Auctions - Anyone used them..?
 

Hi all...

Anyone ever bought a bike from one of the major auction houses? I've just received a reply to an e-mail, in which I asked for a written example of the costs involved - were I to be a successful bidder. I'm shocked at the 'extra dosh' I'd have to cough up over and above the hammer price!

Here it is reprinted below. They'd give anyone the same information, so I've altered nothing.

"Dear Sir,

Thank you very much for your enquiry. Buyers Premium is 15% + VAT. Eg:

Hammer price £15,000

Buyers Premium on £15,000 = £2,250

VAT on Buyer Premium @ £2,250 = £393.75

Total amount payable = £17,643.75

Hope this is of help! Do let me know if you have any other questions or if I can be of any further assistance.

Regards..."

Ben W
Collectors' Motorcycles
--
Bonhams, 101 New Bond Street, London, W1S 1SR
Tel: +44 (0)8700 273616 Fax: +44 (0)8700 273625
Website: www.bonhams.com/motorcycles

Crikey!! And they've got a Ducati 888 Corse up for auction soon. They're expecting BIG money too. (Think I'll stick to MCN!)

I've bought about a dozen bikes from auction, normally ex police bikes (Pans and BM's for work).

Sometimes some good stuff and sometimes some complete scrap, definately buyer beware. Sometimes some real bargains, but on many occassions i've seen people get carried away with bidding, paying same price you'd pay from a dealer, then get hit for buyers premium and VAT. Funny when they realise what they've done.

If its got no history or you can't check with the owner, it's gotta be cheap.

In the case of ex police bikes some bikes also have VAT on the full sale price, not just the buyer premium, check before handhand

Been to loads of auctions and bought a few cars from them as well. The only extra i have paid was an HPI indemnity thing of about £25. I've never paid a buyers premium that i can remember!

Use them all the time. The Buyers Fee/Indemnity seems very expensive. I persoally dont use big auction Houses like BCA as i find them far to expensive they have extortionate selling and buying fees. Most I've ever paid is £50.

is there a website that lists these auctions??
as i wouldn't mind rebuilding a crash damaged bike

Regarding the above example:

The extra £2643.75 the buyer pays is only part of the story. The auction house then takes almost as much again from the seller. This means he - the seller - receives only approx. £13000 of the £15000 hammer price. The auction house itself takes the remainder - meaning it makes approx. £5000 from the sale!

What do they actually DO to earn such huge commission? Polish the paintwork?

Your talking about classic bike auction here though. The fees at a regular auction are nothing like as much.

Glyn, i'd forget it mate. Salvage appears to go for stupidly high prices at auction. Best bet is to keep an eye on ebay.