Model Engineer’s Auction

[Chris CrewParticipant @chriscrew66644]

Just out of the blue I have been contacted by the son of a late model engineering colleague who died a number of years ago. Apparently, the family have only just got round to clearing his workshop and all the machinery and tools have been passed to an auction house in Scunthorpe.called Edison's CJM, Queensway Industrial Estate, 6 Dunlop Way, Scunthorpe DN16 3RN Tel. 01724 334411.

I know my late friend had a very little used Myford Super 7 with gearbox, the smallest type horizontal mill made by Adcock & Shipley, I think a Meddings pillar drill and a Chinese vertical mill. His son has told me there are boxes upon boxes of un-used brand new chucks and tooling together with a part-built traction engine and numerous small stationary engines in various stages of completion as my late friend was more of a hoarder than a builder.

I am informed that the online auction is on Monday 5th July. I don't need anything myself but it may be worth looking up if you are in the market for any machinery and tooling.

[Chris CrewParticipant @chriscrew66644]

Forthcoming Sale

[nigel jones 5Participant @nigeljones5]

**LINK**

[duncan webster 1Participant @duncanwebster1]

I've never bid in an online auction, if I put in a successful bid do I have to go to Scunthorpe or will the auctioneer arrange transport at cost?

[Stuart Smith 5Participant @stuartsmith5]

Duncan

In the terms and conditions it says buyers are responsible for collection but they do list 2 courier companies. Presumably you would have to arrange them to pick up, pack and deliver.

I have bought at a local auction which is online because of covid , and I picked up, but they had similar conditions.

Stuart

[SteviegtrParticipant @steviegtr]

Wow some tackle there. Lot 89. Griptru chuck worth a fortune.

Steve.

[duncan webster 1Participant @duncanwebster1]

On looking at the photo again I think lot 89 is a 4" 4 jaw and a 3 " 4 jaw, both self Centre but not griptru

[Paul LParticipant @paull58212]

It looks to me as the successful bidders will pay the hammer price plus buyers premium plus vat on the whole amount.

so the myford lathe at £1200 would cost £1656. anyone else read it that way?

[Tony Pratt 1Participant @tonypratt1]

Posted by Paul L on 02/07/2021 08:28:48:

It looks to me as the successful bidders will pay the hammer price plus buyers premium plus vat on the whole amount.

so the myford lathe at £1200 would cost £1656. anyone else read it that way?

I'm sure all auctions work in a similar way.

Tony

[Nicholas FarrParticipant @nicholasfarr14254]

Hi Paul L, as Tony has pointed out, pretty much the same as any auction whether online or a live one, but buyers premium varies depending often on the content. I used to go to a live one quite often several years ago and the buyers premium vary often was between 0 to as much as 20% depending on the items in it.

Regards Nick.

[Chris CrewParticipant @chriscrew66644]

Paul L, Please check this because I could be way off the mark, but I understand what you are saying is correct in normal circumstances if the sale goods have a commercial origin. My understanding is that if the sale item has originated from a private source or education then VAT is only payable on the buyers premium.

I am only stating this as I am located not too far from the auction house and, although over twenty years ago now, I used to go regularly to the sales and I bid for several machines and tooling there. To the best of my recollection I did not pay VAT on the hammer price for a Boxford shaper and a Harrison miller because they had originated in education, but VAT was levied on the buyers commission. I can recall paying VAT on the total net price for some tooling I bought out of industry.

I could be wrong and my memory is playing tricks on me, but that is my understanding until I am corrected. I am certain for anyone who is interested in bidding, a quick phone call to the auctioneers should clear up any mis-understanding.

Edited By Chris Crew on 02/07/2021 08:55:43

[Paul LParticipant @paull58212]

Posted by Chris Crew on 02/07/2021 08:45:18:

Paul L, Please check this because I could be way off the mark, but I understand what you are saying is correct in normal circumstances if the sale goods have a commercial origin. My understanding is that if the sale item has originated from a private source or education then VAT is only payable on the buyers premium.

I am only stating this as I am located not too far from the auction house and, although nearly twenty years ago now, I used to go regularly to the sales and I bid for several machines and tooling there. To the best of my recollection I did not pay VAT on the hammer price for a Boxford shaper and a Harrison miller because they had originated in education, but VAT was levied on the buyers commission. I can recall paying VAT on the total net price for some tooling I bought out of industry.

I could be wrong and my memory is playing tricks on me, but that is my understanding until I am corrected. I am certain for anyone that is interested in bidding, a quick phone call to the auctioneers should clear up any mis-understanding.

This is my understanding.

Normally when I bid and win, I pay the hammer price plus buyer premium+vat. there is not usually VAT on the hammer price.

That is what made me post as this appears to have VAT on the whole amount.

Edited By Paul L on 02/07/2021 08:59:21

[Stuart Smith 5Participant @stuartsmith5]

I emailed the auction house last night to ask them about VAT.

I have had an email from them this morning confirming that VAT is only on the buyers premium.

Stuart

Edited By Stuart Smith 5 on 02/07/2021 09:20:04

[Nicholas FarrParticipant @nicholasfarr14254]

Hi Paul, in the auctions that I used to go too, some items had VAT on the hammer price as well as the buyers premium and others only had it on the buyers premium and there were some items with no VAT at all. As Chris said, a phone call to the auctioneers should give you the answer if you are thinking about bidding.

Stuart has given the answer while I was typing.

Regards Nick.

Edited By Nicholas Farr on 02/07/2021 09:22:54

[GavlarParticipant @gavlar]

Says in the Ts&Cs VAT is payable on the hammer price AND on the Buyers premium, which itself is not cheap. The price you pay will be around +40% of hammer price. And some people complain about ebay's charges…..

 

quick edit. Correct answer uploaded as I was typing. Ignore my offerings.

Edited By Gavlar on 02/07/2021 09:24:38

[Stuart Smith 5Participant @stuartsmith5]

I emailed them back and suggested that they change the information page for this auction because it says VAT is payable on the hammer price.

I have just had a reply to say they have changed it.

Stuart

[Paul LParticipant @paull58212]

Posted by Stuart Smith 5 on 02/07/2021 10:10:42:

I emailed them back and suggested that they change the information page for this auction because it says VAT is payable on the hammer price.

I have just had a reply to say they have changed it.

Stuart

I had just done the same!

[Colin DParticipant @colind]

Thanks Chris, for bringing this auction to people's attention. I only live around 10 miles from the auctioneers premises, but wasn't aware of it.

Been and collected my purchases today, just 6 lots, nothing special to note, but I am pleased to say I found the company to be very pleasant and easy to deal with.

Don't know if anyone got any bargains ? can't see a list of sold prices on the website.

Colin

[Chris CrewParticipant @chriscrew66644]

Colin, I am pleased you managed to win some of my late colleague's kit. I used to buy from that auction house years ago before everything went online and found them to be reasonable to deal with. As you say, there is no way of finding what everything else went for out of interest.

[Author]

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