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realspeed
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29-06-2021, 04:14 PM
11

Re: £40,000 for a Ford escort

If only I could get one of the royals to sit in my car would the value increase ?
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Baz46
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Somewhere rural 'out in the sticks', UK
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29-06-2021, 07:37 PM
12

Re: £40,000 for a Ford escort

Originally Posted by Percy Vere ->
The final hammer price was £47k. The rest was made up of auction house fees for the buyer and VAT. The vendor wouldn't receive the £47k though because the auction house would take it's cut from that (probably around 10-15%)
At least someone is alert enough to notice the final details of the sale, thanks for pointing that out!

I understood it was the sold price posted by the OP that was the subject of this thread, seeing the headline indicated the sold price I posted the link reporting the price the car sold for:.

"Princess Diana: Ford Escort gift reaches more than £52k at Essex auction"

The text then went on to state the sold price:

"A car given to Princess Diana as an engagement present has been sold at auction for more than £52,000."

One paragraph went into details of the "hammer price":

"The car, listed at Reeman Dansie's Royalty, Antiques and Fine Art Sale in Essex, was sold to a phone bidder at a hammer price of £47,000, exceeding its pre-auction estimate of £30k-£40k."

The last line of the news item also mentioned the price paid:

"With fees, the total price paid for the vehicle was £52,640."

Although I didn't get the actual nett sold price (exc. fees and VAT) correct, the car sold for £7,000 more than expected and that was £17,000 more than the reserve price. All in all not bad for what is a 1981 'W' reg. car though, putting aside the obvious provenance that is.
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Longdogs
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29-06-2021, 10:45 PM
13

Re: £40,000 for a Ford escort

Oh how I wish I had collected up all the unwanted Escorts from the early eighties and stored them in a barn.
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Percy Vere
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30-06-2021, 04:38 PM
14

Re: £40,000 for a Ford escort

Baz, fees charged to the vendor are set by the auction house and are usually on a sliding scale (I've sold and bought stuff at auction in the past). Some houses charge as much as 25% + VAT or as little as 10% + VAT depending on the hammer price achieved on each side of the transaction, others charge the vendor around 15% + VAT and the buyer around 20 or 21% + VAT. The higher the hammer price, the lower the auction house's fees - usually. You deffo have to read each Auction House's Ts&Cs.
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Baz46
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30-06-2021, 06:59 PM
15

Re: £40,000 for a Ford escort

Originally Posted by Percy Vere ->
Baz, fees charged to the vendor are set by the auction house and are usually on a sliding scale (I've sold and bought stuff at auction in the past). Some houses charge as much as 25% + VAT or as little as 10% + VAT depending on the hammer price achieved on each side of the transaction, others charge the vendor around 15% + VAT and the buyer around 20 or 21% + VAT. The higher the hammer price, the lower the auction house's fees - usually. You deffo have to read each Auction House's Ts&Cs.
That is quite some 'commission' isn't it. That plus the VAT takes a lot of the original price obtained. I do wonder if it's worth putting anything in an auction if that is the case? These days it's necessary to read all the Terms & Conditions whatever it is. Often the more in those documents the more 'dodgy' things can be. I wonder why it is that we (the public) cannot legally draw up our own Terms & Conditions and serve them on the seller or whoever it might be?
 
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