The hammer comes down. The auctioneer announces the price. The lot clerk records the number. And for most people in the room or watching online, that is the end of the transaction – the coin has been bought, the price has been determined, the outcome is settled.
The process that follows the winner of the lot is far more involved than the drama of the bidding process.
The invoice is the first step in the buying process. The invoice is generated after the sale has closed, and it includes the hammer price of the item, the buyer’s premium (which is usually a percentage of the hammer price of the item), and any VAT that applies to the buyer’s premium. The buyer’s premium is often higher than the hammer price alone, and so buyers often calculate how much they will have to pay before they start bidding. For Coin Auctioneers, consider https://www.hoskerhaynes.com
Payment terms vary among auction houses but are always measured in days rather than weeks. The funds must be cleared within five to seven business days of the sale of an item. If the buyer has not arranged payment in advance of the auction, the administrative requirements for payment of large sums of money can be longer than the time that is allowed for the clearance of funds.
The physical collection or shipping of the purchased coin(s) will only happen after payment for that purchase has been confirmed. For coins of important monetary value, the shipping process will require the use of packaging materials that are specifically designed for those types of coins, as well as the purchase of insurance for the value of the coins.
The hammer falls in seconds. The completion of the process takes days.
