don’t forget to add the 17% on the hammer…and VAT on that
some houses are now getting 21-23% commissions.
not as much a bargain as you had thought
Christie’s is hammer +25%.
and how much is VAT on instruments?
ps
that Prowse was still at a Bragain price..
No one bought any of that flutes?
UK VAT is currently 15%
VAT in GB is 15% at present (reverting to 17.5% in early 2010), but I believe the VAT in this instance is only on the auction house premium, not on the bid price. If I’ve got that right, actual cost to a winning bidder would be hammer price plus premium plus VAT on the premium. Thus the Prowse, for example, would have cost the buyer £550 + £93.5 premium @17% (taking David’s figure - I haven’t checked it) + £14.03 VAT on the premium, a total of £657.53.
If there is VAT on the actual item, then hammer price plus the house premium plus VAT, that flute would have cost the buyer £740.03.
Assuming it is a flute in tolerable condition that plays up to maker reputation when overhauled/repaired, I’d guess at a players’ value and insurance replacement value of c £1500, so not a bad deal, though not “cheap”.