Buying at auction is an enjoyable experience, with “all the thrill of the chase”, but for the new buyer it can appear a little daunting. Here is a brief guide to buying at auction.

 

How to Bid at Auction

Registration
In order to bid in a sale you will need to register for a bidding number, known as a ‘paddle’. All we need is your name, address and telephone number. Your details remain entirely confidential and all buyers remain anonymous.

Methods of bidding
There are several ways in which to bid at auction, these are either in person, by leaving a commission bid, arranging a telephone bid or bidding live over the internet.

Bidding in person
Having registered before the sale, all you need to do is make yourself comfortable and wait for your lot. Have a set figure in mind and try and stick to it, it can be all too easy to get carried away! Please remember, when the hammer goes down you have made a legally binding contract with the Auctioneer.

Commission Bids
This is perhaps the easiest way for a new buyer to bid, or for buyers who cannot attend the sale. Ask at Reception for a form, fill in your details and then write down the lot number(s) and the highest price(s) you wish to bid up to. The Auctioneer will then execute the bid on your behalf for the lowest possible bid. Take care to enter the correct lot numbers and description. 

Please note that lots purchased by commission via ATG media (www.the-saleroom.com) will attract an additional buyers premium of 3% plus VAT.

Internet Bidding

At our quarterly Fine Art and Antiques catalogue sales and Fine Wine sales bidders will have the opportunity to bid online via www.the-saleroom.com.  All lots bought through www.the-saleroom.com will attract an additional buyers premium of 3% plus VAT. 

Before the sale you will be able to browse images and estimates of lots in the online catalogue.  If you wish to make live bids during the sale you will see the lots on your computer screen at the same time as they appear in our auction room and your bids will be relayed directly to the auctioneer.  A live audio feed will allow you to experience the atmosphere of the sale and to hear your bids being relayed as you make them.

To bid online you will need to register for the auction.  To register for the auction please go to www.the-saleroom.com/morphets  Please note lots purchased online with ATG media (www.the-saleroom.com) will attract an additional charge for this service in the sum of 3% of the hammer price plus VAT at the rate imposed

Telephone bidding
Probably better suited to the more seasoned buyer who will know the bidding increments. These can be arranged for buyers who cannot attend the sale in person (normally 24 hours prior to the sale).

Artist's Resale Rights ("Droit de Suite")
Lots will be identified in the catalogue and/or announced by the auctioneer as being subject to Droit De Suite/Artist's Resale Right Law. The buyer agrees to pay Morphets an amount equal to the resale royalty and we will pay such amount to the artist's collecting agent. Resale royalty applies where the Hammer price is 1,000 Euros or more and the amount cannot be more than 12,500 Euros per lot. The amount is calculated as follows:

Royalty	For the portion of the Hammer Price (in Euros)
4.00%	up to 50,000
3.00%	between 50,000.01 and 200,000
1.00%	between 200,000.01 and 350,000
0.50%	between 350,000.01 and 500,000
0.25%	in excess of 500,000

Invoices will be issued in Pounds Sterling. For the purposes of calculating the resale royalty the Pounds Sterling/Euro rate of exchange will be the European Central Bank reference rate on the day of the sale.

VAT Number

651 3996 15

Auction Myths Dispelled

Buying at auction costs a fortune
The press only ever report the exceptionally high prices achieved at auction, these are usually for exceptionally rare and desirable items, but for the average buyer furnishing a house, or adding to a collection, the prices can be significantly lower than retail.

Making a sudden movement means you have bought a Rembrandt!
Scratching your nose or other movements will NOT be taken as a bid. The Auctioneer will normally prefer a raised hand to attract his or her attention; and if they are not sure, they will ask you if you are bidding.

False Bidding
Auctioneers will not 'bounce bids off the wall' and push the bids artificially high, as this can land them in hot water! However, they can bid against you up to the reserve (the lowest figure the vendor has agreed to accept for a lot) to achieve the sale, but not beyond it.

Buyers Premium
All lots are subject to a Buyers Premium of 15% which is subject to VAT at the standard rate of 15%. Buyers need to factor in this charge and the VAT on the Premium.

 

Payments
Payment can be made by cash, cheque with a valid cheque guarantee and within the guarantee limit, debit or credit card or by direct bank transfer. Payment by credit card is accepted subject to a surcharge of 2% plus VAT. Please note payments made by this method without chip and pin (cardholder not present) will only be accepted up to £500. Details for Bank Transfer are available from the office