Tasty Jeffries Coming Up At Uk Auction

[Johnjo]

This looks nice (for anyone with the cash to spare):

 

http://www.bonhams.com/cgi-bin/public.sh/p...SaleSectionNo=1

 

 

 

[david robertson]

This looks nice (for anyone with the cash to spare):

 

http://www.bonhams.com/cgi-bin/public.sh/p...SaleSectionNo=1

 

 

 

 

Do auction houses deliberately underestimate the value in order to encourage bidding, or is it simple ignorance? (In which case, what is the seller paying a fat fee for?)

Incidentally, how common is it for a Jeffries to have a maker's stamp on both ends?

[Stephen Chambers]

Do auction houses deliberately underestimate the value in order to encourage bidding, or is it simple ignorance?

Like many other things in auction catalogues, you have to learn to "read" estimates. They're not (usually) what they say they are, but are often a reflection of the reserve price that has been agreed with the seller - so I'd say don't hope to get this one for less than (maybe) £2,000. But often they simply reveal the ignorance of both seller and auctioneer (but how would they know all the nuances of the concertina market?), indeed I was absolutely furious with the (then new) "expert" at Phillips Auctioneers (now Bonhams!) one time, when I phoned in a bid on the morning of the sale that was for 5x his estimate, so he thought it must be spurious and ignored it, selling the instrument for a fraction of what I was prepared to pay.

 

(In which case, what is the seller paying a fat fee for?)

In this case, a New Bond Street address?

 

Incidentally, how common is it for a Jeffries to have a maker's stamp on both ends?

Very common, in fact more usual.

[chris]

Hi Stephen

this a deliberate pun I hope

 

 

'In this case, a New Bond Street address'

 

 

chris

[Johnjo]

Sold for £3960, inclusive of buyer's premium.

 

John

[David Levine]

The final price is more than £3,960.

 

On top of that:

 

"Value Added Tax, at the current rate, is payable on all commissions and charges, unless otherwise stated."

 

At 17.5% (I think that's the correct figure) add another £831.60.

 

The final price for the concertina is £4,790.

 

I'm sure somebody will correct me if I'm wrong.

 

I don't see how American buyers can play in this market--

 

or how American players can buy in this market.

Edited June 25, 2008 by cocusflute

[Johnjo]

The final price is more than £3,960.

 

On top of that:

 

"Value Added Tax, at the current rate, is payable on all commissions and charges, unless otherwise stated."

 

At 17.5% (I think that's the correct figure) add another £831.60.

 

The final price for the concertina is £4,790.

 

I'm sure somebody will correct me if I'm wrong.

 

I don't see how American buyers can play in this market--

 

or how American players can buy in this market.

 

Possibly not - as I understand it, VAT is payable on the commission (buyer's premium?), not on the final hammer price (unless the person consigning an item to auction is themselves VAT registered).

 

For example, if the hammer price is £3,400, with a 15 per cent buyer's premium added (£510), VAT would be payable on the £510 (X 17.5 per cent = £89.25). Also, isn't VAT reclaimable for buyers who live outside of the European Union eg, 'Colonial Cousins' from across the pond wink.gif ?

 

Again, as you said, others who may be better informed can correct us if we've got it wrong.

 

John

[Stephen Chambers]

Possibly not - as I understand it, VAT is payable on the commission (buyer's premium?), not on the final hammer price (unless the person consigning an item to auction is themselves VAT registered).

Correct.

 

Also, isn't VAT reclaimable for buyers who live outside of the European Union eg, 'Colonial Cousins' from across the pond wink.gif ?

VAT on goods purchased would be reclaimable, if they are taken out of the country by a non-EU resident, but that doesn't apply in this scenario. Unfortunately VAT on "services" is not reclaimable, and this is a "service charge", so no difference.

[Mikl]

In the case of this auction at Bonhams the hammer price was £3300 and the commision was 20% (giving the £3960 quoted) VAT at 17.5% is then chargeable on the commission (£660) or an additional £116.50. Total cost to the lucky winner would therefore have been £4076.50. I went to look at this one - In CG, all notes played, leaky valves but the bellows were in v good condition. with a tune and a little bit of work a great box... had I had £4k in my pocket...