Exciting Updates: 2-Tier Buyers Premium Structure for Retail Auctions
We would like to inform our valued customers about an important update regarding the Buyers Premium (BP) rates for our Retail Auctions. These changes will come into effect from Sunday, 1st December 2024 and have been introduced to provide greater clarity and transparency for all bidders participating in our Retail Auctions.
Table of Contents
- Introduction
- Overview of the Buyers Premium update
- Effective date of changes
- New Tiered Buyers Premium Structure
- Breakdown of new BP rates
- Explanation of the tiered approach
- Link to Buyers Premium guide
- Which Auctions Does This Apply To?
- List of affected auctions (Monday & Thursday Live Auctions, Timed Auctions)
- Importance of understanding applicable BP rates
- Other Auctions Remain Unaffected
- List of unaffected auction categories (Agricultural, Architectural, Antiques & Collectibles, Specialist Sales)
- Check Sale Information Before Bidding
- Importance of reviewing ‘Important Sale Information’
- Key details to check before placing a bid
- How to Contact Us
- Contact details for support and inquiries
- Thank You for Your Support
- Appreciation for customers’ understanding
- Exciting auctions ahead during the holiday season
New Tiered Buyers Premium Structure
To ensure fairness across different price points and to make it easier for bidders to understand the applicable charges, we are introducing a tiered Buyers Premium (BP) structure for our Retail Auctions. The new rates are as follows:
- 30.5% (+VAT) for items sold with a hammer price under £10.
- 28% (+VAT) for items sold with a hammer price of £10 or more.
This structure ensures that lower-value items remain accessible while maintaining competitive fees for higher-value purchases. We believe that this approach aligns with industry standards while continuing to offer excellent value for money.
Please find a useful guide on Buyers Premium HERE and you can find out how to buy at auction by clicking HERE.
Which Auctions Does This Apply To?
It’s important to note that these changes apply only to our Retail Auctions. Specifically, this includes:
- Monday and Thursday Live Auctions – These auctions feature a diverse range of retail stock, including consumer goods, electronics, homeware, and other general merchandise.
- Timed Auctions of Retail Items – Our timed auctions provide an alternative way to bid on retail stock, allowing bidders to place their offers over a set period without attending a live event.
If you regularly participate in these auctions, please take note of the updated BP structure to ensure you are fully aware of the costs associated with your purchases.
Other Auctions Remain Unaffected
While the new BP structure applies to retail sales, we want to reassure our customers that other auction categories remain unaffected. The following auction types will continue under their existing BP rates:
- Agricultural Sales – Including machinery, tools, and farming equipment.
- Architectural Auctions – Featuring salvage, building materials, and unique design pieces.
- Antiques & Collectibles Auctions – Covering rare and valuable collectibles, vintage items, and historical pieces.
- Specialist Sales – Such as watches, jewellery, and memorabilia auctions, which operate under different terms depending on the sale.
For all auctions, we strongly recommend reviewing the specific sale details before bidding.
Check Sale Information Before Bidding
Before placing any bids, we encourage all participants to carefully review the ‘Important Sale Information’ section available for each auction. This section provides essential details about:
- Buyers Premium rates applicable to that specific auction.
- Auction terms and conditions.
- Any additional charges or requirements related to bidding.
Familiarising yourself with these details ensures that you fully understand the cost implications before making any purchases. Our team is always on hand to clarify any uncertainties or provide further assistance regarding auction terms.
How to Contact Us
If you have any questions about the updated Buyers Premium rates or require assistance with bidding, our dedicated customer support team is here to help. You can contact us via the following methods:
- Email: reception@wellersauctions.com
- Phone: 01483 802280
We are happy to assist with any queries, whether it’s about understanding the new BP structure, registering for an auction, or learning more about how our sales operate.
Thank You for Your Support
We appreciate your continued support and understanding as we implement these updates. Our goal is to ensure that our auction process remains transparent, fair, and accessible for all bidders. By introducing a structured BP approach, we aim to enhance the auction experience while keeping it as cost-effective as possible.
With the holiday season fast approaching, we are excited to bring you even more fantastic auctions in the coming months. Whether you’re looking for great deals on retail stock, unique collector’s items, or specialist goods, there’s always something exciting happening at Wellers Auctions!
Thank you for being a valued part of our auction community. We look forward to welcoming you to our upcoming sales!
Many thanks,
The Wellers Team