23 March, 2018

Online Auction FAQs - What You Need to Know

After listening to our buyers and vendors, we have created this list of the frequently asked questions to help people who may be encountering any difficulties with their auction experience. If your question still persists then get in touch and we will do our best to help.

Q) If I sell in the auction, how long will it be until I receive funds?

A)  We invoice the buyer with a payment request on the same day as the close of auction. The payment request will detail the funds that will need to be paid to us within 2 working days. Once we have received payment, we will issue a collection notice to put both the vendor and buyer in touch. This enables them to arrange collection/dispatch etc.

Once we have received notification from the vendor that the winning lot has been collected/dispatched, we will bank transfer 100% of the hammer price to the vendor.

Q) What happens if I am dual marketing and have the opportunity to sell privately?

A) Dual marketing is when a vendor is promoting an item both in an auction and outside of that auction. They’re essentially making it available in different places.

If vendors are dual marketing and have an offer from elsewhere then notify us asap so we can provide an update on any developments within our auction. This will lead to necessary actions being taken. For example, removing an item if it’s already been sold.

Q) If a buyer wins an item, can they return it if they do not like it?

A) No, our auctions are not regulated by the Distance Selling Act and we only accept returns when the item is materially different from what is described.

Q) What is the VAT for an Auction?

A) VAT is always charged on the buyers premium - without exception. The VAT amount is shown in ‘Additional fees apply’ tab found in the lot listing section of the auction. 

Q) How do I get my auction items? 

A) We do not keep auction items on our premises. All items are kept by the vendor. Upon winning an item, the buyer is put in touch with the vendor when their payment request is fulfilled. This is communicated in the form of a ‘Collection Note’.

The Collection Note will show the vendor’s name, e-mail address and contact telephone number.

The buyer can then agree to a collection date (within 7 days of the auction ending) or ask the vendor to deliver the items and pay them directly for delivery.

Q) Where are the auctions? How do I bid?

A) William George offers online-timed auctions all over the UK and in parts of Europe. All bids are taken online. Viewings are only available up to 24 hours before the end of an auction. This is due to the preparation and collection of auction items.

Q) How do I sell with you? What fees do you charge?

A) There is a free and quick registration process. Once completed, you are allocated an account manager as a central point of contact. You will then be given access to our Vendor Centre to manage and submit your auction inventory.

We offer a selling service with no commission taken on the hammer. Our services and commission are covered in a buyers premium typically set at 15%.

We offer a range of bespoke marketing packages to suit your business needs. Please get in touch with us to discuss your requirements.

Q) Can I pay by card?

A) It’s important to remember that not all auction houses are the same. For example, we do not take card payments over the phone. Your best way to pay your invoice is through a bank transfer.

Q) How much is delivery?

A) Please look at the auction to see what the terms and conditions are for delivery. If you have further questions, then get in touch through the ‘Ask Question’ feature available on each auction.

Q) Are all auctions the same?

A) Each auction is different, please look at locations, terms, dates, sizes of objects and more before bidding. In addition, take time in looking at the terms and conditions before making a bid.

Q) What is Seller Commission? Or What does 0% Seller Commission mean?

A) What this means is that the vendor pays no premiums on what their item sells for.

Q) Is my Money Safe?

A) We hold all payments until we are completely satisfied that the item has been collected or the vendor has dispatched the item. E.g. courier invoice/receipt.

Q) Can I remove a bid from an auction? or decrease a bid already placed?

A bid cannot be retracted once made and becomes a legally binding contract. Refer to the terms and conditions before bidding as it will list all obligations.

Q) If I win an item, do I have to pay?  

All bids made on our platforms are considered genuine and, as mentioned in our terms and conditions, is something which you commit to paying.

Q) Can I get an invoice in a company’s name?

In order to get an invoice in a company’s name, you will need to pay the invoice and then email our accounts team for a company VAT invoice. Include in the email any amendments such as the company name, change of address, VAT, number etc.

Q) Is it safe to buy from an online auction?

It’s safe to bid with William George. As a member of the NAA (National Auctioneer Association), we operate to a strict code of ethics designed to keep us at the top of the auction world.

Buyers can also be assured that all of our vendors are vetted to ensure they meet our criteria before they can sell with us.

If you have any questions then you can contact us via e-mail, social media or telephone.

Q) Can I make payments from abroad?

A) Payments outside the UK can be made and incur a £10 delivery charge.

Q) Why is my registration still pending?

A) To set-up a bidding account, you will need to confirm personal details such as your telephone number or e-mail. If either has not been verified then this may be one of the obstacles stopping you joining an auction. 

We hope this article has helped to answer some of your questions. If you have more then get into contact. If you would like some auction tips then check out our "Top 10 Tips for buying at Online Auctions + Bonus tip - William George & Co." article by hitting the button below. 

Online Auction FAQs - William George & Co.
Online Auction FAQs - William George & Co.
Online Auction FAQs - William George & Co.
Online Auction FAQs - William George & Co.
Online Auction FAQs - William George & Co.