What Is Historic’s Auction Commission (URGENT :-)

[oo7ml]

Hi,

I just found out that a car I am looking for is going to auction in the next hour... what are Historic’s commission?

i.e - if a car sells for £100k, what commission do you need to add?

I’m surprised I can’t find the details on their website and can’t get them by phone now.

[oo7ml]

I think I found it... 10%... seems very high?

[bigandclever]

This mob?
https://www.historics.co.uk/buyers-terms-and-condi...

they say said:

10.Buyer's Commission
It is a condition of the contract for the sale of the Lot to You that You pay to the Auctioneer the Buyer's Commission which is a sum equal to 10% of the Purchase Price [plus VAT] (20% for automobilia) and which represents part of the consideration due to the Auctioneer for the Auctioneer's facilitation of the sale of the Lot.
In the event that the sale of the Lot to You is not completed because of any breach by You of these Terms and Conditions You undertake to compensate the Auctioneer in full in respect of the Buyer's Commission that would have been payable along with any other commission that would have been due to the Auctioneer from the Seller if the sale of the Lot had been completed [plus VAT where applicable]. Buyers using online bidding system, will be subject to an additional 1% commission.
In the event that You attend at a Sale, the Lot is not sold (or does not meet its Reserve) but during or within [3 months] after the Sale You enter into a commitment with the Seller or any related company to acquire any interest in the Lot (or any part of it) You also undertake to simultaneously pay the Auctioneer 10% of the total price payable to the Seller or any related company for the interest in the Lot [plus VAT].

I read that as, for a hammer price of £100,000, 10% commission + vat = £12000, total £112,000

Edited by bigandclever on Saturday 18th July 13:29

[oo7ml]

Yeah, that's where I found it.

It makes an expensive car, very expensive... all in with VAT and online fee, you are looking at 13%... £13,000 on a £100,000 car is a lot... or is this the normal at an auction?

[bigandclever]

Depends how you look at it. Sotheby’s, for instance is (or was) 15% + vat for less than 100k, 10% + vat for over 100k. Christie’s is 25% up to 225k.

[blacksun80]

Did you bid on the 650S?
77k plus Commission sounds like a good deal for a 2016 model...

[oo7ml]

I was bidding on the Testarossa... I pulled out at £90,000 (£101,000 with all commission & taxes). It sold for £91,000.

[Cheib]

oo7ml said:

I was bidding on the Testarossa... I pulled out at £90,000 (£101,000 with all commission & taxes). It sold for £91,000.

Good discipline !

[rat rod]

Cheib said:

oo7ml said:

I was bidding on the Testarossa... I pulled out at £90,000 (£101,000 with all commission & taxes). It sold for £91,000.

Good discipline !

2ND THAT ! I bought a car at Historic's ,you can get totally carried away and i did,I was like noddy, don't forget you have to pay for the car before you can drive it and if there's any problems after( and there was) ,you own it regardless . Looks like i will be driving this one for a few years to get my moneys worth.Now my son won't let me go to a auction unaccompanied .

Edited by rat rod on Saturday 18th July 22:49

[blacksun80]

oo7ml said:

I was bidding on the Testarossa... I pulled out at £90,000 (£101,000 with all commission & taxes). It sold for £91,000.

Oo7ml: Check out the current RM Sotheby’s only auction - has 2 testarossas...

[cayman-black]

Cheib said:

oo7ml said:

I was bidding on the Testarossa... I pulled out at £90,000 (£101,000 with all commission & taxes). It sold for £91,000.

Good discipline !

It would still hurt to lose it by just 1k though.

[bompey]

He didn’t lose by 1k. He dropped out so the other person had no one to compete against. The other person may have planned to gone to 100k as their ceiling.

[oo7ml]

cayman-black said:

Cheib said:

oo7ml said:

I was bidding on the Testarossa... I pulled out at £90,000 (£101,000 with all commission & taxes). It sold for £91,000.

Good discipline !

It would still hurt to lose it by just 1k though.

No, not really. I told myself that £90k was the max I was going to considering I hadn’t physically inspected the car. Losing out by £1k or £10k is the same as not being able to agree a price with a dealership.

I was a little disappointed that it actually went so high. There was another Testarossa up an hour previous to that and it didn’t make reserve... I think £68k was the highest bid, so I was hoping the one I was bidding on was going to stay in the low 80’s :-)

However, it’s all down to who and how much someone wants to pay for a car on the day :-)

[rat rod]

oo7ml said:

cayman-black said:

Cheib said:

oo7ml said:

I was bidding on the Testarossa... I pulled out at £90,000 (£101,000 with all commission & taxes). It sold for £91,000.

Good discipline !

It would still hurt to lose it by just 1k though.

No, not really. I told myself that £90k was the max I was going to considering I hadn’t physically inspected the car. Losing out by £1k or £10k is the same as not being able to agree a price with a dealership.

I was a little disappointed that it actually went so high. There was another Testarossa up an hour previous to that and it didn’t make reserve... I think £68k was the highest bid, so I was hoping the one I was bidding on was going to stay in the low 80’s :-)

However, it’s all down to who and how much someone wants to pay for a car on the day :-)

Unless you have some insite to the car before hand don't every buy a complex car like a Testarossa in a auction especially if you haven't even seen it in the flesh.even if it sounds cheap there are so many for sale both privately or trade that you can inspect both body and mechanics, and then probably get some good discount as you are the only one standing there making an offer and while your brain is thinking clearly which you don't get time at a auction,blink and you lost it which could be for the best,Maybe you dodged a bullet or missed out on a good car,you will never know but at least you still got your money to live again.Read the small print with these auctions,you are really on your own once the hammer comes down. Ok on a MG B or Ford Mustang ,they are simple and inexpensive to put wright. Sorry not meaning to tell you how to suck eggs but with 50 years in the motor trade i should have known better and still paying for my mistake.

Edited by rat rod on Sunday 19th July 15:16

[oo7ml]

rat rod said:

oo7ml said:

cayman-black said:

Cheib said:

oo7ml said:

I was bidding on the Testarossa... I pulled out at £90,000 (£101,000 with all commission & taxes). It sold for £91,000.

Good discipline !

It would still hurt to lose it by just 1k though.

No, not really. I told myself that £90k was the max I was going to considering I hadn’t physically inspected the car. Losing out by £1k or £10k is the same as not being able to agree a price with a dealership.

I was a little disappointed that it actually went so high. There was another Testarossa up an hour previous to that and it didn’t make reserve... I think £68k was the highest bid, so I was hoping the one I was bidding on was going to stay in the low 80’s :-)

However, it’s all down to who and how much someone wants to pay for a car on the day :-)

Unless you have some insite to the car before hand don't every buy a complex car like a Testarossa in a auction especially if you haven't even seen it in the flesh.even if it sounds cheap there are so many for sale both privately or trade that you can inspect both body and mechanics, and then probably get some good discount as you are the only one standing there making an offer and while your brain is thinking clearly which you don't get time at a auction,blink and you lost it which could be for the best,Maybe you dodged a bullet or missed out on a good car,you will never know but at least you still got your money to live again.Read the small print with these auctions,you are really on your own once the hammer comes down. Ok on a MG B or Ford Mustang ,they are simple and inexpensive to put wright. Sorry not meaning to tell you how to suck eggs but with 50 years in the motor trade i should have known better and still paying for my mistake.

Edited by rat rod on Sunday 19th July 15:16

Yes, totally agree.

My thinking was, that the car is worth £120k if it was perfect.

It was described as being in excellent condition and it had a full service including cam belts 4 weeks ago, so if you managed to pick it up for low £80’s you should have a great car... if there was something wrong with it, you’d have £30k change to put it right :-)

[rat rod]

oo7ml said:

rat rod said:

oo7ml said:

cayman-black said:

Cheib said:

oo7ml said:

I was bidding on the Testarossa... I pulled out at £90,000 (£101,000 with all commission & taxes). It sold for £91,000.

Good discipline !

It would still hurt to lose it by just 1k though.

No, not really. I told myself that £90k was the max I was going to considering I hadn’t physically inspected the car. Losing out by £1k or £10k is the same as not being able to agree a price with a dealership.

I was a little disappointed that it actually went so high. There was another Testarossa up an hour previous to that and it didn’t make reserve... I think £68k was the highest bid, so I was hoping the one I was bidding on was going to stay in the low 80’s :-)

However, it’s all down to who and how much someone wants to pay for a car on the day :-)

Unless you have some insite to the car before hand don't every buy a complex car like a Testarossa in a auction especially if you haven't even seen it in the flesh.even if it sounds cheap there are so many for sale both privately or trade that you can inspect both body and mechanics, and then probably get some good discount as you are the only one standing there making an offer and while your brain is thinking clearly which you don't get time at a auction,blink and you lost it which could be for the best,Maybe you dodged a bullet or missed out on a good car,you will never know but at least you still got your money to live again.Read the small print with these auctions,you are really on your own once the hammer comes down. Ok on a MG B or Ford Mustang ,they are simple and inexpensive to put wright. Sorry not meaning to tell you how to suck eggs but with 50 years in the motor trade i should have known better and still paying for my mistake.

Edited by rat rod on Sunday 19th July 15:16

Yes, totally agree.

My thinking was, that the car is worth £120k if it was perfect.

It was described as being in excellent condition and it had a full service including cam belts 4 weeks ago, so if you managed to pick it up for low £80’s you should have a great car... if there was something wrong with it, you’d have £30k change to put it right :-)

Great train of thought and if not being sold by auction you can keep to that with no pressure,unfortunately with the auction the pressures on and is so easy to go above the figure you are comfortable at then add the dreaded commission plus vat,looks like you allowed for that and still went over. I too lost a Ferrari for £1k ,went from £70k to £73k then to £75k and walked away at £76k ,got to know when to stop as you did .