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Selling antiques: auction or dealer?
There are two main routes to sell an antique: through an auction house or to a dealer. Each has pros and cons. Here is how to choose and what to ask first.
Start with a valuation
Before selling, find out what you have. Many auction houses offer free valuations by photo or in person, but terms vary. Specialist dealers may also give a verbal opinion. Get more than one opinion for anything of value, and keep any paperwork, such as receipts, certificates and family notes about where an item came from.
Route 1: auction
At auction, bidders compete and the final "hammer price" can be above or below the estimate. You pay commission and other fees to the auction house, and buyers usually pay a premium too.
Good points
- Items reach a wide audience, including trade and collectors.
- Specialist sales can attract strong bidding for rare things.
- The process is transparent: results are public.
Things to ask
- What are the seller's commission and other charges (photography, insurance, VAT on fees)?
- Can I set a reserve, the lowest price at which it can sell?
- When will the sale take place and when will I be paid?
- What happens if it does not sell?
Fees differ between auctioneers. We do not quote figures, because they change; ask for a written breakdown.
Route 2: sell to a dealer
A dealer buys outright, so you get paid quickly and the sale is certain. In return, the dealer needs to resell at a profit, so the price will be lower than the likely retail price.
Good points
- Fast payment with no wait for a sale date.
- No commission or listing fees.
- Useful if you are clearing a house.
Things to ask
- Is the dealer a member of a trade body or well known locally?
- Will they put the offer in writing?
- Can I get a second offer?
Other routes
Online marketplaces, antiques centres that rent space, and fairs where you take a stall are also options. They take time and effort. A fair stall means paying a pitch fee and sitting there for the day; the organisers publish details, for example IACF on its website (see UK antiques fairs). Selling online widens your audience but adds packing, postage and buyer queries, and you should describe the item accurately, including any damage.
Which is best?
| You want | Consider |
|---|---|
| The best price for a rare or valuable item | A specialist auction |
| A quick, certain sale | A dealer |
| To clear many ordinary items | A general auction, house clearance or dealer |
Tax: Capital Gains Tax on items over £6,000
GOV.UK says you may have to pay Capital Gains Tax if you make a profit when you sell a personal possession for £6,000 or more. It names jewellery, paintings, antiques, coins and stamps, and sets of matching items such as vases or chess pieces. Some things are exempt, for example items with a limited lifespan such as clocks unless used for business, and gifts to a spouse, civil partner or charity. For jointly owned items you are exempt from tax on the first £6,000 of your share. You need to work out your gain to know whether you owe tax. This is general information, not tax advice. Check GOV.UK or ask an accountant.
Before you decide
Read our guide to hallmarks if you are selling silver, and spotting reproductions to check what you have is what you think it is.
Frequently asked questions
Is it better to sell antiques at auction or to a dealer?
Auction can reach more buyers and may give a higher price for rare items but takes longer and has fees. A dealer pays quickly but will offer less than the likely retail price.
Do I pay tax when I sell an antique?
You may have to pay Capital Gains Tax if you make a profit selling a personal possession for £6,000 or more. Check GOV.UK.
What is a reserve?
The lowest price at which the auction house may sell your item. Ask the auctioneer how it works.