If you are selling a collection representing a specific category of goods, look for an auction house partner with proven experience or history with those sorts of items. Insurance That is often the location closest to where the work is, but it can sometimes be the location closest to the location of a potential buyer. [emailprotected]. To establish market demand, a Sothebys specialist will evaluate your property and market demand according to such important aspects as: Should our specialists decide your item is suitable for auction, you will need to ship your item to Sothebys. Are you looking to sell a fine collection of personal items, or perhaps a grouping of inherited ones, through auction? In turn, the marina does not charge or account for the GST/HST on the commission charged to Mr. and Mrs. Patel for carrying out the sale. - Fri. 9 am - 5 pm . Low-end cards ranging from $1-$10 in value. It never hurts to ask for a lower fee. The Consignor will receive a Consignment Receipt and Consignment Agreement which outline the terms and fees for our services, the agreed upon estimate and reserve for your Economists list rising student debt, stagnant wages, and the psychological effects of the Great Recession of 2007-2009 as factors pushing younger shoppers toward consignment shops and other discount stores. It is possible that the best fit is NOT located near the collection. 2023 Auction Daily. Opinions expressed by Forbes Contributors are their own. Today, these fees seem to range from 0% for large, important collections to 35 to 40% - or more - for others. And eBay can be a crapshoot even with Buy It Now, if you set the price too low. Sean Quinn is a Senior Specialist in our Decorative Arts & Design department with specific expertise in sculpture, clocks, and lighting as well as some of our most unique auctions, like the Cabinet of Curiosities. The Buyer's Fee is a premium charged by Regal Auctions on all sales. There are two common types of consignment arrangements: Regardless of the type of consignment arrangement, the final purchaser must pay the GST/HST when buying taxable goods sold on a consignment basis. Please call a GST/HST Rulings Centre at the toll free number 1-800-959-8287 if you require information on these elections. For Lots featured in our online auction, you can follow the action on our website throughout the sale, and for Lots included in the live auction, you can join us in the saleroom or tune in to the live stream. Though Wright said the house changes that image when needed, it still never hurts to be an early bird. In these arrangements, the relationship between the original owner and the consignee is a seller and purchaser relationship. Because of their variable nature, its possible to have fees lowered or waived, especially if youre bringing an important lot to an auction house. Items sold on consignment are typically sold by consignment shops, which receive a percentage of the revenue from the sale (sometimes a very large percentage) in the form of commission. A daily rate of $2,500 per day for extensive on-site appraisals, plus out-of-pocket and travel expenses. He currently oversees the sale of rugs and carpets as well as African and Ethnographic art and artifacts at Waddingtons. Based in Collingwood, Ontario, Valerie advises the company on international art and assists collectors in establishing and building their collections. Phone: 416-504-9100 Lindstrand Auctions Ltd. Online Timed. Again, this must be addressed in an auction consignment contract. Selling via a consignment arrangement can be a low-commission, low-time-investment way of selling items or services. Another factor in determining whether it is the owner or the consignee who is responsible for charging and accounting for the tax, is the type of consignment arrangement. NFTs are cryptographic tokens that cannot be replicated. If the consignee is a registrant, the consignee must charge and account for the tax on any services provided to the owner relating to the sale of the goods, including on their commission for the service of carrying out the sale of the goods. review and approval. Her award-winning blog, My SteiffLife, is updated weekly and focuses on vintage Steiff finds Special Highlight: Ancient Egyptian antiquities from the highly important collection of physician and renowned Egyptology scholar, New Braunfels, TX Lark Mason Associates is delighted to announce the resounding success of the, Pop artist Andy Warhol had a deep-running admiration for the American West, popular culture, and 20th-century, Breaking auction news from around the world. But the road from your attic to the sale room doesnt have to be bumpy and dimly lit. Mr. Grey must charge and account for the GST/HST on the sale of the equipment to AAA Clearance Outlet because he is a GST/HST registrant and because he used the office equipment in the course of his commercial activities. Selling an artwork at auction can seem daunting, especially if youve never done it before. Alternatively, the consignment period may be extended upon mutual agreement. Remember that they may charge a buyers premium of up to 21%, so theyll still make money. We will issue the net proceeds (Hammer Price less the Sellers Commission and any sale-related expenses). Don't have an account yet? So what are the fees? But photographing, writing descriptions, and shipping is a hassle. She is a contributor to DOLLS, Doll News, The Steiff Club Magazine, Teddy Bear Times & Friends, and Auction Daily. Sean has been responsible for our most memorable auctions including Soviet Space Artifacts and Antique Scientific Instruments, and the Canada 150 Auction. This info sheet explains the application of the Goods and Services Tax/Harmonized Sales Tax (GST/HST) to goods sold on a consignment basis. The situations discussed below deal with the application of the GST/HST to the sale of goods in the two most common purchase and resale arrangement scenarios. Since this commission comes out of the share returned to the owner or producer of the goods sold, it can reduce their profits significantly. Heres a comprehensive list of auction houses I recommend for sports cards and memorabilia: A 1952 Mickey Mantle Bowman card currently up for. Some auction houses are open to negotiation on seller's premiums, while others are not. Nussbaum said that, ultimately, the best way to know if the auction house is a good fit is to get on the phone with the relevant specialist and gauge their level of interest. It is provided for your reference. Toronto, Ontario, Canada Insurance is charged at 1% of the hammer price; all items are insured while on Waddingtons premises. First, it avoids the stress of haggling with a dealer whos much more adept at the game. It all depends on the auction houses protocol as well as the sellers expectations and level of urgency for payment. You need to recoup some of those expenses. Prior to joining Waddingtons, Amelia participated in the tomb excavation project of Cao Wei from the Three Kingdoms period (220-280 AD) in Henan Province, and was involved in numerous internships at auction houses in China. Tangible Assets vs. Intangible Assets: What's the Difference? However, sometimes items pass at a sale, or a bidder ends up not paying for an item. Consignments. Having been raised in a collector family, Austin has built his appreciation for Chinese antiques around artists, collectors and dealers over his lifetime. Understanding the Escrow Process and Requirements, E-commerce Defined: Types, History, and Examples, Non-Fungible Token (NFT): What It Means and How It Works, What Is a Collectible? To save some time, use your login to register. Palmer has a diverse background working with collectors and galleries in the areas ofhistoric North American Indigenous art, including First Nations, Inuit, and Metis art, as well as Oceanic and African historic Indigenous arts. If this option best suits your needs, Heffel would be pleased to discuss and develop a tailored strategy. In addition, she has developed a strong relationship with Asian Art collectors and dealers in Canada and internationally. Sellers who do not have the time or the desire to advertise their product for sale, to take time off work to accommodate prospective buyers' schedules, to conduct pricing research, and to endure the tasks associated with selling an item firsthand often find that consignment fees are a small price to pay to put the work in someone else's hands, particularly if they are successful in negotiating a low fee. They usually have lower rates with the certification companies and may even waive the fees for you. Austin is fluent in both English and Cantonese. Depending on the consignment shop and the item being sold, the seller may concede 25% to 60% of the sales price in consignment fees. To access this feature, you need to be signed up for a Waddington's online account. and we can decide which of your items merit being auctioned in a Heritage Signature Sports Auction, and which will do well in our Weekly Internet Sports Auctions. Before you consign, here are a few of my tried and true tips: *Check the house's commission, or their percentage of your take. What is a Sale Agreement? She works closely with the team of specialists in Toronto to provide our Western clientele with an enhanced customer service experience which includes Waddingtons expertise at auction and appraisal. You are under no obligation, and your information will remain confidential. Auction houses need lead time to market their sales, print catalogues, photograph the pieces, and even get the works authenticated, if required. $7,500+ - 10%. Standard Vendor Commission - Waddington's. Up to $250 - 25%. The millennial generation, in particular, is known for its frugal shopping habits, which include eschewing high-end stores and designer boutiques in favor of bargains found at thrift and consignment shops. Our expertly researched catalogues are a key marketing tool. Looking to pay an invoice? Joann has also worked with some of the most important wine agencies in Canada and through that has dealt directly with some of the biggest wine producers in the world including Christian Moueix, JL Chave, Vietti, Caymus, Shafer and so many more. Bryan's Auctions Frequently asked questions! Jacqui provides a full suite of services including providing appraisal advice and consignment guidance to meet the needs of our clients. A person wishing to sell an item on consignment delivers it to a consignment shop or a third party to do the selling on their behalf. I think theres this common misperception that the auctions are only every so often and that if you miss a deadline you have to wait a long time, he said. If you . I dont always hit a home run. $251 $2,500 20% Add dimensions, history and any documentation, All set! Internet Bidding Fees: 4% up to a max of $1000 per Item. Contact us today to arrange a complimentary appraisal appointment. Your chosen auction house can walk you through their standard consignment fees and work with you on an appropriate rate for your property. June 19th, 2023 - June 23rd, 2023. . 275 King Street East, 2nd Floor Some select items may be selected for our Coins in Motion services, a revolutionary way to view coins as if you were holding them in your . There are no up-front fees to submit items for auction consignment. Send photos to info@morphyauctions.com. Duncan McLean is a recognized leader and innovator in the Canadian auction industry. Applies to items photographed and illustrated in printed catalogues. Go Ask an expert Our team of top experts makes us a trusted partner. She obtained a Bachelor of Arts (Honours) in Art History from York University and a Bachelor of Arts (Honours with Distinction) in Arts Management from the University of Toronto. The fit really is everything here. I consigned it in their fall auction. Selling via a consignment arrangement can be a low-commission, low-time-investment way of selling items or services, but can be costly. Auction Fees: You Get What You Pay For When negotiating fees, remember that you get what you pay for. This fee is added on and paid by the customer at the time of sale. You can ask an auction house how similar workscomparable pieces by the same or related artistshave performed recently. Like fee structures there is no right or wrong way to do things here. Nussbaum said there are plenty of opportunities year-round. Every auction house builds their auction from zero.. The owner of the goods the consignor retains ownership of the items until they sell. Then there are also the more intangible aspects of working with an auction house, a process built on relationships, but one that can translate into firm economic results. All GST/HST publications are available on the CRA's Web site at http://www.cra-arc.gc.ca/tax/technical/gsthst-e.html. The first step is to have a Morphy Auctions representative evaluate your items. - Fri. 9 am - 5 pm They can ask to have the item or item returned to them but be certain in any pre-sale auction contract to specify who is responsible for the postage costs. To save some time, use your login to register. On the other hand, you'll have to pay a commission fee if you make a sale, and this can be a significant proportion of the value of the product. However, many consignment shops are willing to negotiate, particularly for larger-ticket items, such as artwork, that offer greater revenue potential. Consignment is an arrangement in which goods are left in the possession of an authorized third party to sell. Sorry, could not login. Where are we located, how to register, and how Bryan's Auctions works! Consignment arrangements, however, would not include retailers such as Walmart or most supermarkets, which purchase goods outright from wholesalers and then sell their items at a markup. Well review the information youve sent us and get in touch with you if further details are required and/or to determine the next steps. Every item is featured in our online galleries, with sophisticated multiple views and zoom options. Mr. Grey, a GST/HST registrant, delivers office equipment to the AAA Clearance Outlet to sell it. Earlier on, auction houses tend to be less selective and more open, said Richard Wright, founder and president of the auction house Wright. Consignment arrangements typically are in effect for a set . Go Why Sellers Trust Heritage Auctions? With over 17 years progressive experience in arts and heritage, Liz works collaboratively across departments with the aim of providing the best customized experience for each client. This compensation may impact how and where listings appear. Traditional Consignment Services: Standard. Livia is particularly interested in the movements that developed in the late 19th and early 20th centuries surrounding jewellery production and design. 6-20%. Within the Asian Art Department, Amelia has played key roles in appraisals, research. Consignors may think their love of a piece should translate to an extremely aggressive estimate, but Niichel said it doesnt always serve their best interest to push for a higher estimate.. If you want to discuss a specific consignment arrangement, please call a GST/HSTRulings Centre. Items commonly sold by consignment include clothing, athletic equipment, furniture, musical instruments, art, and jewelry. Liz Edwards leads the Client Experience Department and oversees Appraisals and Consignments. Miscellaneous Consignment Fee is 15-25%. Or maybe youre not even a collector, but inherited a relatives old relics which lack any sentimental value. If they cant explain what makes the piece valuable to you, chances are they cant explain it to buyers. The marina is a registrant and acts as agent in making the sale on behalf of Mr. Smith. 1/2 page $75 Senior Specialist, Ceramics, Glass and Silver, International Art, Appraisals & Consignments, Inuit, First Nations & Mtis Art, Management, Canadian Fine Art, Appraisals & Consignments, Senior Specialist, Clocks, Sculpture & Lighting. After leaving the AGO in 2016 Greg was an independent art historian who researched and published on aspects of Canadian and international art for auction houses, collectors and dealers, on an array of subjects including Beaver Hall, David Milne, Peter Clapham Sheppard, Emily Carr, Marcelle Ferron, the Group of Seven, William Kurelek, Eli Langer, and Ron Martin. That's why thousands of top collectors have chosen Morphy Auctions to represent them and their families when it comes time to sell. Hayley Dawson holds a Masters degree in Art Criticism and Curatorial Practice from OCAD University and a BAH in Art History from Queens University. Scott Nussbaum, Phillipss head of 20th Century & Contemporary Art, New York, notes that consignors generally are not coming to his auction house with the sale they hope to offer the piece in already selectedand thats okay. From a single item, through to a private, corporate, or institutional collection, we can provide the information you need to make the right decisions, and provide the best platforms to realise the desired results. Simply follow the steps below and our specialists will review your submission at no cost and provide preliminary estimates for items that can be included in one of our sales channels in 15 to 20 days. From the classic elegance of the Datejust 26, Datejust 28, and Datejust 36 models to the sporty allure of the 40mm and 41mm Rolex options, find . She has further supplemented her learning with jewellery and gemmology courses at the ROM and the Canadian Gemmological Association. Your strongest time to negotiate is before the consignment, said Wright, before youve committed your artwork to one place and while you still have the option to take it somewhere else. Of course, it is always a good idea to contact several auction houses to compare costs and services. If you have a very large inventory, we will have a special auction for your assets, and can do so on short notice if necessary. Having conversations between consignor and auction house early gives more time to determine if auction is even the best route to ensure a favorable result (sometimes a private sale is preferable), and, if so, which sale the piece will be offered in. Click here. M5A 1K2, Hours: Mon. Should a work fail to sell, the last thing a consignor would want is to be hit with an unexpected return shipping charge. Collectibles are items worth more than they originally sold for because of their rarity and popularity. Some auction houses are willing to negotiate on payment schedules, and others are not. The Preliminary Consignment form will take you approximately 15 minutes to fill out for each vehicle you would like to consign. She has continually worked to bring the worlds best wines to oenophiles, whether helping under-represented international wineries reach store shelves, or helping bring well-cellared premier cru to auction. Auctions are accompanied by public and private previews to provide interested buyers ample opportunity to inspect items. Most recently, Liz was the Executive Director of the Art Dealers Association of Canada (ADAC) and has also held positions at the ROM and Bata Shoe Museum. Sorry, could not login. After the auction closes, the consignor will receive an e-mail notifying them of the status of each offered Lot. Interested in Consigning FINE WINE OR SPIRITS? Timothy has helped provide CEOs and CFOs with deep-dive analytics, providing beautiful stories behind the numbers, graphs, and financial models. You will not receive a reply. Phillips is a strong third, and then other auction houses like Wright, Heritage, and Bonhams make up the remainder of the market. A $115 documentation fee will be charged on each titled item purchased if it is located in the United States (excluding California), Canada or Mexico. Consignment Fee: 0% - 15% Buyer's Premium: 19.5%. The party that sells the goods on consignment receives a portion of the profits, either as a flat rate fee or commission. M5A 1K2, Hours: Mon. It is very important that all consignors receive a formal contract from the auction house, and this must specify the auction houses fee structure. If you are located in the province of Quebec and wish to make a technical enquiry or request a ruling related to the GST/HST, please contact the Revenue Quebec by calling the toll-free number 1-800-567-4692. If you have items that you would like to consign, please use the contact form. *Insure your big-ticket pieces appear in marquee auctions; some houses hold monthly or weekly auctions for lower-priced inventory. Heffel holds two live auctions each year in Toronto, as well as monthly online auctions. Under $8,000 20% Please contact your local office or appointed Pre-Sale Administrator for further information. Receive the best from Sothebys delivered to your inbox. So with all the choice out there, which house is best for you? We are currently accepting consignments for our 2023 auction season! After this time, if a sale is not made, the goods are returned to their owner. With nearly two decades of experience at Waddingtons, Andrew Brandt has learnt the auction business from the ground up. All bids are exclusive of VAT - as applicable - and exclusive of the applicable transaction fees. Her expertise encompasses all Chinese Art categories including paintings, ceramics, jade carvings, furniture and textiles. They deliver the boat to the Marina By the Sea in order to have the marina sell it and agree to pay the marina a 10% commission for carrying out the sale. The auction house should also be able and willing to provide such tracking information, too. A copy of the title for the vehicle (s). Kendra has worked with public institutions, private galleries, and organizations including Art Toronto and the Canadian Museum Association in her role as Manager of Appraisal Services for the Art Dealers Association of Canada. Heffel can assist with coordinating the shipment and delivery of your artwork to one of our locations. 1/4 page $150 Take images of the front and back of your artwork, Provide size, medium, date, and provenance, Our specialists will review your submission and confirm receipt within one business day, Private Sale Terms and Conditions of Business, Code of Business Conduct, Ethics and Practices. Working closely with all Waddingtons art departments, Doug has developed a very diverse and respected knowledge of art and an extensive network of clients. This removes the necessity for an individual to have to create their own website, attract customers, and set up payment processes. . Amelia Zhu joined Waddingtons in 2015 and has been a specialist in the Asian Art Department since 2017. They can be used for transactions, have created new markets, and may have more use cases in the future. If you want a sense of how likely it is your work will sell, part of the equation is the specialist at the auction house handling your piece. William (Bill) Kime is a Senior Specialist in the Decorative Arts department at Waddingtons and is one of the companys senior auctioneers. Second, the top auction houses do all the work for you: writing descriptions, shooting photos, and printing beautiful catalogs. You can learn more about the standards we follow in producing accurate, unbiased content in our. Payment for sold Lots is issued by cheque or wire within 35 days of the close of the auction. There is always some element of risk in putting a work up for sale. the leading investment trading card seller. with distinction from the Gemmological Association of Great Britain. Often, this is six to eight weeks post-sale, after the auction house has had the time to collect and process buyers payments and send out items that sold at the auction. They may or may not do well with it, but you should at least know that if you decide to go with them.. A consignment shop, for example, will sell items produced or supplied by someone else, and pay them a portion of the profit. Standard Vendor Commission Waddingtons Look for an auction house partner with a strong website and Facebook, Instagram, and Twitter presence to ensure that news about specific sales travels wide and far and virally! An original owner who is not a registrant or who is selling goods otherwise than in the course of a commercial activity does not charge and account for the tax on the sale of goods to the consignee. Consignment fees with jewelers and independent watch dealers can be fixed around $250-$500, or for higher quality watches may be a percentage range from about 5%-10 . She keeps a few pieces that she likes and decides to sell the rest. "Zero-rated" means subject to the GST/HST at a rate of 0%. In the late 1980s she helped launch a unique restaurant model in Toronto that paired wines to each course of a six-course meal, which led to the hiring of the first sommelier for a restaurant in Canada. With just over a decade of experience working at Waddingtons, Austin Yuen became a full time specialist in our Asian Art Department in 2017, with working areas of expertise in ceramics, bronzes, furniture, and other works of art in the Chinese, Japanese, Himalayan, South and Southeast Asian categories. 47321 - Secondary Hwy 833, Camrose, Alberta. She was also the assistant chief editor at DaHe Daily Newspaper and an intern TV host at HNTV. $8,001 - $49,999 - 15%. Livia Miliotis joined the Fine Jewellery department at Waddingtons in July 2019 with nearly a decade of previous experience in the auction industry. The consignment shop will generally take control of every aspect of marketing and presentation for a given product. "Bidder," "you," or "your" shall refer to you. Visit our Payment Portal. Dougs Discovery Art auctions are always an eclectic selection of affordable works a great place to start collecting and build your collection. It never hurts to ask about alternative payment plans. $8,001 $49,999 15% While my beat is sports collectibles, my secrets work for valuable comic books, coins, and just about any precious artifact you may stumble across in your attic or at a flea market. Beyond Chinese art, Amelia is also knowledgeable with art from the Himalayan region, South-East Asia and Japan. Mr. Smith, who is a registrant, is the owner of a boat that was used in his commercial activities. Duncans expertise as an auctioneer is highly regarded. If you wish to make a technical enquiry on the GST/HST by telephone, please call the toll-free number1-800-959-8287. Get everything in writing here. If you have a special piece or a big collection, they may charge you nothing. a purchase and resale arrangement where title to the goods passes from the original owner to the consignee and then to the final purchaser. Last year, we interviewed Francesco Gibbi about art collecting as a financial investment. But, while it may be surprising given our technology-driven world, Niichel said the absolute number one tool that we have for promoting our sales is still the printed catalogue, in which all consigned works are included. A good place to start is asking why an auction house thinks theyre the best fit for your work and letting them do the explaining. Terminology The following terminology applies to these Terms and Conditions. He holds an MA in Art History from the University of Toronto and a BSc from McMaster University. Submitting work well in advance of this deadline can be an advantage. Donald received a Bachelor of Science (Honours) degree in Geology from Carleton University, and earned his F.G.A. Please confirm your username and password and try again. Consign With Us Today. Another disadvantage of the consignment model is that sellers can lose control over how their products are marketed and sold. It never hurts to ask for a lower fee. You want to maintain a long-term relationship. Your consignment will be featured during lot viewing of all items consigned to our Showcase Auctions at our Southern California corporate office, New York office, Hong Kong office, and at all auction venues. Photo by View Pictures,UIG, via Getty Images. Consignment deals are made on a variety of products, such as artwork, clothing and accessories, and books. Also, the consignee is considered (except in limited circumstances) not to have provided the owner with services related to the sale of the goods. As it may not completely address your particular operation, you may wish to refer to the Act or appropriate regulation, or contact any Canada Revenue Agency (CRA) GST/HST Rulings Centre for more information. AAA Clearance Outlet must charge and account for the GST/HST on the sale of the equipment to the final purchaser. His commitment to community support and initiatives drives Waddingtons philanthropic strategy. You can sell equipment from this location at any Ritchie Bros. Auctioneers live online auction. even with Buy It Now, if you set the price too low. The higher the sell-through rate, the better the auction houses performance. There are several primary tools an auction house has at its disposal when marketing a piece. Ultimately, thats a confidential discussion between us and the consignor and is really based on the value of the material itself, he said. A complete catalogue of the entire auction will be produced approximately 2-3 weeks before the auction, as an online catalogue. Another example of consignment would be Bethany visiting her grandmother's house and finding an old case full of clothes from the 1940s. However, if the consignee is a registrant, they must charge and account for the GST/HST on the sale of taxable goods to the final purchaser. affable consignment director for Robert Edward, holds Casey Stengels key to the city after winning the 1949 World Championship. All rights reserved. Consignors must keep an active and updated inventory of consigned items and their status with the auction house, especially if their items did not sell or they are being offered over numerous auction events. While auctions usually only last a few hours, they often take many months to put together. Valerie Brown has extensive experience in the international art and auction market. Bethany and the thrift store come to an agreement that Bethany will receive 60% of the revenues from the items sold while the thrift store will receive the remaining 40%.
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