Upcoming Fall Auction(FAQ)
Information for Prospective Consignors
The consignor will be charged:
- 10% of the final bid on each lot sold for $5000 or more
- 15% of the final bid on each lot sold for $2000 or more but less than $5000
- 25% of the final bid on each lot sold for less than $2000
There will be a minimum commission charge of $25 per lot sold, or a service charge of 5% of the reserve price (or “buy-in” fee) for lots that are offered but not sold. A fee of 20% of the median of the auction estimate will be charged for any property withdrawn from an auction for any reason.
Insurance
We will insure consigned property while it is in our care. The insured dollar value is the median of our auction estimate (e.g. if the estimate is $400 – $600, the insured value is $500). Unless other arrangements have been made in writing, a charge of 1% of the hammer price for property sold will be deducted from the proceeds of the sale.
Catalogue Illustrations
All property cataloging and illustration fees are free of charge.
Packing and Shipping
We do not provide moving services buy are pleased to assist with arrangements for packing and shipping of consigned property at the consignor’s expense and risk. Any packing or shipping charges incurred by us on behalf of the consignor will be deducted from the final proceeds of the sale.
Payment of Sale Proceeds
Payment of net sale proceeds will be made 20 days after the sale provided Rugs By Shahin has received full payment from the buyer.
Appraisals
We are available to provide free verbal appraisals and consultation on consigning your property to auction. Time and travel limitations prohibit us from making visits to all potential consignors’ residences, so photographs are always encouraged and welcome.
Appraisals needs for estate tax, insurance or other purposes where property is consigned to us for auction will be billed at $100/hour. Rugs by Shahin offers complete certified appraisal services.
FAQ from Consignors
- How can I tell what my property is worth?
Rugs By Shahin will give you an “auction estimate” on all property we think will sell at auction. Estimates are expressed as a dollar range (e.g. $200 – $400). The estimate is our professional judgment as to the range that the item should sell for at our auction house. This is based on experience, knowledge of the market and knowledge of the item’s historical trading value.
We can either view photographs of the property to set estimates, or for larger collections of estates, make arrangements to meet with you at the property’s location. You can also bring your items to us for consultation.
- What if I think my property is worth more?
Rugs By Shahin estimates are strictly based on what we expect the item to bring at auction. You may have a higher value amount in mind, in which case it does not make sense to consign the item to auction as you may ultimately be disappointed.
- What is I see a book value that is different that the estimate?
“Book values” can be many different things: retail value, auction value, wholesale value, etc. Knowing the valuation method employed by the book’s author(s) is critical in assessing relative worth.
- How can I guarantee the price I get at auction?
You can never guyaantee an auction result, but you can protect yourself with a “reserve” placed on the item.
- What is a reserve?
A reserve is your minimum acceptable selling price than can be set at the LOW end of OUR estimate or lower. For example, an item estimated at $400 – $600 can have a reserve set at $400 or less. Hence, the opening bid we are looking for will be the reserve amount. If we don’t get that bid, the item passes and it is not sold.
- What if I don’t set a reserve?
Rugs By Shahin has a policy established where we will not accept bids below half of the low estimate unless agreed in advance. In the $400 – $600 example, we will start the bidding at $200 if there is no reserve.
- What if it doesn’t sell?
We reserve the right to re-offer the item in a future sale, but estimates are lowered and the reserves typically come off. So if the $400 – $600 item does sell, if we re-offer it, the estimate the second time will be $200 – $300. If it doesn’t sell the second time, the property must be returned to the own.
If we think the item has a low potential of selling a second time around, even with a lowered estimate, the property must either be returned to the owner or donated to local charity.
- What is the “buy-in” fee?
That is the charge assessed to items carrying a reserve, where the item doesn’t sell and its returned to owner. The charge to the consignor is 5% of the reserve amount – or the minimum charge of $25 per lot – whichever is higher. (e.g. $1000 – $2000 estimate with a $1000 reserve: if not sold, the listing charge is $50, or 5% of $1000)
- Once we agree on estimates, what is the next step?
Two things need to happen
- A Consignor Agreement must be signed
- Arrangements for moving the property need to be made.
- How do we move property to Rugs By Shahin?
We can make arrangements for moving property on your behalf, if desired. We work with many moving vendors in the area that specialize in fine property handling. Generally, they will charge us directly for moving and we will assess those charges back against the consignor’s final proceeds.
- When will my things be sold?
Auctions are held regularly at Rugs By Shahin which means we are developing each sale catalog in advance. Once your property is in-house and cataloged, it will be in the next auction.
- When do I get paid for what is sold?
We finalize sale proceeds thirty days after each sale and checks are mailed out at that time along with a final statement.