MYTH BUSTERS


Throughout the past decade we have heard every possible reason as to why someone would not buy or sell through auction so we are here to dispel the urban myths and common misconceptions of auctions – both property and the wider auction world…..as well as some fun facts that many will have believed are true…..including us!

SELLER_MYTHBUSTER

Here are 5 of our favourite lots we been involved with in recent years – all proving this misconception is inaccurate:

  • Short lease house (8 years!) in London – Starting bid: £17,500 and Sold for £100,500 (+474%)
  • 2 Bedroom house in need of updating in the Midlands – Starting bid: £40,000 and Sold for £74,500 (+86%).
  • 2 Bedroom bungalow in need of updating in Bath – Starting bid: £150,000 and Sold for £224,000 (+49%).
  • Detached 4 bed house in rural location in Wiltshire – Starting bid: £450,000 and Sold for £612,500 (+£162,500).
  • House in London with potential to convert into flats – Starting bid: £650,000 and Sold for £726,000 (+£76,000).

The most expensive property to ever sell at auction in the UK was sold for £20,425,000 from a guide price of £16,000,000 which is 28% more than the starting price. We only take on properties that we believe to be desirable to our Buyers and if we get the pricing and marketing right from the outset, then anything can happen on auction day


BUYER_MYTHBUSTER

Here we have a list of the 5 most expensive items sold at auction from various different categories

  • Art - £345m (Leonardo Da Vinci’s ‘Salvator Mundi’).
  • Jewellery - £57.3m (Pink Star Diamond).
  • Cars - £40m (1962 Ferrari 250 GTO).
  • Furniture - £19m (The Badminton Cabinet).
  • Wine - £425,000 (single bottle of 1945 Romanee-Conti).

We are confident that the above item were not put to auction because the owners were desperate to sell but rather were extremely desirable to many different people who all placed a different value on them and therefore created a competitive bidding price

OTHER COMMON MISCONCEPTIONS THAT MANY THOUGHT (OR THINK) ARE TRUE BUT ARE NOT:


  • The World is not flat
  • Mount Everest is not the tallest mountain in the world
  • The Great Wall of China cannot be seen from space
  • Bats are not blind
  • The Easter Bunny is not real
  • Nor is Santa