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From what I heard the auctioneer say on Saturday, the 15% INCLUDES the VAT which the auction house has to pay on its commission, so it's 12.5% to the auction house, with the VAT adding 20% to that to give 15%.

From what you say, Hamish, I conclude that the car was bid to £225,000, but the cost to the purchaser is £258,750.

Ian Cornish

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3 hours ago, ianc said:

From what I heard the auctioneer say on Saturday, the 15% INCLUDES the VAT which the auction house has to pay on its commission, so it's 12.5% to the auction house, with the VAT adding 20% to that to give 15%.

From what you say, Hamish, I conclude that the car was bid to £225,000, but the cost to the purchaser is £258,750.

Ian Cornish

Stand corrected Ian. 

Their fees 

Charges

Like all classic car auctioneers, Silverstone Auctions charge what is known as a buyer's premium. Our standard buyer's premium charges are 12.5% of the hammer price for motor vehicles and 20% for automobilia/lifestyle lots. Buyer's premium is subject to VAT at the prevailing rate on the day of the auction.

PLEASE NOTE - Online bidding incurs an additional fee of 1% plus VAT for motor vehicles and 3% plus VAT for automobillia/lifestyle lots.

Entry fees and charges

We charge an entry fee of £250 plus VAT and sellers premium of only 5% plus VAT for all vehicles and £25 plus VAT and a sellers premium of 15% +VAT for all automobilia items.  

 

They have done will out out of that car alone  

 

 

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For the seller, ONLY 5% plus VAT means 6%, and then there's entry fee of £25 plus VAT (=£300).  I like the use of ONLY !

So that comes to £13,500 plus £300, giving a total of £13,800.

They must have needed an armed escort to convey all the day's takings to the bank!

On my way back with my newspaper from the centre of Thame today, I noticed that one of the cars belonging to the estate agent had changed from a big Jaguar to an equally big Maserati.  I wonder what the first year's depreciation might be on that beast?

Ian Cornish

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Hi Ian, working at British Car Auctions i get to see a lot of Massers passing through and they really do depreciate like lemmings off cliffs.  We had a one owner, five year old quattroporte in with less than 30k miles on  for £28k  that car cost £78k when new. Thats £10 grand a year in depreciation!  Nearly £200 per week!  Having said that we also had a three month old  Ferrari in last month with 125 miles on the clock.  That was a £200k+ car which went for  £149k .  bonkers!  

hoges. 

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