How long is it from consignment to auction?
To allow sufficient time for research, cataloguing and photography, each auction has a consignment deadline, or closing date, or typically 2-3 months before the scheduled auction.
What is seller's commission?
Unless as otherwise agreed upon by the Seller and the Company, the Seller shall authorize the Company to deduct 10% of the Hammer Price as Commission, 2% of the Hammer Price as Insurance Fee, HK$1,200 per page as Catalogue Fee and at the same time deduct other applicable expenses. If the Lot fails to sell, the insurance premium payable by the Seller shall be equivalent to 2% of the Reserve.
A reserve is the minimum price the seller (consignor) is willing to accept and below which the seller's property will not be sold. The seller (consignor) and Marchance mutually agree on an appropriate reserve, which is confidential but may not exceed the low estimate. Unless otherwise indicated, property sold at Marchance is offered subject to a reserve.
What is a consignment agreement?
The consignment agreement is a contract between the seller (consignor) and Marchance agreeing to sell the consignor's property in one of our auctions. The consignment agreement lists Marchance's terms and fees for services such as insurance/loss damage liability, shipping and illustration.
Who arranges the shipping of property to be sold?
After agreeing to consign property, you may choose to bring the property to Marchance yourself, arrange with your own shipper to deliver to us, or request Marchance assistance to organize shipment.
How will I find out the sale price of my property?
Soon after the auction Marchance mails out a post-sale notification listing the final bid price or, in the event that the property failed to sell, a notification that your property was bought in.
What if my property fails to sell?
The specialist in charge can offer advice on whether to re-offer the property or to arrange its return. Please be advised that for collection of unsold and unoffered lots, the seller (consignor) must first confirm and settle any outstanding charges.
When will I receive payment?
Marchance sends payments to consignors approximately 30 working days after each auction, assuming that the successful bidder has paid Marchance. Consignor payments are accompanied by settlement statements itemizing the commission and any other charges.