Selling your antiques and collectables at auction

In the first part of my guide to selling your antiques and collectables I suggested that each of the different options for selling your precious possessions has its benefits and drawbacks and should be selected for different needs. In part two of the guide I will examine the option of selling through real life auctions and how to select your auctioneer.

Where to use an auction house to sell your items:

• If you have a large quantity  of items to sell ( you may be able to negotiate a favourable rate with the auctioneer)
• If you do not want to put any time or effort into the selling process ( auciton houses will collect and handle all aspects of the sale for you but this can work out quite expensive)
• When you have a very rare and expensive item. One of the larger auction houses may be able to reach rich international clients which you would not have access too. They can also add submit your item to a specialist sale of similar pieces which will attract collectors and higher prices.
• When you have a very large item – The aucion houses can move pieces but do be aware of the charges for this service

When not to sell through an auction house:

• When you need the money quickly . Specialist sales may only be held a few times a year and most only pay out weeks after the sale
• When you want to minimise the total cost of selling. Auction houses charge both you and the buyer a fee on on every lot. This can vary between 10 and 25%  each. This means that the auctioneer can take 50% of the hammer price. There can also be insurance charges, photography fees, lotting fees, removal and storage fees. Ask up front so that you do know what is involved. There can also be charges if you change you mind before the sale once the auctioneer has possession of your goods

How to select an auction house:

This depends on what you are selling but normally I would look relatively locally as transport costs add up however if you have several items do shop around. The big London auction houses only want top quality antiques. Look on the antiquetrade gazette website for a local auctioneer

Preparing to send your goods to auction

The auctioneer should list everything for you and give you a list of lots however pieces can go missing once they are out of your possession so it is wise to have your own check list if there is a lot of stuff

On the sale day:

I often see vendors sitting in the front row of a sale watching their antiques and collectables being sold. They have a list and write down the price each lot brings.  Is this a good idea? Well probably yes if you have the time – the auctioneer may well try a bit harder and you can always bid yourself if you think something is going to cheap. Bidding yourself is a risky strategy as you could win the auction and then you would have to buy the item and pay both the buyers and sellers premium to the auctioneer.

Good luck and see you at the sale

Update 6 January: Heres an exert from an e.mail I have just received about a sale  in London – an example of the fees involved: 

 

 

 

 

Bonhams charges a sellers’ commission of  15% of the hammer price achieved. A colour illustration will be included in the catalogue and on the Bonhams website. This will warrant a small fee to the seller to be discussed in advance. Insurance is charged at 1.5% of the hammer price achieved. Pre-sale estimates will be published in the catalogue and our recommendation is that the low estimate be 20% below retail with a reserve set at 10% below the low estimate. In the event of an item failing to reach its reserve no buying in fee is charged, but you will be charged for photography and insurance. 

The catalogue deadline for this sale is April 20th 2009 by which time your work should be delivered to Bonhams in London. It will be possible to arrange transportation of items from your nearest Bonhams branch: however we would request that you speak to us prior to visiting your local office so that packing and transportation can be discussed.