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How An Auction House Functions
Date: Wednesday November 19, 2008
If you are unfamiliar with auction houses it is a good idea to go along to one or two and observe how they do business.
At some auction houses you have to register with the auctioneers clerk to obtain a numbered bidding card.
When making bids, always do it discreetly. Catch the auctioneers attention by showing him your bidding card and raise your bid by a nod of your head or raising a finger. Decide on the MAXIMUM price that you are prepared to pay and don't get carried away - ending up paying more than you had expected.
You usually have to pay a buyer's premium of 5% = 5p in the pound. Be aware of this when bidding.
Goods must be paid for and removed after the sale.
VAT is charged at the normal rate on the sale price.
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