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Darrell Banks - Open The Door To Your Heart/our Love

23 hours ago, Mike said:

 

maybe  @Omega Auctions can offer some more 'official' details/background on this.... ?

Hi all, yes, it is indeed the same copy, unplayed since the owner bought from JM's auction. Viewing is Monday morning here and Tuesday before the sale starts. We're happy to answer any questions here, on the phone or via email (all on website contact page) if anyone has any.  Thanks!

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Sold for £15,000 plus min. 25.5% commission

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I've got to say that that is a thing of beauty. Can't stop looking at it.

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Posted (edited)

This should serve as a warning to anybody thinking of selling through a trad auction house, the final sale was minus 28.8% of 15000 = £4320 = a  takehome of £10,680 ! A loss of £4000 off the original price he bought it for

Edited by airfixkid
wrong quote

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38 minutes ago, airfixkid said:

This should serve as a warning to anybody thinking of selling through a trad auction house, the final sale was minus 28.8% of 15000 = £4320 = a  takehome of £10,680 ! A loss of £4000 off the original price he bought it for

Thought Manship sold for about £13500? I stand to be corrected😄

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Posted (edited)

Does seller not get 15k ?

Auction house charges buyer 28.8% of sell price.

Or have I got this arse over elbow?

Edited by Headsy

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They charge in the region of 20% + VAT for the pleasure of selling it for you, so seller gets around £11400 of the £15000 sale price

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1 hour ago, Julianb said:

Thought Manship sold for about £13500? I stand to be corrected😄

And he took his cut off that 15% ? 

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1 hour ago, Headsy said:

Does seller not get 15k ?

Auction house charges buyer 28.8% of sell price.

Or have I got this arse over elbow?

Generally speaking when you bid at an auction house you'll pay selling fees on top of the purchased/bid price.

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16 minutes ago, Maxwell said:

And he took his cut off that 15% ? 

I've not sold through John recently, but I think he charges 20% now. I could be wrong though. I'm sure someone on here ( or John himself) can put us right on this.

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3 hours ago, airfixkid said:

This should serve as a warning to anybody thinking of selling through a trad auction house, the final sale was minus 28.8% of 15000 = £4320 = a  takehome of £10,680 ! A loss of £4000 off the original price he bought it for

Hammer price was £15,000. Buyer pays the auction house the hammer price plus fees, thought to be 24% plus VAT if buyer was in the room. Auction House receives the fees. Seller receives the hammer price less commission. Standard sellers commission at Omega is 17.5% plus VAT plus a £3 lot fee although sellers commission can be negotiated for high value articles. 

Consequently the worst case scenario is that the seller paid Omega £3,153 for the privilege.

Like bookies, the real winner here is the auction house.

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13 hours ago, Headsy said:

Does seller not get 15k ?

Auction house charges buyer 28.8% of sell price.

Or have I got this arse over elbow?

The seller gets charged commission and the buyer gets charged commission too. So, the auction house takes, for example, 20% from the buyer AND 20% from the seller making a 40% commission. Nice work if you can get it...

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Ive been corrected on another forum, the total fee to the seller was 28.8%  ergo 28.8% fee of £15000 = £4320 

The buyer would have payed £15,000 + 33.6% Fees (as he was bidding on The-Saleroom website, total paid = £20,040.

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1 hour ago, airfixkid said:

Ive been corrected on another forum, the total fee to the seller was 28.8%  ergo 28.8% fee of £15000 = £4320 

The buyer would have payed £15,000 + 33.6% Fees (as he was bidding on The-Saleroom website, total paid = £20,040.

just for clarity, given that have had a few figures now, it may be best if you say who provided the above figures...
was it the seller, buyer...  etc?

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1 minute ago, Mike said:

just for clarity, given that have had a few figures now, it may be best if you say who provided the above figures...
was it the seller, buyer...  etc?

calling @Omega Auctions can you add to this....

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19 hours ago, cover-up said:

The seller gets charged commission and the buyer gets charged commission too. So, the auction house takes, for example, 20% from the buyer AND 20% from the seller making a 40% commission. Nice work if you can get it...

Some auction houses have a sliding scale on commission dependent on the item value.  What gets me though is why do you pay VAT on 2nd hand goods. Some relatively new items will already have had the VAT  paid as a new purchase.  

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You pay VAT on the commission not the 2nd hand goods Steve

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On 12/03/2020 at 15:19, Mike said:

calling @Omega Auctions can you add to this....

Sorry - only just checked in here - the below is from our T&Cs on the website, yes commission rate is negotiable depending on value of the item. The general logic is that when we have to schlep 10,000 rock and pop LPs from someone's attic, photo, store and catalogue, then commission is at full rate. When it's one or two rare 7"s - always lower.  

Always happy to chat through how we operate - though will find it easier to respond to emails so do please feel free to email on office@omegaauctions.co.uk with any Qs or to discuss consigning or buying. Plotting another Soul sale in next few months. Hope all are healthy and well!

Selling Charges

Each lot is subject to a £3 lot fee (£2.50+VAT) which is payable for all lots whether sold or unsold. Our standard rate of commission is 21% (17.5%+VAT) on the hammer price of all lots and there is a minimum commission of £12 (£10+VAT) per lot. Reduced commission rates may be agreed in respect of high value articles and large consignments although we do not generally reduce our commission on large vinyl collections due to the vast amount of work involved. Signed items requiring authentication are subject to an authentication charge of £12 (£10+VAT). 

Buying charges

Purchases made in the room are subject to a buyers premium of 25.2.% (21%+VAT) for most sales. This includes telephone bids and absentee bids placed directly with Omega Auctions. For example, if you bid up to £100, you will pay £125.20 in total. The buyers premium may vary for specialist sales such as 'Live from Utrecht', so please check the auction catalogue for details.  

Winning bids placed online via www.omegaauctions.co.uk are subject to a buyers premium of 28.8% (24%+VAT). For example, if you bid up to £100, you will pay £128.80 in total.   Bids placed online via any 3rd party live bidding site (such as the-saleroom.com or liveauctioneers.com) are subject to a buyers premium of 33.6% (28%+VAT). For example, if you bid up to £100, you will pay £133.60 in total. 

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17 hours ago, Omega Auctions said:

Sorry - only just checked in here - the below is from our T&Cs on the website, yes commission rate is negotiable depending on value of the item. The general logic is that when we have to schlep 10,000 rock and pop LPs from someone's attic, photo, store and catalogue, then commission is at full rate. When it's one or two rare 7"s - always lower.  

Always happy to chat through how we operate - though will find it easier to respond to emails so do please feel free to email on office@omegaauctions.co.uk with any Qs or to discuss consigning or buying. Plotting another Soul sale in next few months. Hope all are healthy and well!

Selling Charges

Each lot is subject to a £3 lot fee (£2.50+VAT) which is payable for all lots whether sold or unsold. Our standard rate of commission is 21% (17.5%+VAT) on the hammer price of all lots and there is a minimum commission of £12 (£10+VAT) per lot. Reduced commission rates may be agreed in respect of high value articles and large consignments although we do not generally reduce our commission on large vinyl collections due to the vast amount of work involved. Signed items requiring authentication are subject to an authentication charge of £12 (£10+VAT). 

Buying charges

Purchases made in the room are subject to a buyers premium of 25.2.% (21%+VAT) for most sales. This includes telephone bids and absentee bids placed directly with Omega Auctions. For example, if you bid up to £100, you will pay £125.20 in total. The buyers premium may vary for specialist sales such as 'Live from Utrecht', so please check the auction catalogue for details.  

Winning bids placed online via www.omegaauctions.co.uk are subject to a buyers premium of 28.8% (24%+VAT). For example, if you bid up to £100, you will pay £128.80 in total.   Bids placed online via any 3rd party live bidding site (such as the-saleroom.com or liveauctioneers.com) are subject to a buyers premium of 33.6% (28%+VAT). For example, if you bid up to £100, you will pay £133.60 in total. 

So clearly Our friend John's deal is superior in every way for both parties!

 

Mark T

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2 minutes ago, marktsoulman said:

So clearly Our friend John's deal is superior in every way for both parties!

 

Mark T

Depends how you look at it, Omega are creaming it in from both sides, up to 54.6% in commission from selling and buying fees depending how it is bought how I see it. That is some mark up.

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Why on earth you wouldn't go through John or Tim or Darren/Pat is anyone's guess. If you're buying or selling at that level you would know you'd get top prices without anyone paying commissions on purchases AND sales from these leading dealers. Seller can obviously afford to lose several thousands ££££.... Madness. 

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To clarify, for this particular consignment, the total fees to Omega Auctions were 31%+VAT (37.2% inc VAT).  This is broken down into 10% + VAT paid by the seller and 21%+VAT paid by the buyer.  There are many ways to bid with us, some of which incur no additional charge to the buyer over that which we have just stated here ie 21%+VAT.  If bidders choose to use the online platforms to bid, then there is an additional charge, which is for the 3rd party bidding software provider, not for us.

31% is a fair amount for our services we believe and in most cases is far less than the markup a dealer would work on.

 

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Wonder why the seller didn’t go back to John for his services,knowing full well he has one of the most captive NS auction sites in recent times...if I remember right,didn’t the site crash about 20mins before the final whistle,and the price that was paid was the final bid at the time of the crash,if so,who knows how far that record could have gone!!!

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