Selling at auction can seem every bit as daunting as buying, especially if you don’t know the item’s history or what it might be worth.

Finding out the value of your item

Visit an auction house to get your item valued. Find out if you need to register and make an appointment with a valuer in advance if necessary. When visiting one of the larger auction houses you’ll probably have to queue up and show your item to a receptionist who’ll decide which expert should be called to value it for you. Valuation is almost always free.
Provide the auction house with as much information as possible. The valuer will probably ask you for anything you can tell them about the item. The history of an item, known as its ‘provenance’, can help enormously in its correct identification and valuation. Even details which might seem insignificant to you can help a valuer, so if you know your table once belonged to Aunt Ethel who lived in Devon who bought it from a local duchess, then don’t forget to say so.
Try to get more than one valuer’s opinion. After careful examination the valuer will probably tell you what he can about your item. This may be where, when and by whom it was made, as well as what it might fetch at auction. It’s best if you can get more than one opinion.

Should you decide to sell

Decide a reserve price. The valuer should advise you whether a ‘reserve’ price is necessary. A reserve is the minimum price for which the auctioneer may sell your item, and can act as an important safeguard if the sale turns out to be poorly attended.
Find out how soon your item will appear at auction. If the item is of exceptional quality you may be advised to wait for a particular sale which will feature other high-quality objects and attract better prices.
Choose a specialist auction for a specialist item. You may get a higher price. However, as certain specialist sales are only held once or twice a year, it may be that you could sell your property more quickly elsewhere.
Additional costs
Commission and costs. An auction house sells on your behalf. For this service you will be charged a commission (usually about ten to 15 per cent deducted from the hammer price), costs (such as insurance charge and handling charge) and VAT on both commission and costs.
Catalogue charges. If your item is illustrated in the catalogue you may also be charged a fee to cover the photographic costs.
Unsold property. Finally, in the unlikely event that your item remains unsold there may be other charges, albeit reduced.

Posted: 05|31|06 at 4:40 pm. Filed under: Auction News.