e type valuation

[TGN]

It didn’t have a reserve and sold at the hammer price.
That’ll be it’s final price plus commission and vat.

[christopher storey]

Ah, I see. It still doesn't make complete sense, however, because £9200 plus 12.5% plus VAT.would be £ 10,580 whereas it's now stated at £10350 which seems to ignore the VAT . It is singularly unimpressive that they cannot even get simple arithmetic right - or perhaps they assume that the purchaser is VAT registered and therefore can get the inputtax back

[TGN]

You only pay VAT on thr commission.

[christopher storey]

Yes, of course I'm aware of that. But the total payment to be made by the buyer was £10,580 and not the £10,350 stated. Still a very good result indeed for the vendor

[dlgis]

Many auction houses quote the sales price or “result” as the hammer price + their fee ( before VAT), so the purchaser will have paid £10580 but the result will show as £10350. The difference is just the vat on fees