SELL AT AUCTION CYPRUS
SELLING AT AN ONLINE AUCTION IN CYPRUS
HOW CAN I SELL MY UNWANTED ITEMS AT AUCTION?
Sell at Auction Cyprus – An online auction is an ideal way to make money out of the items that are surplus to your requirements in your home or business premises. Every day, across the world, auctions take place where people look, bid and buy. Due to Covid-19 regulations, the leading auction house in Cyprus, Castle Auctions, is currently holding all their auctions online. We spoke to Trevor Jones, Director of Castle Auctions in Limassol to find out how we can sell our unwanted items through an online auction.
Castle Auctions holds fortnightly sales which consist of a diverse range of movable objects including furniture, rugs, motor vehicles, machinery, art, watches, jewellery and anything else the people of Cyprus no longer need. From individual items to the contents of whole villas, the auction process offers a fast alternative for selling unwanted items and treasures.
Sell at Auction Cyprus
How do we contact Castle Auctions?
We have an extensive website containing all our contact details at castle-auctions.com. New clients are welcome to call us to discuss, or communicate via email.
Can we email you photos and details of our items for sale?
Sure, this is the best way to get started! It’s never the same as physically seeing the items, checking the quality, condition, looking for stamps, marks, makers, etc – but we can get a good idea of the items you want to sell. We can have initial discussions about the pricing, the transportation and logistics, and it really helps us manage the space in our saleroom (which regular visitors will confirm, gets very full!).
How much do you charge?
We charge a commission; a percentage of the final ‘hammer’ (sale) price, which is typically 20% + vat – the industry average. In some cases such as expensive jewellery, large consignments or vehicles, different rates may apply. Unlike other auction houses, we do not charge storage or entry fees.
Will you give a rough estimate of how much it might sell for before we set a reserve price?
We have many years of experience in the industry and especially in Cyprus. We have sold a few hundred thousand items and so have a good idea about most things! We will provide you with a fair but conservative auction estimate and this will be the advertised figure in our auction catalogue. We always try to make this price attractive to the buyers and while it may seem on the lower side, it is to create interest so that in the auction, the sale price exceeds the original figure. We will always discuss and agree a ‘reserve’ (minimum) price with the sellers if required. We will not usually accept items in the saleroom which are overpriced or have inflated reserves. We aim to be honest and open with everyone as if an item is overpriced and does not sell, it is an effort for both the sellers and ourselves.
Do you CHARGE AN unsold fee if an item does not sell at the auction?
We do not charge anything if an item does not sell. However, we will only usually accept items for auction which are deemed suitable for sale (in a good or useable condition, fit for purpose, etc) and with fair and realistic expectations on the price. We have so many cases whereby items with no reserve or extremely low starting prices are proven to sell for higher hammer prices than those with ‘optimistic’ reserves. If you trust in the auction process and let the people set the price, this usually works!
Do you collect items we may wish to sell?
Yes, we can arrange to collect items island wide, from a single piece to an entire house or building contents! There is a small related charge for this service but we always try to offer the most cost-effective way and meet the sellers’ requirements and timescales wherever possible.
If I have a house full of contents, will you visit the property to value the items?
We are happy to make a house visit where possible, to view and discuss any items you are considering selling. We do have a hectic schedule, so often may request a few photographs or an essential list to judge the time required and manage our diary efficiently.
How long before it goes into the auction – is it always the next one?
We will always try to enter your items in the next / earliest auction (unless we agree on a specific date or event). Still, to manage the space in our saleroom and number of lots in the auction, we must insist people contact us before bringing items to sell – we’ll always do our best to help. If you arrive with a 3-piece suite and two double beds unannounced, you might find, regretfully, they don’t fit in and you are respectfully sent home with them! Communication is vital to avoid any wasted trip or inconvenience. Always contact us before bringing anything to the auction house.
In the event of a sale, how long does it take to receive payment for the item?
The sellers are typically paid within one week from the date of the auction. This is assuming that the customers have collected and paid us for their purchases. Most people receive payment by bank transfer (locally or internationally) which has a supporting statement detailing the auction results.
Are there any particular items you would like to attract?
We get asked all the time; what are the bestselling items? However, this is an impossible question to answer! Unlike a shop, the quantity and range of items in our saleroom will be tremendously different every two weeks – this keeps our auctions fresh and exciting because you never know what may come in next! As we live on a relatively small island, the supply and demand rules are more relevant than larger countries.
Do you hold any specialist sales?
We have held several specialist sales over the years, including fine art, jewellery, classic cars, model aeroplanes, perfumes & aftershave, whisky, liquidation sales and more! The schedule is partly dictated by consignments, a seller’s collection, estate sale or administrators. That said, we have found that we can get good results with a ‘feature’ of individual items or categories within our large general sales or a dedicated lot range with additional promotion to reach the target markets. This way, the audience is much more significant for our regular sales and generates catalogue views in the tens of thousands – it really does generate greater exposure and is a much better way of advertising.
Do you think our items might sell better in the UK?
In some cases, this might be true but in many situations, this is not correct! Obviously, you have to factor in the shipping and transportation costs plus the risk of damage to fragile items, which will eat into any sale proceeds. Also, it is essential to note that ALL of our auctions are live online and broadcasted on the internet to a global audience. We ship lots internationally after every sale.
Castle Auctions is part of the Easy Live Auction platform which networks with hundreds of auction houses and dramatically increases their reach and audience. We also have ourselves an ‘Auction Alert’ system where customers who are looking for specific items, keywords or categories, are notified when they become available. When you incorporate the auction alerts throughout the Easy Live Auction platform, we see a considerable increase in bids and sales from the international market, including the UK.
For more information or to register your unwanted items to sell at auction in Cyprus with Castle Auction House, visit their website at Castle-Auctions.com.
- For How to Bid Online & Buy at Auction in Cyprus, see here.
- For the Benefits of Liquidation Auctions, see here.
- Exclusive Interview with the Directors at Castle Auctions, see here.
Published by Cyprus in Style August 2020 – #InStyleBusinessNetwork