How much does an auction house take?
In general, you’ll pay a sales commission equal to 20 to 50 percent of the sale price.
If your sale totals less than $300, you’re more likely to pay that 50 percent; more expensive items are charged lower commissions.
But fees are negotiable and often depend on how much an auctioneer wants to sell your goods..
What are typical auction fees?
Most auction houses charge the seller and buyer fees. However, the fees are negotiable for the seller and about 15-20% for the buyer is expected.
Who pays fees at an auction?
Fees For The Buyer Often there will be fees involved for a buyer which they wouldn’t get if they were buying from an estate agent. So, nine times out of ten there will be a buyer’s premium, also called an admin fee. This is basically an additional fee that the buyer will have to pay to the auctioneer.
What is the minimum price at an auction called?
reserve priceCommon to auctions, a reserve price or a reservation price is the minimum amount that a seller will accept as the winning bid. Alternatively, it is less commonly known as the highest price a buyer is willing to pay for a good or service.
How do you pay at an auction?
In New South Wales, a 10% fixed deposit is required unless otherwise stated, which can be paid by a personal or bank cheque, cash and other methods by arrangement between all parties.
Do artists make money from auctions?
When a work sells at auction, the artist doesn’t benefit at all. For decades, artists have attempted to correct this by fighting to receive royalties from works sold on the secondary market. Most writers, for example, receive royalties from book sales in perpetuity.