Selling or buying anything in an auction can be risky and expensive if you don’t know what you are doing but, if you know what you are looking or have something unique to sell then an auction is really a great place to start and get it out to the masses.
Auctioning off classic cars is one of the best way to get a return on your investment or simply move you classic on to a new owner. With loads of classic car auctions taking place here in Britain during the summer months and into September and December we looked at producing you our readers a check list of the things which you should look out for when buying or selling a car at an auction.
Buying at Auction…
Buying anything at an auction requires you to register for the auction in advance. You can do this by getting down early to the auction house. Take some ID with you like a driver’s license and a utility bill and then the auctioneer is able to issue you with a card and your unique auction number so that you can bid in the auction. Keep quiet about what it is you are interested in but, this can sometimes be a good time to ask how many other people might be coming to the auctions. If there is a low turnout at an auction then prices can often be lower than the estimated values as there might be less interest overall from the floor. Sometimes the auction house might want to charge for your the pleasure of bidding but, naturally this may annoy you. Rather you will have to pay the fee in order to bid.
Selling At Auction…
Selling something at auction requires a similar ID and Utility Bill identification process. You will be charged a listing fee and be asked to set a reserved price (if you like) on your items. You will also be charged again if your item sells and you may be charged again if your item doesn’t sell. Hence it is important to check with the auction house in question in advance of listing anything for sale the sometimes the fees can make a large dent in any potential profit.
Choosing an Auction House or Website
Choosing when and where to sell your classic car can also affect the price which people will pay. For example convertible classic cars often sell well in the South of Britain where 4×4 cars do rather well in the North of the UK. Some prestige cars often sell well in auctions near London as well as cars which are being sold with some provenance and heritage or prestige badges do well near London too like classic Rolls Royce and Classic Bentley cars. Selling a classic Ferrari or something high end should also be done in the south of the UK and ideally in one of the London classic car auction rooms as there is a higher likelihood of a buying being able to afford it and be familiar with the area to go and view it in advance.
Northern auction rooms shouldn’t be discounted though as there are some real classic car bargains to be had up north and in northern auction rooms. As part of the fee you pay to list your car in an auction the auction house is responsible for getting it into the catalogue and online.
Putting your classic car online is a great idea and some auction rooms will do this as part of the listing fee. Choosing an online only auction site like Classic Cars HQ can be a good idea as this opens up the car to a wide variety of interested people. But be careful when writing your ad. You can either give a lot of information or very little as anyone interested should be getting in touch with you via the website to ask more questions.
July 2016 featured some 6 Auctions here in the UK; Read our post on July Auctions and sign up for updates here on Classic Cars HQ for more upcoming Classic Car Auction Dates and Follow Us on Facebook for Classic Car Events throughout the UK.
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