting goods into auction. Others include,
what is the commission?
is it a flat commission charge or are there other charges?
are there any storage or insurance charges?
after the sale how long does it take to get paid?.0 -
If you put an item into an Auction House for a reserve price of say £500 which is in line with a valuation. If the item does not reach its reserve price do the auction house charge and if so how much!!
Generally (in my experience) auction houses will charge you whether the item sells or not. If it sells, then a % commission, if it doesn't, then a flat fee.
If they didn't do this, then they would end up with a lot of sellers having a punt at a very high price, with no cost to themselves. Where as if it is going to cost them to auction it, then they'll put a priced to sell on it.0 -
Generally (in my experience) auction houses will charge you whether the item sells or not. If it sells, then a % commission, if it doesn't, then a flat fee.
If they didn't do this, then they would end up with a lot of sellers having a punt at a very high price, with no cost to themselves. Where as if it is going to cost them to auction it, then they'll put a priced to sell on it.
My closest auction house does not charge at all for unsold items and will either return them or just keep resubmitting them at subsequent auctions. You pay nothing unless it sells.
However, they will only take items they think will sell, they refuse a great deal of things that sellers try to offer. They also refuse reserves that they think are unachievable.
The other two I sell at roghly the same, no charge until sold and will not put a reserve in that they feel cannot be achieved. However both those charge if it doesn't sell after 2 attempts and you want the item back.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0 -
Generally (in my experience) auction houses will charge you whether the item sells or not. If it sells, then a % commission, if it doesn't, then a flat fee.
If they didn't do this, then they would end up with a lot of sellers having a punt at a very high price, with no cost to themselves. Where as if it is going to cost them to auction it, then they'll put a priced to sell on it.
There isn't a one rule fits all with auctioneers, they can and do do what they like. What you'll tend to find is that the bigger the auction house the more they charge and the more they will find to charge for..0 -
The other thing I should mention is that my experience of selling at auction is with items that I have taken to the house myself. I know they all charge if you expect them to come out and value or if you need help to transport items to the sale room.
I regularly attend 3 auctions, and pop in and out of another couple, virtually none of them have more than a few items per hundred with a reserve. The only one that regularly uses a reserve is a "proper" antique auction that has an online presence and attracts worldwide bidders. A lot of their items have reserves and it is not uncommon for a sale to occur that is subject to seller agreeing to reduce the reserve.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0 -
Is a painting I am talking about and other paintings by the same artist have been sold for between £400 and £650 each at various auction houses in the past 5 years. So I would probably be looking at an ART Auction Sale rather than just a general Auction sale. This is the reason I am looking at putting a Reserve Price on the item.0
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Is a painting I am talking about and other paintings by the same artist have been sold for between £400 and £650 each at various auction houses in the past 5 years. So I would probably be looking at an ART Auction Sale rather than just a general Auction sale. This is the reason I am looking at putting a Reserve Price on the item.
all the advice above still stands. Find an auciton house, get them to look at painting and suggest a value, agree a reserve and check their costs before you agree to sell.
Make sure you get it all in writing, what you have agreed, what fixed reserve and what fees applies dependent on a successful sale or not.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0 -
I was quoted by an Auction house in Surrey the following charges. 15% commission up £1000 then 10% therafter. Loss and damage warranty 1.5%. Marketing and Internet listings £10 an item (sold or unsold). Catalogue Illustration £10 an item (sold or unsold).A reserve price must be deemed as reasonable by the auction house and agreed by both parties. Do these fees all seem about average.0
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