Auction Charges for Buying

The price you pay for an auction lot is the bid amount when the auctioneer's gavel falls (the hammer price), plus a buyer's premium (a percentage of the final hammer price) plus VAT (where applicable).

The buyer's premium can vary between 8 - 20% of the hammer price; this may or may not include VAT. You may also have to pay an additional charge for using a credit or debit card.

For example:

A lot sold for £10,000 with a buyer's premium of 20% would cost you £12,000 (the hammer price plus the buyer's premium of £2,000). You may also have to pay 17.5% VAT on the premium, giving a grand total of £12,350.

Check the buyer's premium and any other charges carefully before deciding on your maximum bid. Remember, you may have to pay up to 25% more than the hammer price.