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Items will have commission bids on them. If several different people leave commission bids on one item, the auctioneer will open the bidding in favour of highest commission bid he has. Bidding then goes live to the room/phone/internet bidders.
If only one commission bid has been received for an item, the auctioneer will open the bidding to all bidders at the stated start price (usually a percentage of the lower estimate).
For example:- estimate £40-£60 start price £20.
Auctioneer has one commission bid of £80. Opens the bidding at £20. No interest from phone/room/internet......Bang! Sold for £20. Happy commission bidder got a bargain.
Auctioneer has three commission bids of £30, £40, and £60. If the house increments are £10, the opening price will be £50. If no further bids, it sells for £50. If a £50 bid received, the next bid from room/phone/internet would be £70 as the auctioneer would declare his £60 commission bid. If no bid of £70, it sells on commission at £60. Hope this clears things up a bit.

I actually understood that...

Ghosty.

Hi Bob, what if the auction house has two or three bids at say £40 who gets it then if there are no internet, phone, or room bidders. Pete

1st bid received. Subsequent bids at the same price are ignored.

YYS4BOB wrote:1st bid received. Subsequent bids at the same priced are ignored.

Thanks for explaining the process -- it all makes perfect sense! Well done.
Thanks,
Bill

Cheers Bob, always nice to know a bit more info. Have dealt with Vectis for many years always found them to be fair, its just a shame they are so far away. I can remember going to Buckingham where they used to have their auctions but I wasn't into matchbox them I used to go with my mate who brought mostly the bottom end of the market, if we only know then Pete

Vectis auctions were originally held in The Civic Halls in Guildford when Roger and Jill (the founders) still owned the company. Some were held later in a hotel in Russell Square in London, and then moved to Buckingham.

A great explanation thank you. I always wondered how Vectis worked.

But then you pay a commission/fee on top right?

If that can help. Vectis is really fair, because I've sometimes won lots under my max bid.

I'm really confident in their honnesty. I can't say that about all other auctioneers I know.

Shane wrote:A great explanation thank you. I always wondered how Vectis worked.

But then you pay a commission/fee on top right?

Yes.

Lifted from the Vectis website.

http://www.vectis.co.uk/Page/FAQ.aspx

BUYERS PREMIUM
We charge a buyers premium of 20% of the final price (plus VAT where applicable). Payment for lots can be made by credit card (we accept all major cards) or by cheque provided we have a bank guarantee or alternative arrangements have been agreed. A 2% clearance charge is made for credit card payment (3.1% for American Express) to cover bank costs.



BUYERS PREMIUM FOR LIVE ON-LINE BIDDING VIA INVALUABLE Purchasers will be charged a total premium of 25% on the hammer price inclusive of VAT and credit card charges. This will include a 3% charge made by Invaluable (this will be shown separately on your invoice). There is no VAT charged on lot prices.