We charge a one-time fee being: the greater of your original acquisition cost(s) or the reserve bid(s) to be agreed upon by you and Pantera Royale prior to entering your property at auction calculated as follows:
In the event the Reserve Bid is greater than the acquisition cost the stated auction fee is applicable.
For the purposes of clarity we provide the following hypotheticals:
A diamond that was acquired in 2010 at an acquisition cost of $50,000 is entered at auction. The auction fee for entry is 10% of $50,000 (or $5,000.00). It is determined and agreed by the consignor (the client) and Pantera Royale after the diamond is appraised that the reserve bid should be established at $75,000.00. The total auction fee to be settled prior to auction is $7,500.00 (being 10% of the greater of $50,000.00 (the acquisition cost) or $75,000.00 (reserve bid);
An item of jewelry containing a rare and valuable emerald was acquired in 2008 at an acquisition cost of $200,000.00 is entered at auction. The auction fee for entry is 7.5% of $200,000 (or $15,0000.) It is determined and agreed by the consignor (the client) and Pantera Royale after the jewelry is appraised that the Reserve bid should be established at $300,000. The total auction fee is $21,250 calculated as:
i.) $200,000 at 7.5% = $15,000
ii.) $50,000 at 7.5% = $3,750
iii.) $50,000 at 5% = $2,500
Total Auction Fee: $21,250.00
A rare and valuable natural colour diamond acquired in 2007 at an acquisition cost of $650,000 is entered at auction. The auction fee for entry is 5% of $650,000 (or $32,500.) It is determined and agreed by the Consignor and Pantera Royale after the diamond is appraised that the Reserve Bid should be established at $600,000. The auction fee remains the same as the auction fee is calculated as a percentage of the greater of the acquisition cost or the Reserve Bid and in this instance the acquisition cost ($650,000) is greater than the Reserve Bid ($600,000.)
In addition there is a Buyer’s Premium (not a Sellers Premium) which is payable on a successful sale calculated at 10% of the “Hammer Price”. The “Hammer Price” is defined as a bid acceptable to the auctioneer which is equal to or greater than the Reserve Bid.
The costs associated with conducting an auction are considerable. Without restricting the generality of the foregoing, auction costs include:
Advertising in the local media (newspapers, periodicals) and online;
Arranging for delivery and in-transit insurance on the Property of the consignor to be entered at auction;
Arranging for professional photography of the Consignor’s Property for inclusion in the online auctions;
Preparation of an appraisal report by a certified gemologist/appraiser;
Creation and maintenance of an online website displaying the Consignor’s Property available at auction;
Discussions and finalization of the terms and conditions contained in the Ritchies Consignment Agreement including a determination of reserve bid;
Storage (vaulting) and insurance respecting the Consignor’s Property prior, during and subsequent to the auction;
Security Services (Brink’s and/or INKAS);
Staffing of no less than ten (10) staff members for the purpose of displaying the Consignor’s Property prior to and during the auction event;
Arranging settlement (payment) by the Buyer and payment to the Consignor;
We provide a dedicated account representative at Pantera Royale to liaison with the Consignor throughout the auction process and staff are available to answer an questions throughout;
To prepare an item of Property for auction requires not less than a three (3) month pre-auction preparatory period.
We shall provide detailed statements of your account showing the price of each item sold as well as the auction price paid in advance of the auction.
All auction fees must be paid no later than 90 days in advance of auction.
Pantera Royale must be provided with confirmation in writing of the Consignor’s acquisition cost(s) in a form satisfactory to Pantera Royale.
Prior to entering the Consignor’s Property at auction, Pantera Royale shall obtain upon request an appraisal of the Property to be entered at auction to confirm the authenticity and valuation of the Property to be entered at auction. Pantera Royale shall reserve the right to refuse to enter any Property at auction at its sole and unfettered discretion. In the event the Consignor has paid the whole or any portion of the Auction Fee and his/her/its Property is refused for entry into auction, the Property shall be returned to the Consignor at his/her/its expense and the Auction Fee (if any) shall be refunded to the Consignor less an administrative charge of $500.00.