Fischer’s Auction Questions
How does Fischer’s Auction mechanism work?
Fischer’s Auction is a different mechanism from regular auction houses that sell art. Whereas other art auctions apply the English, or oral ascending-bid, auction, Fischer’s Auction applies the so-called Vickrey mechanism. In this mechanism, all bidders submit one sealed bid during a particular period, in this case at an independent notary. After all bids are collected, the highest bidder wins and pays a price equal to the second-highest bid plus a buyer’s premium. The notary establishes the purchase agreement and provides Fischer’s Auction exclusively with the identity of the highest and second-highest bidders and the auction price per lot.
Can I sell my art at Fischer’s Auction?
Fischer’s Auction determines whether the offered artworks are suitable for the auction. Kindly provide your offer, accompanied with your desired reserve price, photo’s and other information (measurements, technique, provenance, signature, annotations, etc.) in an email to email@example.com.
How do I submit a bid?
A bid is only valid if it is greater than or equal to the reserve price, indicated by ‘starting bid’, and can exceed the insurance value. Include with your bid a copy of a government-issued ID. Bidding can be done by downloading the bidding form and sending it to notary mr. S.P.P.M. Soons:
- per letter: Notariskantoor Soons, Postbus 19, 6666 ZG Heteren
- per email: firstname.lastname@example.org
- per fax: +31-26-4790479
Receipt of bids per email or fax are confirmed by return.
Do I receive a confirmation of my bid?
Receipt of bids by email and fax are confirmed by return. Bids per letter are only confirmed if sent by registered mail.
What is the role of the notary?
To secure the integrity of the auction process, an independent notary, mr. S.P.P.M. Soons in Heteren, leads the auction. This is in contrast to regular auction houses, where the notary merely supervises the bidding process in the saleroom. Bidding can be done exclusively via notary Soons, and bidding information cannot be observed by Fischer’s Auction, nor by third parties. The notary guarantees that all rules and general conditions are complied.
What does Fischer’s Auction know about my bid?
The notary keeps all information concerning the identity of bidders strictly confidential. The notary only passes on the contact details of the highest and second-highest bidders to Fischer’s auction, in order to set up the invoice and bonus for the second-highest bidder. In addition, the notary keeps all bid amounts confidential, except the second-highest bid. Fischer’s Auction abides by these rules and does not ask questions in conflict with these rules.
How does the right to trade a purchased lot work?
Every purchased lot at Fischer’s Auction can be traded in for the auction price until one year after purchase in the collection of Simonis & Buunk. If the auction price exceeds the insurance value, then the artwork can be exchanged for the insurance value. Lots that have been sold via Fischer’s Auction that were property of third party sellers can also be traded in.
What happens if there are more bidders with the same highest bid?
If the highest bid has come from two or more bidders, these are invited to join a secondary auction.
What is the bonus for the second-highest bidder?
Since the second-highest bidder forms the price, he is rewarded with a bonus of 5% of his bid until. This bonus is offered in the form of a voucher, valid for a purchase from the collection of Simonis & Buunk. In case of multiple second-highest bidders, the bonus is distributed such that each second-highest bidder gets an equal share. In case of multiple highest bids, the Terms & Conditions provide an explanation that states who is appointed second-highest bidder.
Are bids revocable?
No. Any placed bid is binding and irrevocable.
How do I hear whether I’m the highest or second-highest bidder?
If you are the highest bidder, you will receive a personal phone call in the evening after the auction. If you are the second-highest bidder, then you will receive a letter that contains a statement that you, as a second-highest bidder, will receive a bonus. You will not receive a message if you are neither the highest nor the second-highest bidder.
How is the price formed I have to pay?
The purchase price is formed by the second-highest bid, with the reserve price as a minimum, plus 10% buyer’s premium. This purchase price includes VAT and, if applicable, resale royalty.
How is VAT computed in the price?
The price includes VAT and any other costs like resale right. The lots are offered under the so-called VAT-margin rule.
How do I pay if I’m the highest bidder?
If you are the highest bidder, you will receive an email after the auction. Follow the steps laid out in that email to obtain the lot.
When can I collect a lot?
If you are the highest bidder, you will receive an email after the auction. Follow the steps laid out in that email to obtain the lot. The lots can be collected in Fischer’s House, Notaris Fischerstraat 27, 6711 BB, Ede, the Netherlands.
What is the reserve price?
The reserve price is the minimal price for which the lot can be sold. Any bid submitted must be greater than or equal to the reserve price in order to be valid. If only one valid bid is placed, the reserve price will act as the second-highest bid and form the auction price.
What is the insurance value?
All lots are provided with a certificate with insurance value. This is a valuation made by Frank Buunk, registered art appraiser in 17th-20th century paintings.
What is the condition of the lots?
All artworks are in well-conserved state and, where necessary, the work has been restored in the restoration department of Simonis & Buunk. Most lots are also provided with a first-class frame, mostly manufactured by Gehring & Heijdenrijk.
Where can I find the auction results after the auction has taken place?
The price per lot will not be made public due to buyer discretion. If you are interested in the revenue because you wish to sell your art via Fischer’s Auction, kindly accompany your offer with a request for general auction results. Bidding information per lot will not be shared with third parties, unless the buyer has explicitly granted permission to do so.
Is it possible to bid from a foreign country?
Yes, bids from a foreign country are valid and binding according to Dutch law and the terms and conditions of Fischer’s Auction.
Can the lot be sent by post (to a foreign country)?
Yes, but this has consequences as a result of transportation and insurance costs. The same applies, with higher costs, if the address for delivery is in a foreign country. These costs are for the buyer’s account.
I have a different question about the auction
If your question does not correspond to the aforementioned, please send an email to email@example.com. We will then contact you as soon as possible.