What is the 10 minute rule at auction?
Any bids placed inside the final 10 minutes of a lot will reset the clock to 10 minutes, effectively delaying the end time for that lot. This prevents ‘sniping’ which allows people to use software to place a winning bid at the last possible moment. Waiting until the last few seconds of an auction to make a winning bid is known as bid sniping. This tactic is used to try to prevent other bidders from having a chance to place a higher bid before the auction ends.
What percentage do auctions take?
The costs & disadvantages of selling at auction auction fees can significantly impact both buyers and sellers. Seller’s commission is typically 15% of the hammer price, plus additional costs like marketing, ldl (loss, damage, and liability insurance), and cataloguing fees. Generally, the responsibility of paying the lion’s share of the fees at an auction falls on the seller. Sales commission, advertising costs, and legal fees all typically fall within the seller’s remit.