Can anyone please give me some tips on house to sell an item through an antique dealer?

Question

I would like to sell some antique items that used to belong to my mother. Of course, I know of the big auction houses in London. However, I don't know what it is to deal with a big auction house. What traps should a novice like myself look out for? Every trade has its tricks, and I want to avoid being taken advantage of. How much of a commision does an auction house generally ask for? What are the hidden fees that are vaguely mentioned on their internet sites. I see that there might be various miscellaneous fees, but nothing is ever spelled out. This makes me nervous and suspicious to even contact such an establishment to sell an item.

Any advice on how to deal with an auction house would be greatly appreciated.

Answer 1

Most auction houses have a valuation day each week and I believe that most are free if you say you are considering selling the item (rather than just getting an insurance valuation). Try taking your items to these valuation days and ask for a breakdown of ALL their charges with your valuation. Try several different auction rooms and compare the prices. Auction houses can charge anything from 10% to 20% vendors commission plus VAT. Some may charge for a reserve and others will charge fees for items with reserves that are unsold. Most auction houses will charge for photographs (either in the catalogue or on their website) so check this out too. If an auction house arranges to collect large items from your house (i.e. house clearance) they will also take the cost of the haulage off the proceeds your items make at auction so bear this in mind.

Alternatively, you can try a few antiques centres or antiques fairs. Look for dealers that have good advertising and look respectable, have a wide range of good quality antiques and preferably have a proper business name and business cards.

I work for an auction house, so hope this info helps you. Good luck.

Answer 2

You don't "deal" with an auction house... You either commit to an auction or don't. Not much you can do but pray once the gavel hits the stand...

There is a set fee usually... It is called a buyers or sellers premium. It can be anywhere from 10% up to 30% depending on the kind of sale and the kind of people attending....

Selling your items at auction is very iffy and even if they are valued by a reputable appraisal service before hand... That means absolutely nothing at auction...

Something is usually only worth in the end... What someone is willing to pay for it. It is neither the auctioneer's fault or the houses fault when things don't sell.

The only way to protect yourself is to put a reasonable reserve on it. But then if it doesn't sell...You are still responsible for the fee.

Answer 3

Our auction house sells for a 17 1/2% and buyers pay around 10%. Some charge fee for entering item, not much. Have about 2-3 valuations, see what they say. To be certain of not losing item for less, put a reserve on item. If it does not reach reserve, at least you will get it back. Most are reputable.

Answer 4

If you are selling to a dealer, get a price estimate from several dealers - and dont trust any of them.
if a dealer buys from you at £X and sells at £Y, the difference is _his profit_

an auction house would be more likely to be trustworthy than an individual antique dealer.
They sell your goods for £X and get a £% commision... It doesn't benefit them to underestimate the worth of the item

Answer 5

start with a small antique dealer....visit several and get their opinion of your pieces...get the pieces appraised..