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Probate Auction Guide | How Probate Auctions Work
What Is a Reserve Price?
A reserve price is a minimum price set for a lot.
If bidding does not reach the reserve, the lot may not be sold.
Not every auction uses a reserve price, so buyers should check the individual auction terms.
Understanding whether a lot has a reserve can help you interpret the bidding process.
What Are Auction Fees?
The winning bid is not always the total amount you will pay.
Auction houses may charge additional fees.
Depending on the auction, these could include:
- Buyer's premium
- VAT
- Administration fees
- Online bidding fees
- Collection fees
- Storage charges
- Delivery costs
The exact charges vary.
Always read the auctioneer's terms and conditions before bidding.
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