The cost of sending art to an auction house needs to be balanced with the possible return. Posted by Mike Brandly, Auctioneer, CAI, CAS, AARE in Auction Law, Auction School, Auctions, Contract law, Real property at auction, auction, Auction Law, auctioneer, auctioneers, auctions, buyer's premium, calculate, consent, knowledge, seller commission. It’s the sellers [who, in some cases, are charged no commission and even get a cut of the buyer’s premium] who should be footing more of the bill.” Not so fast. Upon receipt, thoroughly review your consignment package documents. Do NOT leave any original documentation in the vehicle. Vehicles with liens must be pre-approved by the auction office and must in all cases be accompanied by a letter from the lien holder stating the lien release conditions and payoff amount. The seller/consignor irrevocably agrees that all claims shall be heard and determined in such court. ; only year for ---; XYZ Certified; etc., a seller must be prepared to substantiate to buyer such accusations or statements. ( Log Out /  Submit your photos via email by sending them to your Customer Experience Agent, or to PHOTOS@MECUM.COM. Auctioneer B on the other hand will have $57,500 total proceeds and earn a buyer’s premium of $7,500 (15% of $50,000) and a seller commission of $11,500 (20% of $57,500.). The seller/consignor irrevocably waives, to the fullest extent permitted by law, any objection or defense which he, she or it may now have, or come to have, regarding the inconvenience of this forum. So – if you were to sell your house for $700,000 and are working based on a 3% commission, the auctioneer would stand to receive a $21,000 commission upon sale of the property. The costs for selling a house at auction include a commission of 2%+VAT of the final sale price, only paid upon successful sale. Tax is also included in the selling process including VAT and import duty. For example, if you have a $200,000 reserve with a 10-percent commission, your net per the contract is $180,000. Seller’s Resale Including Contract for Resale. Choice of Law and Venue. that becomes a guarantee; if you claim one owner; limited production 1 of ?? Submit 12-15 quality photos for review in order to maximize the marketing potential of your listing. If you are selling in an auction, you should know that the hammer price is not what you’ll get in your hand. In order to secure consignments of property and identify private sale and auction sale opportunities, Christie’s sometimes consults or seeks assistance from other art market professionals or third parties. What is a seller's commission? Regarding vehicle title(s). Selling through a realtor is more inclusive of various costs within the agent’s fee, including marketing and other promotional materials. As the price goes up their commission goes down. Individuals must have the vehicle titled in their name. We will explain auction commission charges and UK auction costs including fees and how much it costs in real terms. Review the "matching numbers" forms for additional information. For a $50,000 hammer price auction, Auctioneer A will have $57,500 total proceeds and earn a buyer’s premium of $7,500 (15% of $50,000) and a seller commission of $10,000 (20% of $50,000.) Performance Agreement (Feature/Star/Main Attraction entries only): Failure of the declared consigned vehicle to be present for contracted Mecum auction on assigned day will result in financial relief to Mecum Auctions in the amount of 20% of stated reserve price or fair market value (if no reserve). If your property sells at auction, you will receive a notification informing you of the hammer price - the winning bid for a lot at auction - that your item achieved. The commission the buyer pays, known as the buyer’s premium, is also charged on that price. Please contact us if you have any questions related to VIN/Serial Numbers or Titles/Registration at 262-275-5050 ext 6880. Payment is made to the name on the title. *If your email has issues sending large photo files, you may need to split files into multiple email messages. We offer flexible consignment options including straight commission, gross guarantee, even outright purchase. A VIN/Serial Number that matches the title/registration EXACTLY must be provided prior to the auction. The images you provide will be used for the vehicle listing on mecum.com and many other promotional publications and websites. All our charges are subject to VAT. A Mecum representative will be available during the auction block process. Dealers must have space on the title to re-assign it. You can choose whether your auction should run for 1, 3, 5, 7, or 10 days. Commission can be as high as 40%. Be present when your vehicle is on the auction block. Today, we take another look specifically at seller’s (client’s) commission in regard to an auctioneer charging a buyer’s premium. ... or pay Introductory Commission to, third parties. Sliding Scale – Some Auctioneers And Auction Companies charge a commission that adjusts based upon the price of items. Any title requiring a correction will be assessed a $100 title correction fee. However, Mecum Auctions reserves the right to alter the placement of vehicles at our discretion. Customers with "prime position" numbers are not eligible to change vehicles once the vehicle is declared. Claims of "Matching Numbers" are addressed in Paragraph 15 above and by separate documents. Under no circumstances will the auctioneer place a bid on behalf of the consignor above the reserve amount. Glossary A guide to all the terms and phrases you will hear as you go through the buying or selling process at Bonhams. Are you an InfoNet member or Mecum Customer? Unpaid entries will be eligible for cancellation without notice at the discretion of Mecum Auctions. Select the photos you want to send from your, Save photos from your camera to your computer. Mecum offers both reserve and no reserve consignment options with entry positions available for all value ranges and all types of vehicles. Property auctions involve fees for buyers and for sellers. You can sell your equipment at a regular auction at one of our 40+ permanent sites; we can also conduct a full-service auction on your property, or a leased site near you. The formula to calculate this $1,500 as a percentage of hammer price … the seller commission X (here 20%) x the buyer’s premium Y (here 15%) = Z (here 3%). § 2-316. Photos taken with the camera on your phone will usually be sufficient and can easily be emailed to our office. If an auction entry is canceled within 5 days of the original entry, the fee will be refunded minus a $25 handling fee. Sellers Commission Rates: Our vendor commission rates are 12.5% of the hammer price of each lot. The seller’s contract sets the reserve price and the seller’s commission. Read our article on making a bid on an item. ( Log Out /  We also charge 3% of the hammer price of each lot for insurance (subject to a minimum charge of £2). Should either the buyer or seller default on any part of the transaction, Mecum Auctions shall remain entitled to any and all fees and commissions by the defaulting party. They don’t make their commissions unless an item sells. Sign, initial and return the completed forms via email or fax. Selling antiques at auction can be fun and highly lucrative, but there are risks. Your payment will be based on the hammer price less a commission and any agreed-upon expenses. They are the responsibility of the owner and if not removed, may be removed and stored at owner's expense. Are you a buyer looking for information on making bids? For sold lots, Sotheby’s will send payment within 45 days from the sale date, provided we are in receipt of the buyer’s payment. The actual title is required in advance of the auction. On Thursday afternoon, when the auction house reported its 2012 financial results, it announced that it would increase what is known as its buyer’s premium – or the fees it charges buyers — for the first time since 2008. Definitions: “Contract”; “Agreement”; “Contract for sale”; “Sale”; “Present sale”; “Conforming” to Contract; “Termination”; “Cancellation”. Mecum Auctions shall be entitled to Attorney's fees incurred in the enforcement of this contract. On non-negotiable titles, funds to the seller will be held until proper title is provided. Mecum Auctions pays the seller when payment is received and confirmed from the buyer. As part of Mecum Auction's pre-auction preparation we will need a digital photo of the VIN or Serial Number on your vehicle. Sorry, your blog cannot share posts by email. ( Log Out /  Road Art®, Infonet® & The Bid Goes On® are registered trademarks of Mecum Auction, Inc. We also conduct dozens of farm auctions across Canada each year. Vehicles/items must be removed from the auction site within 48 hours of the auction end. Choice of sale position is based on a first come, first serve basis as entries are reserved. Complete an online auction Position Request form (available above) for each vehicle you want to sell. Auctioneers Use Marketing Skills & Urgency, Internet Auctions A Guide for Buyers and Sellers, Official Statement of the National Auctioneers Association Concerning Proper Ethical Conduct for Absolute Auctions of Real Estate, Official Statement of the National Auctioneers Association Concerning the Licensing of Businesses that Sell Property via Internet Auctions, “Give Me Five, Now Ten … Years Into the Future”. Agent today entries are reserved amount owed to RM Sotheby 's for the vehicle titled in name. Not share posts by email commission Please contact the relevant department for details! Alter the placement of vehicles `` prime position '' numbers are the responsibility of the hammer price achieved for sold! % = 3 % of the hammer price at auction you should be aware that there a... A lot more complicated the amount owed to RM Sotheby 's for the full amount of the auction in! Will usually be sufficient and can not share posts by email the seller ’ s,... 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