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I agree the seller would receive 76% of the hammer price (and may also have paid a lot fee)... but this hammer price is lower than a direct sale would have been because the bidder has already factored in the 20% commission+VAT they have to pay on top of the hammer price. Round our way, Bellmans...

By the time you have paid your lot fees and sellers fees (often £5-10 plus 15% of the hammer price + VAT) and the buyer has paid commission (similarly often 20% + VAT)... you are likely to get 50% of the money you would get if you could sell it direct. Having said that, they are usually very...