Selling At Auction

 

WHAT WE SELL

HotLotz is seeking the following items for auction; Modern & Contemporary Pre-Owned Furniture, Antique, Vintage & Retro Furniture, Home Decor & Accessories, Collectables & Decorative Arts, Peranakan & Straits Chinese Items, Carpets & Rugs, Tableware inc. Stemware, Flatware & Porcelain, Silver and Silver Plated Items, Lamps & Lighting, Jewellery, Luxury & Designer Handbags Shoes & Accessories, Luxury, Designer & Vintage Watches, Luxury Designer & Vintage Fashion, Paintings Drawings & Prints, Modern & Contemporary Art, Books, Maps & Stamps, 20th Century Design and Wine, Whisky & Spirits.  This list isn't exhaustive - please contact us if you are unsure.

REGISTRATION

All customers are required to register with HotLotz before they use the estimate request service or they consign items to HotLotz for auction.

Registration is free-of-charge, only needs to be completed once and takes only a few minutes to complete. Every registered customer is assigned a paddle with a unique number. This identifies them for the duration of their membership.

Customers wishing to consign items to HotLotz for auction must additionally store their bank account details in their member profile as settlements are made by bank transfer. Customers update their own profiles with their bank account details by logging into the ‘My Account’ area on the HotLotz website or the HotLotz app.

VALUATIONS

If you have an item that you would like to have valued for sale in a HotLotz auction we would be delighted to give you an initial idea of an auction estimate.

We will advise you on the best type of auction for your property to ensure that we attract the most interest and achieve the best possible result for you.

This is a complimentary service and you can get in touch with us in a number of ways.

By Online Form

Click the link to access our online Request An Estimate form.

By Email or Telephone

Email HotLotz at hello@hotlotz.com or telephone the saleroom on (+65) 6254 7616 during office hours.

In Person

Seeing your item first-hand gives us the best possible opportunity.  We can schedule a private appointment for you in the HotLotz saleroom, or if you have a large amount of items to consign, at your location.

ESTIMATES, MINIMUM BIDS & RESERVES

HotLotz publishes a low and high estimate for each lot. This is based on our expectation of the price range within which we expect the item to sell.  Depending on demand, the final sale price may be outside of this range.

We publish a 'Minimum Bid' amount for every item, or 'lot', that is offered for sale. This 'reserve' is the lowest amount HotLotz will accept from an online, in app or in-room bidder to sell the item. 

Items accepted with ‘No Reserve’ are consigned in the knowledge that the auctioneer will use best endeavours to sell the items for the highest possible price. 

BUY NOW PRICES

HotLotz publishes a ‘Buy Now’ price for some lots.  This is a fixed price that the lot can be purchased for. If a sale for the published ‘Buy Now’ price is agreed prior to auction, the lot will be withdrawn from the auction.  Only lots that indicate a ‘Buy Now’ price can be purchased in this way.

‘Buy Now’ prices include Buyer’s Premium fees; the advertised price is the exact price that the customer is charged.

AUCTION CHARGES & SETTLEMENT

Seller’s Commission

All sales are subject to a Seller’s Commission fee of 19.5%. Hotlotz levies a minimum commission charge of $20.

The Seller’s Commission is the amount that is deducted from the ‘hammer price’ of each lot sold. This amount is retained by HotLotz.  The ‘hammer price’ is the price that the item sells for when the auctioneer brings the gavel/hammer down. In the case of online-only auctions it is the highest price that has been bid for the item at the published end time of the online-only auction.

HotLotz only charges Seller’s Commission if we successfully sell your items. 

GST

HotLotz does not charge GST. 

Sale Results 

After an auction customers receive an auction results notification by email that informs them of the status of their items, including the hammer price of each item sold.

Settlement

HotLotz makes payment by bank transfer to the customer’s nominated bank account twenty-one days after an item is sold at auction, providing we have received cleared funds from the purchaser and the customer has updated their profile with their bank account details by logging into the ‘My Account’ area on the HotLotz website or the HotLotz app.

Customers are sent a settlement statement by email. This details all lots sold and lists any deductions for commission and any other charges (such as transportations costs incurred at consignment). A copy of this settlement statement is also archived in the customer’s ‘My Account’ area on the HotLotz website or the HotLotz app.

Receipts

Customers consigning items to HotLotz for auction will receive a comprehensive receipt when they deposit their items. This receipt is important because it is a record of the instruction to HotLotz to sell property. It acts as a contract between the customer and HotLotz and should be retained.

Transportation

HotLotz works with Alpha Zenith (azmovers.asia) to provide our customers with professional and cost effective logistics. We have negotiated special 'fixed price, island wide' rates as well as discounts for the transportation of multiple items. Please contact the saleroom for a quote if you need us to organise collection.

Charges for transportation into the HotLotz saleroom can be deducted from final settlement or customers can opt to pay ‘cash-on-collection’ directly to Alpha Zenith.

Terms & Conditions

For further information on selling at Hotlotz please refer to our Terms and Conditions.