Top Tips For Buying At Auction
We want you to feel comfortable and at ease when it comes to buying from Iconic Auctioneers
1. Familiarise yourself with an auction environment:
Auction halls are exciting! They can be full of adrenaline with lots of activity going on, which also includes the jargon that you are likely to hear from the auctioneer. Understandably, auction terminology can be a little intimidating, not to mention the speed at which they talk.
We recommend coming along to some of our auctions as a spectator before you are looking to buy. You’ll quickly understand what to expect, and whether it’s a car, motorcycle or automobilia auction, our team of experts are always on hand to answer any questions you may have.
2. Understand the auction rules:
Every auction house will have their own set of terms and conditions and we are no different. When you register to bid with Iconic Auctioneers, you are agreeing to be bound by the conditions of sale which are printed in the auction catalogue, as well as on our website. Always familiarise yourself with these terms ahead of bidding.
3. Do your research before you buy:
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 get to know the vehicles for each sale so that they can manage any queries on behalf of the seller too.
Whilst we provide photographs, video content and a written description both online and in the catalogue, we still recommend interested bidders attend the viewing day and carry out an in-person inspection. You are very welcome to send a representative to review the vehicle or item on your behalf.
4. Set a budget and have funds available:
Bidding in an auction can be exhilarating, but we want to make sure you don’t get carried away in the heat of the moment! Be sure to go with a budget in mind and don’t forget that if you’re the successful bidder, you’ll need to add the buyer’s premium onto the hammer price too.
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 £50k 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 01423 590242 or visit apollocapitalgroup.co.uk/iconicauctioneers/.
Payment is due in full by 5pm the next working day following the sale, so make sure you have the funds available before you bid. You can view more about our fees in our Buyer’s Guide.
5. Be aware of the bidding increments
In the case of Commission, Telephone, Live and Online Internet bidding, the following increments will apply.
Under £1,000
£1,000 - £2,000
£2,000 - £5,000
£5,000 - £10,000
£10,000 - £20,000
£20,000 - £50,000
£50,000 - £100,000
Over £100,000
At the Auctioneers discretion
£100
£200/300
£500
£1,000
£2,000/£3,000
£5,000
Over £100,000 At the Auctioneers discretion
£1,000 - £2,000 £100
£2,000 - £5,000 £200/300
£5,000 - £10,000 £500
£10,000 - £20,000 £1,000
£20,000 - £50,000 £2,000/£3,000
£50,000 - £100,000 £5,000
Over £100,000 At the Auctioneers discretion
6. Check the auction location:
We are proud to hold our auctions at some of Europe’s biggest classic motoring and motorsport events, from The Classic Motor Show at the NEC in Birmingham to The Classic Festival at Silverstone Circuit. Be sure to check the location and times for each auction before you set off on a journey. These will be detailed on the upcoming auction page and individual lot listings on the website and in the catalogue. Please note that we do not hold auctions at our office address.
7. Remember your identification:
Here at Iconic Auctioneers we offer bidding in person, as well as online, by phone or via commission. No matter how you bid, you will need to register beforehand and as part of this process you will need to provide one form of photo identification such as your driving licence or passport.
8. Not everything meets its reserve:
Cars, motorcycles and automobilia items in our sales will either have an estimate price or they are offered without reserve, this will be clearly stated in the listing.
Within the estimate price there is a pre-agreed reserve price and there will be occasions where lots do not meet their reserve price and the auctioneer passes, leaving the lot unsold. In this instance, you have the opportunity to make an offer to the auctioneer post-sale. These post-sale deals can also be viewed on our website after the auction.
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