Selling with Hotlotz is a straightforward and simple process.
As the only auction house holding regular sales across multiple categories in Singapore, we combine local knowledge and valuation expertise with online bidding and international marketing. For more information about what we sell and how we market our auctions, please click on the links.
We are delighted to welcome experienced sellers as well as sellers who are new to auctions or who may have previously found working with auctioneers intimidating.
We hold a wide range of auctions throughout the year and will advise on the best sale category for your item. We also hold Home Contents and Private Collection sales and sales for Estates and Businesses.
Our friendly, experienced valuers can be contacted in the first instance by telephone on (+65) 6254 7616 or by email at email@example.com. Follow up meetings may be scheduled in our saleroom or at your home or office, where necessary.
If you have up to six items, of the kind we typically sell, you may also use our online sell with us valuation service to request a free appraisal by our valuers. You will need to create an online Hotlotz account to access this form, which takes a minute or two to complete.
Once we have determined that your item is suitable for auction we will ask you to create an online Hotlotz account, if you have not already done so.
We physically ‘take in’ every item we sell, so that it can be valued, catalogued and photographed, and then exhibited in our saleroom prior to the auction. If you need assistance with transporting items to our saleroom we can provide you with a quote from our trusted, cost effective suppliers.
Our valuers will provide you with an auction valuation. This includes an estimated selling price range (the ‘low to high estimate’) and an opening bid amount (the ‘reserve’), which is also the lowest or minimum price that the item can be sold for. Once agreed with you, these are published in our auction catalogues.
Valuations are based on our experience and on other factors including auction records for similar items, condition, rarity, certification and available provenance.
Due to the competitive nature of auctions, setting opening bid amounts which are as attractive as possible to buyers is recommended as this usually generates more bidding, leading to higher sale prices.
We will email you a link when your sales contract is ready to be reviewed and e-signed.
The sales contract is a record of our agreement with you and includes the item’s description, the auction that the item is being offered for sale in, the estimated selling price range (the ‘low to high estimate’), the opening bid amount (the ’reserve’), our seller’s commission rate and any other applicable fees, and your instructions if the item is unsold.
If you are a new client we may also ask you to provide additional identity information in your Hotlotz account to comply with our AML (anti-money laundering) and KYC (know your customer) policies.
Copies of your signed sales contracts are filed in your Hotlotz account.
The day following the auction for your items, you will receive an email notifying you whether (or not) the items sold and how much they sold for (the ‘hammer price’).
Please note that the hammer price includes GST which may be payable by the buyer, as required of us in Singapore. It means the sum we settle to you (and the seller’s commission and insurance fee) will be calculated from the hammer price less the GST amount, which is removed and may be payable to the government, so will typically be a lower number.
Once we have received payment for your item from the buyer, we will send the settlement payment to your bank account. We aim to do so within 21 working days of the sale date.
You will receive an email notifying you that the bank transfer has taken place. A settlement statement will be sent with the notification and a copy will also be filed in your Hotlotz account.
Please ensure that you have provided up-to-date bank account details in your Hotlotz account and note that we can only make settlement payments to the individual or organisation that is named as the registered seller on the sales contract.
We will follow the instructions given by you and recorded in your sales contract for any unsold items, which may include offering the item for sale at a fixed price in the marketplace, re-offering it in another auction, or contacting you to collect your item.
As most items are accepted with no upfront fees, and generally no commission or fee is charged if an item is unsold, we are highly motivated to deliver the best possible results.
We charge seller’s commission:
- For auction items, at the percentage rate we agree with you and record in your sales contract.
- For items sold in the marketplace, at a uniform rate of 21.8% (including GST).
- In any event, at the rate of $45.00 (including GST) as a minimum amount.
- Which applies to each lot and includes all valuation, cataloguing, photography, and international marketing costs.
We charge a uniform insurance fee of 1.64% (including GST) on all sold lots (whether at auction or in the marketplace), unless you provide us with evidence you have satisfactory insurance in place and you sign a liability waiver.
We charge a withdrawal fee of $60.00 (including GST) on any lot that is withdrawn from sale (at auction or in the marketplace) after you have signed your sales contract.
Please note that the sums we settle to you for the sale of your items (and the seller’s commission and insurance fees we charge) are calculated on the hammer price or marketplace price, after GST which may be payable by the buyer (and paid by Hotlotz to IRAS) has been deducted.
BIDDING ENDS ON SUNDAY 10 MARCH
FROM 6PM (SGT) / 10AM (GMT) onwards
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