Castle Auctions offer unrivalled coverage in advertising and selling your items in Cyprus, there is no charge to enter your items into the auction and we charge 18% + vat commission of the eventual sale price (subject to a minimum of €3.50 +VAT per item).
Please note: VAT is only charged on the commission, NOT the item costs.
Where appropriate, you can set a ‘reserve price’, the minimum amount you are prepared to sell your item for – naturally during the auction process it is expected and hoped the sale price will be higher.
When your items are sold, we pay the sellers on the Friday after each auction. Amounts up to €500 (Five Hundred Euros) in cash, or by cheque or bank transfer for larger sum. Payment can be collected from the Saleroom. By request we can post cheques or make bank transfers to local or overseas bank (less any bank charges).
If you buy something from Castle Auctions you will be charged a ‘Buyers Premium’, which is the industry normal and a percentage of the final.
You must pay for the item and collect on the day of the auction, or by arrangement pay a deposit and the balance within 2 working days. Items can only be removed from the sale room upon full payment being made.
The Auction Premium of 12% +VAT (Total 14.28%) is payable when bidding in the room or placing ‘Absentee / Book Bids’.
An additional 3% is applied for customer using our ‘Auto-Bids’ facility or bidding Live online, 15% +VAT (Total 17.85%).
Where we are selling items for a company or brand new stock, they are classed as ‘Trade Sales’, in this cases VAT is applied on the full hammer / sale price. Explained in the example below;
Example Sale Price = €100.00
Auction Premium @ 12% + VAT = €14.28
VAT on the full amount = €19.00
TOTAL PAYABLE €112.00 + €21.28 VAT = €133.28.
(Cyprus VAT registered customers may be able to re-claim the VAT).