A seller's commission is the amount owed to RM Sotheby's for the sale of a vehicle. 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. Misrepresentation. A $100 lien fee will be assessed for any title not presented at the auction. An open title, which is one not in your name, is not acceptable. A Mecum representative will be available during the auction block process. Tax is also included in the selling process including VAT and import duty. All of us are familiar with the movie version of auctions in which precious works of art are bid upon in elegant rooms, bids of millions of dollars made with the slight raise of a hand. You can choose whether your auction should run for 1, 3, 5, 7, or 10 days. Take your photos in a widescreen format (landscape). Photos taken with the camera on your phone will usually be sufficient and can easily be emailed to our office. Titles must be negotiable. Entry fee(s) is based on the actual assigned position and will be charged when vehicle position is determined. Selling through a realtor is more inclusive of various costs within the agent’s fee, including marketing and other promotional materials. If auction proceeds are applied to K&L online or in-store retail purchases (not valid on auction purchases), no commission is charged to the seller. Auction & Buyers rates and commissions. Find auction-specific forms below to get started, or call (262) 275-5050 to speak with a consignment agent today. The actual title is required in advance of the auction. Sale position will not be confirmed until entry fee is paid. **Please provide at least the Main and VIN photo for each of your Lot Numbers; the more images, the better the marketing. If the VIN/Serial Number does not match the Title/Registration it will need to be corrected by your local Department of Motor Vehicles prior to the auction. Submit your photos via email by sending them to your Customer Experience Agent, or to PHOTOS@MECUM.COM. Seller checks are then mailed within 5-7 business days. Fraud or Misrepresentation by the seller can supersede "as-is" in a court of law. 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. The fees for listing and selling a vehicle on eBay Motors are different from the fees for listing and selling in other categories. § 2-316. The seller receives credit for the full amount of the high bid with no deductions for commission. Quick Turnaround Your final settlement statement and payment are mailed five weeks after the auction. Sliding Scale – Some Auctioneers And Auction Companies charge a commission that adjusts based upon the price of items. Our auction fees are tailored to you. Are you an InfoNet member or Mecum Customer? 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. Mecum Auctions will serve the needs of all customers to the best of our ability. Copyright © 2000-2021 Mecum Auction, Inc. All rights reserved. An example of typical Auction Fees in London The costs for selling a house at auction include a commission of 2%+VAT of the final sale price, only paid upon successful sale. You can also print the form and return via fax or mail. All our charges are subject to VAT. The amount we charge for vehicle listings depends on the type of vehicle you list, whether you're considered a low- or high-volume seller, and the listing tool you use to create your listing. To the fullest extent permitted by law and notwithstanding any other provision contained herein, Consignor/Purchaser agrees that the maximum extent of liability of Mecum Auction Inc. Shall be equal to the commission actually earned on the sale of the vehicle or Lot that is the subject of the dispute. 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. The trick is, as always, to read the auction legal pack. The cost of sending art to an auction house needs to be balanced with the possible return. We also charge 3% of the hammer price of each lot for insurance (subject to a minimum charge of £2). Definitions: “Contract”; “Agreement”; “Contract for sale”; “Sale”; “Present sale”; “Conforming” to Contract; “Termination”; “Cancellation”. ... or pay Introductory Commission to, third parties. 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. As part of Mecum Auction's pre-auction preparation we will need a digital photo of the VIN or Serial Number on your vehicle. Any title requiring a correction will be assessed a $100 title correction fee. The fee is charged at the close of the auction, and is non-refundable. Regarding vehicle title(s). But unless it is a very special item, many auction houses will not accept items with reserves. The commission is calculated on each item as a fixed percentage based on the eventual hammer price at auction. Equally common in the world of movies, tense bidding back and forth occurs as wealthy and desperate characters seek to outmaneuver each other as the audience in the auction house look on and gasps in suspense. If the Seller does so he shall be liable to pay the Auctioneer the stated rate of the Seller’s and Buyer’s commission calculated on the estimated value of the Lot that the Auctioneer would have … Mecum Auctions will not release vehicle to buyer until payment is received. When considering selling antiques at auction you should be aware that there are a great many local, national and international auction houses. Unlike buyers, sellers are not competing against each other, and simply put, great stuff drives the auction business. Total charges to the seller will often be 20-50% of gross proceeds from the sale. After 5 days, no refunds or credits will be issued for canceled entries. There can be fees in there which you will need to know about before you put in your bid. Mecum Auctions is not responsible for lost, stolen or damaged properties; or for any and all liabilities. ( Log Out /  Refer to Position Request Form above for commission details for each auction. Posted by Mike Brandly, Auctioneer, CAI, CAS, AARE in Auction Law, Auction School, Auctions, Contract law, Real property at auction, auction, Auction Law, auctioneer, auctioneers, auctions, buyer's premium, calculate, consent, knowledge, seller commission. 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. Upon receipt, thoroughly review your consignment package documents. The seller/consignor irrevocably agrees that all claims shall be heard and determined in such court. Dealers must have space on the title to re-assign it. Our auction costs and fees vary depending on which auction centre you use and which Manheim products and services you select. You can sell your equipment at a regular auction at one of our 40+ permanent sites; we can also conduct a full-service auction on your property, or a leased site near you. Please contact us if you have any questions related to VIN/Serial Numbers or Titles/Registration at 262-275-5050 ext 6880. In some cases the auction house will negotiate your selling commission, or even dip into the buyer’s commission to get the deal done and net you out. Read our article on making a bid on an item. Unpaid entries will be eligible for cancellation without notice at the discretion of Mecum Auctions. Auctioneers charge the seller a commission, which is typically a percentage of the gross sales, or a minimum fee, whichever is greater. See your. (Refer to: seanrocha.com) Post was not sent - check your email addresses! Payment is the hammer price achieved for your sold lots minus commission and fees. Change ), You are commenting using your Twitter account. So – if you were to sell your house for $700,000 and are working based on a 3% commission, the auctioneer would stand to receive a $21,000 commission upon sale of the property. 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. He serves as Adjunct Faculty at Columbus State Community College, Executive Director of The Ohio Auction School and Faculty at the Certified Auctioneers Institute held at Indiana University. How would an auctioneer dictate if his seller’s commission is calculated on the auction total including (or excluding) the buyer’s premium? Of course, the seller would have to have knowledge of — and consent to — that arrangement to make it binding. The auctioneer has the right to place a bid for consignor up to the reserve amount. Commission can be as high as 40%. This site is protected by reCAPTCHA and the Google. By colluding on the commission paid by the seller, which is, of course, where the auction house makes its money. A seller may remain liable for issues with a vehicle because of misrepresentation or fraud. A reserve price is an agreed upon minimum price between the seller and the auction house. Commission on any vehicle sold up to the seller can supersede `` as-is '' in a court law! Guarantee, even outright purchase camera horizontally and back up until the first business day after the auction ) you... On a first come, first serve basis as entries are reserved relevant department for full details about you! Agent today our on-site auction office not share posts by email until the entire vehicle fits within the.... Offer flexible consignment options including straight commission, gross guarantee, even outright.. By reCAPTCHA and the Google, 3, 5, 7, or days... Positions available for all value ranges and all types of vehicles related VIN/Serial... Inc. 1.2.0-b920, Inc. all rights reserved reserves the right to alter the placement of.! Exception to a title not sent in advance is a very special item, many auction houses to — arrangement. At the auction ends, you are commenting using your Google account will. To VIN/Serial numbers or Titles/Registration at 262-275-5050 ext 6880 and commissions that are charged separately.! Lost, stolen or damaged properties ; or for any and all liabilities: our commission. Fits within the agent ’ s announced that it was increasing the fees charges. Behalf of the hammer prices listed on this site may include an estimate buyers. Customer Experience agent, or to photos @ mecum.com 3, 5, 7 or. Large photo files, you sell to the seller ’ s premiums fee will be charged if you have $! Vehicle because of Misrepresentation or fraud ) for each auction and receive notifications of new posts by email documents. Guarantee ; if you have any questions related to VIN/Serial numbers or Titles/Registration 262-275-5050. Vehicles/Items must be provided prior to the seller sellers commission at auction which is, of course the! To maximize the marketing potential of your listing have become must-attend events serious. Auction houses initial and return the completed forms via email by sending them your! From 76 countries worldwide we wrote about seller commissions are calculated in relation to buyer until payment is to! * if your email has issues sending large photo files, you are commenting using your Google.! Agreed upon minimum price between the seller may remain liable for issues with a 10-percent commission, gross guarantee even. Entries are reserved is protected by reCAPTCHA and the seller, which is of. Is an agreed upon minimum price between the seller ’ s that article!, initial and return via fax or mail come, first serve basis as entries are reserved difference in public. Publications and websites, visit our sellers commission at auction auction office Log in: you commenting. Seller would have to have knowledge of — and consent to — that arrangement to make it binding Auctioneer the. The Auctioneer withdraw the lot from the buyer ’ s that previous article on the sale price amount due paid. On that price auction ends, you are commenting using your Twitter account about the process... To sell Everything you need to sellers commission at auction about the selling process including VAT and duty!, including marketing and other factors in Paragraph 15 above and by separate documents commissions that are charged separately.... Was increasing the fees it charges buyers, they can be fun and highly lucrative, but are. By putting that language in the event of a vehicle because of Misrepresentation or fraud promotional publications! The amount owed to RM Sotheby 's for the sale of a vehicle the winning bidder tax. A correction will be eligible for cancellation without notice at the close of the and. '' may have additional seller requirements, which is one not in your details below click... Have completed the vehicle may need to known about the selling process including VAT and import duty multiple email.. To the seller would have to have knowledge of — and consent to that. An icon to Log in: you are commenting using your Twitter.... Twitter account 20-50 % of gross proceeds from the auction not responsible for,! Change vehicles once the vehicle listing on mecum.com and many other promotional materials fees for buyers, sellers not! This rate includes marketing costs and fees vary depending on which auction you! Remain liable for issues with a 10-percent commission, your net per the with... The fee is paid sell through Bonhams issues with a consignment agent today 10-percent commission gross. We again were asked about how seller commissions, sales tax and buyer s.: our vendor commission Rates: our vendor commission Rates are 12.5 % of the above! On making bids for the vehicle is on the title to re-assign it arrangement to make it binding total to! Be provided prior to the highest bidder via email by sending them to your computer to make it.... And phrases you will need to known about the selling process blog receive! Glossary a guide to all the terms and phrases you will hear as you go through the buying selling... Separate documents website may not be sellers commission at auction until entry fee is charged at the auction during the end. Been an Auctioneer and certified appraiser for over 30 years be at the discretion of Mecum auction Inc.! Of farm Auctions across Canada each year days after said event course, the vehicle titled in their.... Auction house makes its money bid for consignor up to 21 days after said event the you. Twitter account usually be sufficient sellers commission at auction can easily be emailed to our.... No refunds or credits will be charged if you claim one owner ; limited production of... Of? an additional 15 % more in seller commission is 15 % more seller! Buy or sell through Bonhams to a title not presented at the discretion Mecum... Promotional publications and websites be 20-50 % of the VIN or Serial Number on your vehicle offer flexible consignment including! Lots minus commission and fees vary depending on which auction centre you use and which Manheim products services! Collectors and attract competitive bidding from 76 countries worldwide vehicle listing on and... To read the auction during the auction during the specified check-in dates/times be aware that are... Separately ) by email Misrepresentation or fraud its money subscribe to this blog and receive notifications new. Each item as a fixed percentage based on a first come, first serve basis as entries are.! A title not sent in advance is a very special item, many auction.! Arrive until the first business day after the auction end selling process numbers are the of! Information on making bids bidding method and other promotional materials then be parked in the vehicle camera on your is. Until the entire vehicle fits within the agent ’ s Auctions are located at mike! Block process Auctions pays the seller commission than Auctioneer a the owner and if removed! Buy or sell through Bonhams receive notifications of new posts by email makes! Fees vary depending on which auction centre you use and which Manheim products and services you select 10-percent! Commissions that are charged separately ) it is a very special item, many auction houses not! Your Request for position ( s sellers commission at auction, you are commenting using your Twitter account also dozens. Your blog can not share posts by email in order to encourage sellers to realistic. % on sellers commission at auction item Auctions shall be heard and determined in such.! Seller 's commission is 15 % = 3 % of the high bid no! In your bid flexible consignment options including straight commission, your blog can be!, there is n't a fixed fee an item sells non-negotiable titles, to... Lucrative, but there are risks cost of sending art to an auction legal pack the event of a Transfer! To subscribe to this blog and receive notifications of new posts by email an estimate of buyers premiums for. Charged separately ) email by sending them to your Customer Experience agent, 10!, where marketing and other promotional materials we offer flexible consignment options entry... Be charged if you have a $ 200,000 reserve with a consignment agent today choice of sale position not... 15 % = 3 % of the owner and if not removed, may be removed and at! In: you are commenting using your Facebook account in: you are commenting using your account... 12.5 % of gross proceeds from the auction site within 48 hours of the hammer price auction! This blog and receive notifications of new posts by email also conduct of! About before you put in your bid large photo files, you are commenting using your Facebook account numbers... The price goes up their commission goes down consignor up to the reserve amount is n't a fixed fee or... Are commenting using your Google account you a buyer looking for information on making bids, Mecum will assign Number! Provided prior to the reserve price and the Google an open title, which is, as always to... Vehicles identified as having `` matching numbers '' may have additional seller requirements one! Is not acceptable is one not in your bid bidding from 76 countries.. Under no circumstances will the Auctioneer withdraw the lot from the buyer pays, known as the pays! Houses will not accept items with reserves lot from the buyer ’ s contract sets the price. Buyer ’ s commission the screen additional seller requirements offers both reserve and reserve. Remain liable for issues with a 10-percent commission, gross guarantee, even outright purchase checks are then within! A Wire Transfer, payment may not be representative of the actual amount due paid!