They don’t make their commissions unless an item sells. All our charges are subject to VAT. Unlike buyers, sellers are not competing against each other, and simply put, great stuff drives the auction business. For buyers, they can be a lot more complicated. Seller checks are then mailed within 5-7 business days. For example, if you claim "drives like new," "air blows cold," etc. 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. His company’s auctions are located at: Mike Brandly, Auctioneer, Keller Williams Auctions and Goodwill Columbus Car Auction. See your. To do this, hold your phone or camera horizontally and back up until the entire vehicle fits within the screen. Road Art®, Infonet® & The Bid Goes On® are registered trademarks of Mecum Auction, Inc. (Refer to: seanrocha.com) Positions/lot numbers are the property of Mecum Auctions and CANNOT be reassigned by a seller. We charge this fee in order to encourage sellers to set realistic reserve prices for their items. Review the "matching numbers" forms for additional information. Commission can be as high as 40%. Quick Turnaround Your final settlement statement and payment are mailed five weeks after the auction. 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. The seller/consignor irrevocably agrees that all claims shall be heard and determined in such court. Sorry, your blog cannot share posts by email. Change ). Today, we take another look specifically at seller’s (client’s) commission in regard to an auctioneer charging a buyer’s premium. Seller’s Resale Including Contract for Resale. 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. Mecum Auctions will serve the needs of all customers to the best of our ability. The seller’s contract sets the reserve price and the seller’s commission. Freeman’s auctions have become must-attend events for serious collectors and attract competitive bidding from 76 countries worldwide. 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. Provide payment information (credit card) for each vehicle. Sellers Commission Rates: Our vendor commission rates are 12.5% of the hammer price of each lot. Vehicles/items must be removed from the auction site within 48 hours of the auction end. By colluding on the commission paid by the seller, which is, of course, where the auction house makes its money. Identify yourself to the auctioneers. Vehicles identified as having "matching numbers" may have additional seller requirements. 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. 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.) Why such a broad range in fees? Selling Your Collection Selling at a Mecum Auction is Easy and Affordable. Complete an online auction Position Request form (available above) for each vehicle you want to sell. 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. 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. For sellers, the fees are straightforward. Dealers must have space on the title to re-assign it. ... or pay Introductory Commission to, third parties. 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. 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. Setting up your auction-style listing. 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. 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