Auction house fees vs direct sale: what sellers receive
Auction proceeds are the hammer price minus seller commission and agreed charges, not the amount a bidder pays. Compare a realistic net estimate with a firm direct offer for the same item. The published terms below show why VAT, minimum charges, unsold lots and payment conditions matter; no route guarantees the better result.
| House | Seller commission | Other charges | Settlement | Source and date |
|---|---|---|---|---|
| Tennants | 15% plus VAT; minimum £15 per lot, sold or unsold. | Loss and damage warranty: 1.5% of hammer, or reserve if unsold, minimum £1; charges subject to VAT. Ask for the complete property receipt. | No later than 28 working days after auction, subject to cleared buyer funds; reasonable endeavours for 14 working days on non-catalogue sales. Late buyer payment changes the timing. | Tennants: published seller information Checked 2026-10-15 |
| Fieldings | 20% including VAT; minimum £12 per lot. | Sale entry/internet marketing: £6 including VAT per lot. Confirm unsold, withdrawal and collection terms for the chosen sale. | The cited selling guide does not specify a payment deadline. Obtain it in writing rather than assuming another saleroom’s schedule. | Fieldings: published seller information Checked 2026-10-15 |
| Gardiner Houlgate | 15% of hammer; their terms state charges are subject to VAT; confirm how VAT is applied. £5 minimum per lot whether sold, unsold or withdrawn. | Loss and damage warranty: 1.5%, minimum £1.50; internet illustration: £2.50 per lot. Their terms state charges are subject to VAT; confirm the basis in your agreement. Additional catalogue photography may be agreed. | Normally within three weeks after sale, conditional on the auctioneer receiving payment from the purchaser. | Gardiner Houlgate: published seller information Checked 2026-10-15 |
| Bonhams | Agreed individually; the published selling guide does not state a universal seller rate. | Agreed expenses may include illustration and loss/damage warranty. Ask for the UK sale-specific Conditions of Business and consignment agreement. | Varies by selling location and requires cleared buyer funds. Obtain the date for the particular UK sale; do not infer it from buyer payment deadlines. | Bonhams: published seller information Checked 2026-10-15 |
Illustrative example: £1,000 hammer at Gardiner Houlgate
Assume a sold jewellery lot, a 15% hammer commission and, for this illustration only, 20% VAT applied to all listed charges, with no negotiated rate, transport or extra catalogue photography. Confirm how VAT applies in your actual agreement. This is an illustration, not a customer result or prediction.
| Hammer price | £1,000.00 |
|---|---|
| 15% seller commission | −£150.00 |
| 1.5% loss/damage warranty | −£15.00 |
| Internet illustration | −£2.50 |
| 20% VAT on £167.50 charges | −£33.50 |
| Illustrative net proceeds | £799.00 |
At Fieldings, the stated VAT-inclusive commission and entry fee alone would leave £794 from the same £1,000 hammer assumption. Do not add VAT again to an inclusive rate. This does not rank the houses: the achieved hammer price and your actual agreement may differ.
GOV.UK standard VAT rate, checked 2026-10-15.
Gardiner Houlgate seller terms and Fieldings charges, checked 2026-10-15.
Which charges belong to the seller?
The hammer price is the winning bid. Seller commission is deducted from it. The buyer’s premium is charged to the purchaser, not normally deducted a second time from the seller’s hammer proceeds. It may still influence bidding: someone with a total budget has to allow for their premium and taxes. Check the sale-specific buyer terms before comparing a published sale total with your own likely receipt.
A consignment agreement may add illustration, entry, transport, loss-and-damage warranty or other charges. A percentage stated including VAT differs from one stated plus VAT. A minimum charge can matter more than the headline percentage on an inexpensive lot.
When will you receive the money?
The timeline includes finding a suitable sale, cataloguing, the auction itself and settlement after the buyer pays. The table separates each house’s published wording from unanswered details. Do not interpret a buyer’s payment deadline as an unconditional seller payout date. Confirm how late payment, disputes or a re-offer affect settlement.
What if the jewellery does not sell?
No hammer price means no sale proceeds, but some minimum, entry or withdrawal costs may still apply. Agree a reserve and ask who can reduce it, what a re-offer costs and when unsold property must be collected. See the unsold-auction guide. A low estimate is not a binding offer to buy.
When can auction be the stronger route?
A rare signed jewel or a well-documented collector piece can benefit from specialist cataloguing and competitive bidding. That opportunity has uncertainty as well as cost. Ask for comparable completed sales in the relevant department, not an exceptional unrelated record. Consider whether you can wait, whether a reserve is appropriate and whether splitting a collection changes demand.
How should you compare a direct offer?
Compare a firm offer with a realistic auction net range, including the charges for your own consignment. Do not compare an unconditional cash amount with an auction’s optimistic upper estimate as though they were equivalent. Ask a direct buyer which pieces are priced for their metal and which for their intact resale value; obtain the terms before sending anything.
Fair Vintage is a commercial competitor to auction selling routes. This comparison uses each house’s own published information, checked 2026-10-15; it does not imply affiliation or endorsement. Rates can be negotiated or changed. The applicable consignment agreement and sale-specific terms control. Corrections can be sent to support@fairvintage.co.uk; no correction timescale is promised.
Questions to put in writing before consigning
- What is the likely hammer range and the net range after every charge?
- Are commission, minimum fees and expenses quoted including VAT?
- What happens to unsold, withdrawn or uncollected lots?
- Who bears loss or damage, and on what valuation basis?
- When will settlement happen if the buyer pays late?
- Is this the right department and sale for the object?
Continue with auction or specialist buyer for inherited items, the selling-routes comparison and jewellery selling options.