In November last year, we published our buyer’s guide to classic car auctions, with some top tips to make the most of what can be a very exciting day of bidding for and potentially buying classic cars.
This time around, we’re talking about things to consider if you’re thinking of selling a classic at auction.
Why would I sell a classic?
Maybe you’ve restored a beauty as an investment and it’s time to cash in and start the next project. Or maybe it’s just time for a change and you’re wondering how best to let your loved one go.
Perhaps you’re even running out of space for your collection and your spouse has finally given you an ultimatum!
Okay, I’m selling, but why an auction?
The best thing about selling a car at auction is that you just don’t know what’s going to happen. A private sale is just that, private, but if two punters fall in love with your motor and a bidding war commences, you could see that hammer fall on a price beyond your wildest estimate.
Another good thing is that you can put a reserve on the car, so it won’t sell for less than a price you already know you’ll be happy with.
What do I need to know about selling at auction then?
1. You need to discuss your car with the auction house first…
Auction houses will want to know what you have, what condition it’s in, what paperwork you have and what your valuation is. They will want to see it or find out more via email before accepting it for an upcoming auction.
2. It will cost you a little money…
You will have to pay to put your car up for auction in a specialist house, but that won’t be a surprise we’re sure. You’ll also likely know that you’ll have to pay commission on the sale as the auction house naturally takes a cut. Commissions range from house to house, so shop around your local venues as well.
However, as mentioned above, bidding battles can help sellers make a tidy profit and the good news is that auction houses are reporting more and more ‘bidding war’ sales. Exciting!
3. It will be good fun and a social event in its own right
Sure, you could put your classic in the trade pages or even on eBay, but a day out at a classic auction as a buyer or seller is a lot of fun. Think of all the cars, all the owners and excited punters. Get yourself out to a local auction soon to sample the special atmosphere.
…And if you are selling, it’s vitally important to get your car in tip top condition for an auction as potential buyers will have the chance to view it before the bidding starts.
If you want to sell your classic with insurance in place, or you’re looking for cover in general, call Heritage today on 0121 248 9304