Q. What is the Hammer Price?
The hammer price is the final sale price or the winning bid.
Q. I’ve found an item I like. How do I bid for it?
Simply register with us. We will then issue you with a client and pin number which allows you to bid on or track lots. Please note it may take up to 48 hours to issue a client and pin number to you.
Q. What is VAT and will I have to pay it?
VAT is a consumption tax levied by the UK tax authorities and currently stands at 20%. Sellers will generally pay VAT on the seller’s commission and other charges unless they are based outside of the EC. Buyers will generally pay VAT on the buyer’s commission only (as a VAT inclusive figure in accordance with the auctioneers margin scheme) except when the following symbols are shown against the lot:
† – UK VAT at 20% due on both sale price and commission
* – UK Import tax at 5% due on both sale price and commission
If the lot you have bought is subsequently exported from the UK (and EC) then VAT is refundable provided proof of export is available except in the case of a lot when VAT on the bid price only is refundable. When the following symbol is shown the lot is held outside of the EC and VAT is payable on the buyers commission only (outside of the margin scheme) and is non-refundable.
‡ – Lot held outside of the EC, VAT on buyers commission not refundable Contact email@example.com if you have any queries.
Q. What is the Margin Scheme?
This allows us to charge VAT as an inclusive figure on the sellers and buyers commission but not on the sale price. Lots imported into the UK from outside of the EC and lots sold on behalf of sellers required to charge VAT on the sale price are excluded from the margin scheme. Sellers required to add VAT to the sale price should notify us in writing and supply us with a VAT registration number in accordance with our terms and conditions. Contact firstname.lastname@example.org if you have any queries.
Q. Can I raise my bid?
Absolutely, you can notify us you wish to increase your up until two hours before the start of the sale.
Q. What if I lose my ID or password?
If you lose either your ID or password please contact our Customer Service Department at email@example.com.
Q. What happens if the buyer does not pay?
Once the hammer has fallen, the sale is a legally binding contract. We shall endeavor to collect payment, if payment is not forthcoming you will be able to rescind the sale and either re-offer your item in another sale.
Q. Can I cancel a sale once my item is sold?