Auction Buyer's Guide

Everything you need to know about buying with Iconic Auctioneers

Buyer's Guide

There’s nothing like the buzz and excitement of an Iconic Auctioneers live auction and we are proud to hold motor car, motorcycle and collectible auctions at a number of Europe’s biggest motorsport and classic motoring events.

From registration to delivery, we aim to make the process of buying as easy and transparent as possible. The 'Buying with Iconic Auctioneers' video details the process step by step, as does the information on the webpage below, this has been split into before, during and after the auction, to make it as clear as possible. Be sure to also take a look at our top tips for buying at an auction - just click the button below!

Before the auction

Initial enquiries:

Our website will showcase all of the lots available prior to the auction day. For each lot we provide a detailed description, professional photographs, and video content where possible, in order for interested bidders to obtain as much information as possible. You can make an initial enquiry about any lot(s) of interest directly with the member of staff listed on the lot page.

Viewing days:

We offer viewing days prior to each auction, and these are a great opportunity to inspect the vehicle and any associated history files prior to bidding. Our team of experts are also on hand to assist you and to answer any questions you may have.

The history files, which are supplied by the seller, are available to inspect in person on the viewing days at the dedicated documents desk.

We offer four ways to bid in our live auctions:

Bidding in the room

Here you can enjoy the excitement of bidding in person at a live auction.

Telephone bidding

Bidding over the phone allows you to bid live, from anywhere in the world. On the auction day we will contact you prior to the lot(s) going through and guide you through the process.

Commission bidding

If you are unavailable on the auction day, commission bidding is for you. It is the maximum amount you are willing to bid up to and we will execute the bid as low as possible on your behalf.

Online bidding

You can bid live on our website for free. You can also bid online with our partner, The Saleroom. Please note, bidding online with our partner incurs an additional fee of 1% plus VAT.

Registering to bid:

To register for telephone, commission or online bidding, please log in or create an account using the Register here button below.  To bid in the room, you can register on the viewing or auction day by visiting the registration desk.

You will need to upload one form of identification (passport or driving licence) to complete your registration. Once you are logged into your account, you will then need to register to bid against the specific lot(s) of interest. To ensure your bid is processed, please submit this no later than two hours prior to the auction.

Alternatively, you can register to bid by contacting us directly: email bid@iconicauctioneers.com or call +44 (0) 1926 691 141.

Interested bidders should register to bid at each individual auction and will be required to provide one form of photo identification every 12 months to comply with money laundering regulations (passport or driving licence). This can be uploaded to our Secure Portal. When you complete the registration process you are agreeing to our Terms and Conditions.

Buyer’s premium:

Like the majority of auction houses, Iconic Auctioneers charge what is known as a buyer's premium on the hammer price.

Our buyer's premium charge for items sold at a Live Auction:

  • Motor cars: 12.5% plus VAT (15% including VAT) on the first £300,000 of the hammer price and 10% plus VAT (12% including VAT) on the balance thereafter
  • Motorcycles: 15% plus VAT (18% including VAT)
  • Registration numbers: 10% plus VAT (12% including VAT)
  • Automobilia, watches and lifestyle items: 20% plus VAT (24% including VAT)

Our buyer's fee for items sold in a Timed Online Auction:
  • Motor cars: 6% plus VAT (7.2% including VAT) subject to a minimum fee of £600 plus VAT (£720 including VAT) 
  • Motorcycles: 6% plus VAT (7.2% including VAT) subject to a minimum fee of £350 plus VAT (£420 including VAT)
  • Registration numbers: 10% plus VAT (12% including VAT) 
  • Automobilia, watches and lifestyle items: 15% plus VAT (24% including VAT)
Buyer's premium/fees are subject to VAT at the prevailing rate on the day of the auction. Some lots may also be subject to VAT on the hammer price or import VAT on the hammer price and buyer’s premium. These items will be clearly marked. Iconic Auctioneers use the Auctioneers Margin Scheme (VAT Notice 718/2). VAT cannot be split out on the invoice and cannot be reclaimed by VAT registered businesses or individuals.

Finance:


Did you know that you may be able to finance your upcoming auction purchase? Our exclusive finance partner Apollo Capital are able to organise fast pre-approval for car funding on the latest interest rates and terms, (minimum £50,000 lend). An agreement in principle could see you arrange a finance package so the funds are ready to be paid out when you’ve bought your dream auction purchase. Please speak to their experts for a quote on +44 (0) 1423 590 242  or visit apollocapitalgroup.co.uk/iconicauctioneers/.
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Currency Exchange Services:

Our currency exchange service provider, Currency Solutions, is there to help you avoid costly currency exchange rate fluctuations by providing a dedicated account manager who takes care of currency exchange rates and other aspects of currency exchange so you can relax and enjoy your purchases.

Visit www.currencysolutions.com for more information or give them a call on  +44 (0) 20 7740 0000.

 

During the auction

It's time to bid!

If you have registered to bid in the room, take a seat and enjoy the buzz that comes from being in the auction hall. For telephone bidding, hang tight until we phone you one or two lots prior to the one(s) you have registered for, and for online bidding you can watch the live stream through your online account, and you just need to follow the bidding prompts. If you have registered for a commission bid, you will receive an email after the auction with your invoice if you have been successful. 

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After the auction

After the auction if you are the successful buyer we will email you an invoice, this will clearly detail the hammer price and the buyer’s premium. Our Administration Team will also email you about your collection arrangements. They will retain the V5c and process them on your behalf the week following the auction.

Payment:
All payments are due by 5pm the next working day following the sale. Payments must be made in GBP, by bank transfer where possible. Payment can also be made in person by debit card (up to £20,000) and credit card (up to £5,000). Please note we do not accept AMEX or cash payments. Lots purchased can only be released upon receipt of funds. You should ensure that you have the necessary monies available and are able to pay before you bid.

Collection:
All vehicles must be collected in accordance with the 'Payment & Collection' details noted on the lot pages. Collection times differ according to the auction venue but usually all lots need to be collected by lunchtime on the Monday following the sale. This is due to venue restrictions. Lots not collected by the set deadline will be taken to our transport partners storage facility in Northampton for an uplift fee plus a daily storage charge. 
 

Buyers should satisfy themselves that they have all relevant spares, documents and keys relating to their lot(s) at time of collection. Written instruction from buyers must be provided if they wish their lot(s) to be collected by an agent. 
 
Our dedicated transport partners can assist with collection and delivery. Please contact them directly for a quote.
For motor cars contact EM Rogers on  
+44 (0) 1604 755511
For motorcycles contact Moving Motorcycles on  +44 (0) 1933 448555

Insurance: 

Whether you're a motor trader or an independent purchaser, once the hammer falls, the risk of the lot passes to you. Our insurance partner Howden, are ready to help you and can provide you with a quote. They do insurance differently. They are not a one-size-fits-all insurance company and look to understand the specifics of your insurance needs before giving you a quote. They have a team dedicated to classic cars and motorcycles and cover a vast array of classic and vintage models. 

Visit their website for more information and a quote 
www.howdeninsurance.co.uk/iconic-auctioneers or give them a call on +44 (0) 1905 930748

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Warranties:

The catalogue will describe the lots to the best of our ability on information supplied by the vendor. You should, however, satisfy yourself as to the condition, age and integrity of any lot prior to bidding as no warranties whatsoever are given in relation to any lot. As the hammer falls a contract is made and you are obligated to proceed with the purchase. It is therefore vital that you are satisfied to the best of your ability with the condition of the lot you intend to bid upon before doing so.

 

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Frequently Asked Questions

The FAQ section at the bottom of this page provides additional information but should you require specific information or have a question in relation to one of our forthcoming sales - please do not hesitate to contact us by phone +44 (0) 1926 691 141 or email enquiries@iconicauctioneers.com or visit our Contact Page.

Terms and conditions

This guide should be read in conjunction with our full terms and conditions.

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