The premium will increase from 20 per cent to 24 per cent of the hammer price on lots in all DNW’s auctions starting with the jewellery sale on 10 September 2019. VAT is payable where applicable on the premium but not on the hammer price.
At the same time DNW will launch two new initiatives to benefit clients – lots bought at DNW since 1 January 2013 can be resold with zero sellers’ commission by the original purchaser and potential buyers will be able to see the hammer price with premium added online whilst bidding is in progress.
“The last time that we increased the buyers’ premium was in 2009 and since then the auction world has changed almost beyond recognition,” said Pierce Noonan, Managing Director and Chief Executive Officer of London-based DNW, one of the world’s leading specialists in coins, medals, banknotes and jewellery.
“New technology has been the driving force behind this and DNW has stayed ahead of the game providing our clients with a unique range of services. But the time has come when we have to pass on to our buyers some of the considerable costs of this revolution in the way that customers purchase lots at auction.”
During the past decade DNW has:
• Invested heavily in a bespoke live online bidding service that enables clients either to leave advance bids or bid in real time whilst both watching and listening to the auctioneer.
• Introduced a policy of photographing all lots for sale and making them available for viewing in high resolution on DNW’s website.
• Launched a unique service whereby all lots are uploaded to the website as soon as they have been catalogued and photographed.
• Hired more IT support staff and photographers - more such specialists are now being sought.
• Hosted what has become an industry standard free-to-use database containing over 300,000 lots sold by DNW since 1991.
• Maintained its own dedicated despatch department to ensure that mailing can be dealt with in a speedy and cost-effective manner for clients.
The new initiatives are:
• Any lot bought at DNW since 1 January 2013 can be resold at DNW without sellers’ commission being charged at any time in the future. This is a non-transferrable concession that only the original buyer of the lot will be able to take advantage of. It is subject to DNW’s specialists agreeing the estimate with the seller.
• Bidders in any of DNW’s auctions will be able to see online not just the bid but also the bid with the buyers’ premium included shown as a gross amount. This is being introduced in the interests of transparency.
For more information, please call 020 7016 1700 or visit www.dnw.co.uk.
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