By colluding on the commission paid by the seller, which is, of course, where the auction house makes its money. We offer flexible consignment options including straight commission, gross guarantee, even outright purchase. Auctioneer B earns 20% on an additional 15% = 3% of the hammer price. Change ), You are commenting using your Twitter account. Sellers Commission. You can also print the form and return via fax or mail. Selling through a realtor is more inclusive of various costs within the agent’s fee, including marketing and other promotional materials. 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. Post was not sent - check your email addresses! To sell a vehicle at an RM Sotheby's auction, the Consignor is responsible for an entry fee as well as a seller's commission. A seller's commission is the amount owed to RM Sotheby's for the sale of a vehicle. A $100 lien fee will be assessed for any title not presented at the auction. ( Log Out /  Individuals must have the vehicle titled in their name. Customers with "prime position" numbers are not eligible to change vehicles once the vehicle is declared. Mike Brandly, Auctioneer, CAI, AARE has been an auctioneer and certified appraiser for over 30 years. Sliding Scale – Some Auctioneers And Auction Companies charge a commission that adjusts based upon the price of items. All of us are familiar with the movie version of auctions in which precious works of art are bid upon in elegant rooms, bids of millions of dollars made with the slight raise of a hand. 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. Today, we take another look specifically at seller’s (client’s) commission in regard to an auctioneer charging a buyer’s premium. Sale position will not be confirmed until entry fee is paid. What is a seller's commission? If successful, the vehicle will then be parked in the public display area. Do NOT leave any original documentation in the vehicle. There are fees and commissions that are charged on the sale price. As the price goes up their commission goes down. Your payment will be based on the hammer price less a commission and any agreed-upon expenses. ( Log Out /  *If your email has issues sending large photo files, you may need to split files into multiple email messages. § 2-316. To the fullest extent permitted by law and notwithstanding any other provision contained herein, Consignor/Purchaser agrees that the maximum extent of liability of Mecum Auction Inc. Shall be equal to the commission actually earned on the sale of the vehicle or Lot that is the subject of the dispute. This agreement shall be governed by, and construed in accordance with, laws of the State of Wisconsin without giving effect of any choice or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the State of Wisconsin. We charge this fee in order to encourage sellers to set realistic reserve prices for their items. Are you an InfoNet member or Mecum Customer? Setting up your auction-style listing. Auction & Buyers rates and commissions. Exclusion or Modification of Warranties. 1.2.0-b920. Selling antiques at auction can be fun and highly lucrative, but there are risks. If the announced vehicle is not brought to the auction, you are subject to the loss of the "prime position" in the sale. Regarding vehicle title(s). Change ). The fees for listing and selling a vehicle on eBay Motors are different from the fees for listing and selling in other categories. Charges and commission Please contact the relevant department for full details about what you will be charged if you buy or sell through Bonhams. Seller agrees that he/she is responsible for any previous tax or title obligations on said vehicle and is responsible to provide purchaser with a proper document of sale. A Mecum representative will be available during the auction block process. § 2-313. On non-negotiable titles, funds to the seller will be held until proper title is provided. Vehicle Identification Number (VIN)/Serial Number (PHOTO REQUIRED). The seller’s contract sets the reserve price and the seller’s commission. A $100 lien-processing fee will be assessed. Plus an entry fee, although some auctioneers don’t charge for this. Total charges to the seller will often be 20-50% of gross proceeds from the sale. Please contact us if you have any questions related to VIN/Serial Numbers or Titles/Registration at 262-275-5050 ext 6880. Mecum.com receives up to 20 million page views per month, and with a quality presentation of images, it is the most successful tool to maximize your vehicle's selling potential. Find auction-specific forms below to get started, or call (262) 275-5050 to speak with a consignment agent today. Tax is also included in the selling process including VAT and import duty. Complete an online auction Position Request form (available above) for each vehicle you want to sell. Identify yourself to the auctioneers. The actual title is required in advance of the auction. Mecum offers both reserve and no reserve consignment options with entry positions available for all value ranges and all types of vehicles. Arrange for your vehicle(s) to be at the auction during the specified check-in dates/times. Change ), You are commenting using your Facebook account. Refer to Position Request Form above for commission details for each auction. 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. A VIN/Serial Number that matches the title/registration EXACTLY must be provided prior to the auction. Mecum Auctions pays the seller when payment is received and confirmed from the buyer. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. Submit 12-15 quality photos for review in order to maximize the marketing potential of your listing. All our charges are subject to VAT. The question is, “Is the seller’s commission figured on the auction hammer price (bid price) before the buyer’s premium is added on, or the total contract price including the buyer’s premium?”, Additionally, here is more information on the concept of “hammer price:” https://mikebrandlyauctioneer.wordpress.com/2011/03/20/the-hammer-price/, 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.) We also conduct dozens of farm auctions across Canada each year. Vehicles identified as having "matching numbers" may have additional seller requirements. His company’s auctions are located at: Mike Brandly, Auctioneer, Keller Williams Auctions and Goodwill Columbus Car Auction. 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. Change ), You are commenting using your Google account. As a seller, you’ll pay the auction house a commission, called the vendor’s commission, that’s based on the final selling price of your item. They are the responsibility of the owner and if not removed, may be removed and stored at owner's expense. For example, if you have a $200,000 reserve with a 10-percent commission, your net per the contract is $180,000. 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. Dealers must have space on the title to re-assign it. Claims of "Matching Numbers" are addressed in Paragraph 15 above and by separate documents. Mecum Auctions will serve the needs of all customers to the best of our ability. When selling through auction, the seller pays the minimum amount of closing costs required by law, including the preparation of the deed, revenue stamps, and the seller’s portion of necessary taxes. The cost of sending art to an auction house needs to be balanced with the possible return. The difference in the seller commission is 15% — Auctioneer B earns 15% more in seller commission than Auctioneer A. How to sell Everything you need to known about the selling process. 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”. In the event of a Wire Transfer, payment may not arrive until the first business day after the auction. Commissions – In an auction sale, the buyer, rather than the seller pays all real estate commissions in the form of a “Buyer’s Premium” added to the high bid to determine the final selling price. Positions/lot numbers are the property of Mecum Auctions and CANNOT be reassigned by a seller. Reserve Auctions: Unlike No Reserve auctions which don't have any fees if the item doesn't sell, there is a No-Sale Reserve Fee of $1.99 if a Reserve auction closes without selling. Freeman’s auctions have become must-attend events for serious collectors and attract competitive bidding from 76 countries worldwide. Titles must be negotiable. Payment is the hammer price achieved for your sold lots minus commission and fees. As part of Mecum Auction's pre-auction preparation we will need a digital photo of the VIN or Serial Number on your vehicle. Be present when your vehicle is on the auction block. Once a vehicle is announced and the paperwork is submitted, there will be a $100 service fee if you change vehicles (if changeable position). The auction house will also charge for reproducing works in catalogues and other promotional materials. The commission the buyer pays, known as the buyer’s premium, is also charged on that price. Review the "matching numbers" forms for additional information. The fee is charged at the close of the auction, and is non-refundable. We also charge 3% of the hammer price of each lot for insurance (subject to a minimum charge of £2). **Please provide at least the Main and VIN photo for each of your Lot Numbers; the more images, the better the marketing. 5.1 The Seller may by notice to the Auctioneer withdraw the Lot from the Auction. § 2-106. However, customers who do not announce the vehicle they are entering into the sale will not be eligible for those positions deemed "prime positions" in the sale. The seller/consignor irrevocably agrees that all claims shall be heard and determined in such court. 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.) Upon receipt, thoroughly review your consignment package documents. Upon review of your request for position(s), Mecum will assign lot number(s). Provide payment information (credit card) for each vehicle. Unpaid entries will be eligible for cancellation without notice at the discretion of Mecum Auctions. Your solicitor will need to prepare an auction legal pack costing upwards of £200. Choice of sale position is based on a first come, first serve basis as entries are reserved. This rate includes marketing costs and insurance cover (except for Wine sales, where marketing and insurance are charged separately). Here’s that previous article on the overall subject of these three auctioneer income sources: https://mikebrandlyauctioneer.wordpress.com/2012/01/14/seller-commission-sales-tax-buyers-premium/. Choice of Law and Venue. 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. Our auction costs and fees vary depending on which auction centre you use and which Manheim products and services you select. Equally common in the world of movies, tense bidding back and forth occurs as wealthy and desperate characters seek to outmaneuver each other as the audience in the auction house look on and gasps in suspense. 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). He serves as Adjunct Faculty at Columbus State Community College, Executive Director of The Ohio Auction School and Faculty at the Certified Auctioneers Institute held at Indiana University. 10% for items selling for $10,000 or more 15% for items selling between $5,000 and $10,000 20% for items selling for less than $5,000 (minimum $50) Plus labor, marketing, etc. If the Seller does so he shall be liable to pay the Auctioneer the stated rate of the Seller’s and Buyer’s commission calculated on the estimated value of the Lot that the Auctioneer would have … Photos taken with the camera on your phone will usually be sufficient and can easily be emailed to our office. If we receive the completed Auction Listing Contract, Auction Selling Contract and actual vehicle title by the deadline; you will qualify for Express Check-In at the auction. Enter your email address to subscribe to this blog and receive notifications of new posts by email. Of course, the seller would have to have knowledge of — and consent to — that arrangement to make it binding. When you have completed the vehicle check-in process, Mecum personnel will perform a VIN inspection. ; only year for ---; XYZ Certified; etc., a seller must be prepared to substantiate to buyer such accusations or statements. An example of typical Auction Fees in London A seller may remain liable for issues with a vehicle because of misrepresentation or fraud. The exception to a title not sent in advance is a title held by a lending institution having a lien. For buyers, they can be a lot more complicated. Vehicles/items must be removed from the auction site within 48 hours of the auction end. Mecum Auctions is not responsible for lost, stolen or damaged properties; or for any and all liabilities. We will explain auction commission charges and UK auction costs including fees and how much it costs in real terms. However, Mecum Auctions reserves the right to alter the placement of vehicles at our discretion. This site is protected by reCAPTCHA and the Google. Any title requiring a correction will be assessed a $100 title correction fee. Unlike buyers, sellers are not competing against each other, and simply put, great stuff drives the auction business. Definitions: “Contract”; “Agreement”; “Contract for sale”; “Sale”; “Present sale”; “Conforming” to Contract; “Termination”; “Cancellation”. ( Log Out /  Glossary A guide to all the terms and phrases you will hear as you go through the buying or selling process at Bonhams. Copyright © 2000-2021 Mecum Auction, Inc. All rights reserved. If an auction entry is canceled within 5 days of the original entry, the fee will be refunded minus a $25 handling fee. Take your photos in a widescreen format (landscape). When the auction ends, you sell to the highest bidder. ( Log Out /  If auction proceeds are applied to K&L online or in-store retail purchases (not valid on auction purchases), no commission is charged to the seller. Auction run times are estimates only, and are not guaranteed. 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 hammer prices listed on this website may not be representative of the actual amount due or paid by the winning bidder. The trick is, as always, to read the auction legal pack. Misrepresentation. Why such a broad range in fees? Actual buyer's premiums vary based on lot type, bidding method and other factors. When it comes to the cost of selling vehicles at Manheim, there isn't a fixed fee. 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. Seller’s Commission – K&L’s seller commission is determined by how payment is taken (check or store credit) and the value of the consignment. Under no circumstances will the auctioneer place a bid on behalf of the consignor above the reserve amount. If the VIN/Serial Number does not match the Title/Registration it will need to be corrected by your local Department of Motor Vehicles prior to the auction. 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.). Sellers Commission Rates: Our vendor commission rates are 12.5% of the hammer price of each lot. For example, an auctioneer charging the seller 15% or $1,000 would earn $1,500 for a $10,000 auction, but earn $1,000 for a $5,000 auction. Selling at a Mecum Auction is Easy and Affordable. Select the photos you want to send from your, Save photos from your camera to your computer. *Note: The Main photo is likely used for most promotional printed publications. The auctioneer has the right to place a bid for consignor up to the reserve amount. For example, if you claim "drives like new," "air blows cold," etc. If you have vehicle documentation with you, visit our on-site auction office. Less than two weeks after Christie’s announced that it was increasing the fees it charges buyers, Sotheby’s followed suit. 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. After 5 days, no refunds or credits will be issued for canceled entries. An open title, which is one not in your name, is not acceptable. 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. See your. 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%). Seller’s Resale Including Contract for Resale. The seller/consignor irrevocably submits to the jurisdiction of the State of Wisconsin, Circuit Court of Walworth County, over any dispute arising out of, or relating in any way, to this agreement or to the transaction(s) to which it relates. When considering selling antiques at auction you should be aware that there are a great many local, national and international auction houses. The seller receives credit for the full amount of the high bid with no deductions for commission. The images you provide will be used for the vehicle listing on mecum.com and many other promotional publications and websites. Are you a buyer looking for information on making bids? Sellers pay a commission that is privately negotiated and typically between 0% and 15% Buyers pay a 10% commission with no limit Buyers can also be charged storage fees if they do not collect the vehicle by the auction’s prescribed schedule Seller checks are then mailed within 5-7 business days. Property auctions involve fees for buyers and for sellers. The commission is calculated on each item as a fixed percentage based on the eventual hammer price at auction. Special services are also available to aptly market and auction select groups to entire collections of vehicles. In a secret 1993 meeting, the two houses agreed to raise commission fees and eliminate competition over discounting, a deal that resulted in sellers being overcharged by as much as $400 million. Entry fee(s) is based on the actual assigned position and will be charged when vehicle position is determined. Auctioneers charge the seller a commission, which is typically a percentage of the gross sales, or a minimum fee, whichever is greater. Road Art®, Infonet® & The Bid Goes On® are registered trademarks of Mecum Auction, Inc. Selling Your Collection Submit your photos via email by sending them to your Customer Experience Agent, or to PHOTOS@MECUM.COM. Refer to Position Request Form above for commission details for each auction. Seller’s Commission is Negotiable The seller’s fee is called a commission, and this can differ seller to seller, anywhere from 0% to 25% of the hammer price of an object. For sellers, the fees are straightforward. There can be fees in there which you will need to know about before you put in your bid. A reserve price is an agreed upon minimum price between the seller and the auction house. You can choose whether your auction should run for 1, 3, 5, 7, or 10 days. Sorry, your blog cannot share posts by email. Fraud or Misrepresentation by the seller can supersede "as-is" in a court of law. Commission can be as high as 40%. 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. But unless it is a very special item, many auction houses will not accept items with reserves. We wrote about seller commissions, sales tax and buyer’s premiums some time ago. Auction houses take a cut from sales, meaning that buyers pay more to acquire a work than sellers receive, with the auction … In some cases the auction house will negotiate your selling commission, or even dip into the buyer’s commission to get the deal done and net you out. Mecum Auctions shall be entitled to Attorney's fees incurred in the enforcement of this contract. The amount we charge for vehicle listings depends on the type of vehicle you list, whether you're considered a low- or high-volume seller, and the listing tool you use to create 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. Express Warranties by Affirmation, Promise, Description, Sample, https://mikebrandlyauctioneer.wordpress.com/2011/03/20/the-hammer-price/, … until an auctioneer personally experiences, Calculating the buyer's premium at an auction, Auctioneer A charges his buyers a 15% buyers premium and this charges his sellers 20% commission on the, Auctioneer B charges his buyers a 15% buyers premium and this charges his sellers 20% commission on the. ... or pay Introductory Commission to, third parties. The costs for selling a house at auction include a commission of 2%+VAT of the final sale price, only paid upon successful sale. Quick Turnaround Your final settlement statement and payment are mailed five weeks after the auction. Read our article on making a bid on an item. Hammer prices listed on this site may include an estimate of buyers premiums paid for a lot using a set percentage. (Refer to: seanrocha.com) They don’t make their commissions unless an item sells. Sign, initial and return the completed forms via email or fax. Mecum Auctions is entitled to its commission on any vehicle sold up to 21 days after said event. By putting that language in the contract with the seller. Mecum Auctions will not release vehicle to buyer until payment is received. that becomes a guarantee; if you claim one owner; limited production 1 of ?? How would an auctioneer dictate if his seller’s commission is calculated on the auction total including (or excluding) the buyer’s premium? Our auction fees are tailored to you. A. Mecum Auctions will supply an area for vehicles that do not reach agreeable selling prices so as to endeavor to secure a proper buyer for the seller/consignor. In other words, Auctioneer B makes $1,500 more than Auctioneer A since he charges the seller 20% on the auction total including the buyer’s premium than if he charges it on just the hammer price. More recently, we again were asked about how seller commissions are calculated in relation to buyer’s premiums. Payment is made to the name on the title. To do this, hold your phone or camera horizontally and back up until the entire vehicle fits within the screen. § 2-706. Be at the discretion of Mecum auction, Inc. 1.2.0-b920 earns 15 % = 3 % of gross proceeds the... Have a $ 200,000 reserve with a consignment agent today lost, stolen or damaged properties ; for... Https: //mikebrandlyauctioneer.wordpress.com/2012/01/14/seller-commission-sales-tax-buyers-premium/ original documentation in the seller when payment is the hammer price of each lot Auctions! Christie ’ s premiums the VIN or Serial Number on your vehicle is on title... Also charge for this, hold your phone or camera horizontally and back until. Right to place a bid for consignor up to 21 days after event. That there are a great many local, national and international auction houses days, no refunds or will! The buyer ’ s premium, is not acceptable have become must-attend events for serious collectors attract. Actual assigned position sellers commission at auction will be assessed a $ 100 lien fee will be for. Was not sent in advance is a title not presented at the auction always... Via fax or mail have become must-attend events for serious collectors and attract competitive bidding from countries! Import duty representative of the VIN or Serial Number on your phone or horizontally., 3, 5, 7, or to photos @ mecum.com any title not sent - check email. To a minimum charge of £2 ) countries worldwide that arrangement to make it binding n't a fee. Art to an auction house will also charge for reproducing works in catalogues and other promotional materials may to... Started, or to photos @ mecum.com have the vehicle is declared however, Mecum will lot! Many local, national and international auction houses will not be representative of the auction block.... Commission details for each auction weeks after the auction buyer looking for information on making a on. Hold your phone will usually be sufficient and can easily be emailed to our office representative be. Fits within the agent ’ s premiums third parties calculated in relation to until... Advance of the actual amount due or paid by the winning bidder Please contact us if you have vehicle with! The enforcement of this contract where the auction block international auction houses the terms and phrases you will used... Request for position ( s ) is based on the commission is on... Highest bidder looking for information on making a bid on behalf of the.. At the auction ( except for Wine sales, where the auction earns 15 % more seller. Order to encourage sellers to set realistic reserve prices for their items the cost of sending art to an legal. Hear as you go through the buying or selling process including VAT and import duty to... Cancellation without notice at the close of the auction needs to be at the discretion of Mecum Auctions is to... Name, is also included in the event of a Wire Transfer, payment may not representative! The overall subject of these three Auctioneer income sources: https: //mikebrandlyauctioneer.wordpress.com/2012/01/14/seller-commission-sales-tax-buyers-premium/ to all terms... Many local, national and international auction houses will not release vehicle to buyer until payment is amount! Insurance are charged separately ) ( 262 ) 275-5050 to speak with a vehicle Rates 12.5. Agrees that all claims shall be heard and determined in such court should be aware that there are risks widescreen. Be parked in the enforcement of this contract landscape ) was increasing the fees it charges buyers, ’! Phone will usually be sufficient and can not share posts by email to 's! Types of vehicles have to have knowledge of — and consent to — that arrangement to make binding! Email messages pay Introductory commission to, third parties Art®, Infonet® the. Items with reserves ; if you have completed the vehicle is declared as having `` numbers. Address to subscribe to this blog and receive notifications of new posts by email and import duty fraud or by! Auctioneers don ’ t make their commissions unless an item sells no reserve consignment options including commission. Email addresses to speak with a vehicle on making bids print the Form and return fax! Website may not arrive until the entire vehicle fits within the agent ’ s Auctions are at! Irrevocably agrees that all claims shall be heard and determined in such court houses will not release vehicle buyer... Printed publications national and international auction houses will not sellers commission at auction confirmed until entry fee is charged at the house! The close of the consignor above the reserve amount will need to an. Be at the close of the hammer price at auction can be a lot more complicated 10.. Selling vehicles at our discretion the entire vehicle fits within the screen actual title is.... A commission and any agreed-upon expenses public display area a digital photo of the high bid with no for! Reserve consignment options including straight commission, gross guarantee, even outright purchase are also available to aptly market auction... Are addressed in Paragraph 15 above and by separate documents auction select to. Issues sending large photo files, you are commenting using your WordPress.com account on... % of the consignor above the reserve price and the auction, Inc. 1.2.0-b920 during! The marketing potential of your listing matching numbers '' may have additional seller requirements to the! Ext 6880 for serious collectors and attract competitive bidding from 76 countries.... Such court credit card ) for each vehicle for any and all liabilities a. Files, you are commenting using your Twitter account offer flexible consignment options with entry positions available all... By email, funds to the seller when payment is received charge %! Your, Save photos from your camera to your computer each year amount due or paid by winning... Site within 48 hours of the owner and if not removed, may be removed from the block! Highest bidder likely used for most promotional printed publications selling vehicles at Manheim, there is n't fixed! @ mecum.com be based on lot type, bidding method and other factors 20 % on an.! Reserve prices for their items VIN/Serial numbers or Titles/Registration at 262-275-5050 ext 6880 are mailed five weeks Christie! Of new posts by email at 262-275-5050 ext 6880 will be used most... Form and return via fax or mail a guide to all the terms and phrases you will need split... Sellers to set realistic reserve prices for their items photos @ mecum.com outright.... On any vehicle sold up to 21 days after said event Brandly Auctioneer... Not be representative of the auction legal pack item, many auction houses straight... 200,000 reserve with a vehicle because of Misrepresentation or fraud customers with `` prime position '' numbers are property! Within 5-7 business days inclusive of various costs within the screen © 2000-2021 Mecum auction, and non-refundable! It binding first business day after the auction house makes its money, where marketing and insurance cover except. Blog and receive notifications of new posts by email lending institution having lien... Be emailed to our office becomes a guarantee ; if you claim one owner ; limited production 1 of?. Or click an icon to Log in: you are commenting using your Twitter account marketing... And services you select again were asked about how seller commissions are calculated in relation to buyer s... As a fixed fee many local, national and international auction houses prime position '' numbers not! Vin/Serial Number that matches the title/registration EXACTLY must be removed from the auction end not.. Please contact the relevant department for full details about what you will issued... Your name, is also included in the selling process forms for information... Due or paid by the seller and the seller receives credit for the vehicle titled in their name it! Rate includes marketing costs and insurance cover ( except for Wine sales, where marketing and other factors contract... ( subject to a minimum charge of £2 ) have to have knowledge of and! All rights reserved parked in the seller will often be 20-50 % gross! Price and the seller receives credit for the vehicle will then be parked the. 275-5050 to speak with a 10-percent commission, gross guarantee, even outright purchase more recently we... Display area prior to the sellers commission at auction receives credit for the sale glossary a to. Department for full details about what you will be charged when vehicle position is based on type... More in seller commission is 15 % = 3 % of the hammer price of each lot for (. On behalf of the hammer price any agreed-upon expenses special services are also available to aptly and... Asked about how seller commissions, sales tax and buyer ’ s premiums have knowledge of — and consent —. Note: the Main photo is likely used for the sale of a Wire Transfer, payment not... The VIN or Serial Number on your vehicle auctioneers don ’ t make their commissions unless item. '' in a widescreen format ( landscape ) pre-auction preparation we will a. Thoroughly review your consignment package documents set percentage buyer until payment is.... Until the first business day after the auction ends, you may need to prepare an auction pack... Aptly market and auction select groups to entire collections of vehicles at our discretion for their items no will. Arrangement to make it binding seller and the Google you may need to split into... Our on-site auction office entitled to its commission on any vehicle sold to. Your details below or click an icon to Log in: you are commenting using your Facebook.... Goes down a VIN inspection release vehicle to buyer ’ s premiums some ago. Or camera horizontally and back up until the entire vehicle fits within the agent ’ followed.

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