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Buying classic cars at auctions: Don't be afraid of auctions

Classic car sales at auctions
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V before the auction there is the option of viewing the To inspect cars - but not to test drive them. If you want detailed information about the condition of the car, you can ask the employees of the auction house. But you must never rely on the information in the auction catalog, because they are non-binding. Anyone who is not at all familiar with classic cars should at least seek advice from a competent acquaintance.

The price shown is not the final sum

To be able to bid, you have to register before the auction. Anyone who is not one of the company's regular customers is asked to present a bank guarantee or a confirmation from the bank stating their solvency. Sometimes it is sufficient to present a credit card, but this should definitely be clarified with the auction house in advance. After registration, the interested party receives a sign with a number, called Bidders Paddle, which entitles them to participate in the auction.

Please note that the prices shown do not represent the final total. The car is sold at the so-called hammer price, which is increased by the premium for the auction house. Depending on the auction house and event, it is between 10 and 16 percent of the hammer price. Corresponding information can be found in the auction catalog, for example. In most cases, there is also a VAT, but this only relates to the buyer's premium. The amount depends on the country in which the auction takes place.

Reserve price always remains a secret

The current highest bid for a vehicle is displayed on a board in the auction room. The auctioneer specifies the jump to the next bid. Whoever submits the highest bid receives the bid and thus the vehicle, unless this bid is below the reserve price. The reserve price is always kept secret. This is the minimum amount that the owner of the vehicle will still accept. He doesn't sell his car for less.

As a guide, the auction catalog always only shows the estimate or the estimated price. The reserve price is usually below or close to the lower limit of the estimate. It is therefore possible that a car will be sold even though the highest bid is below the estimate. this happensIncidentally, in any case, if it is a so-called reserve lot, which is highlighted in the catalog.

Bidding by phone

Anyone who would like to bid on a vehicle without being there on the day of the auction can register as a telephone bidder in advance. The auction house has a corresponding form ready. If it is the turn of the car in question at the auction, you will be called and can intervene in the bidding war over the phone.

Interested parties can also submit a written advance offer. In it you state the maximum amount you would like to pay for a vehicle. But this is not necessarily exhausted. If the highest bid submitted at the auction is lower, the next higher bid named by the auctioneer will be accepted.


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