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State sales tax coming to an auction house near you
While some may be aware of this fact, I was surprised today to see a 10% state sales tax on an auction house invoice that I received this morning. I called the auction house and spoke with a representative with whom I have a very good working relationship. She explained that the major auction houses are now required to collect state sales tax on winning bids as of June 1, 2019. The normal 25% addition of an auctioneers fee is included in the taxable amount. This tax rate will vary from state to state and is apparently tied to the delivery address for said item. In WA state I am paying 10% state sales tax on top of the 25% auctioneer's fee, so I got dinged with a total of 35% of the final hammer price added to the actual bid. In my instance this was additional $500 just for taxes that I had not anticipated. Just wanted to give folks a heads up on this recent change in pricing policy. It caught me off guard and, and I hope that others don't get bit by this same issue. Note that this change in policy applies to all of the US based major auction houses that we deal with on AML. Happy hunting and be aware of the potential sticker shock.
Replies to This Discussion
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Permalink Reply by Paul on
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Yes Tracey your correct. The auctions have over heads but almost taking 50% plus taxes its brutal. In the states you deal with your own taxes abroad we pay import taxes so it's just as bad.
Iconic charge 10% consignment fee and pay you within a a fortnight.
These days I've been asking certain companies to consign in my behalf not auction houses the results seem to be better it just takes a while .
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Permalink Reply by marc e on
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more than the fees is the unknow shipping. I just got hit from a auction house to some concert posters 100$ .I figured at the most it would be 50$ top dollar.
I figure everything else in but the unknow shipping is always a gamble
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Permalink Reply by Gratefulphish on
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I agree that it sucks when there is not a stated shipping cost until after the auction ends, and then you are pretty much helpless.
With those state sales taxes added on to the already inflated auction fees, plus shipping, plus insurance, it will take a pretty special item for me to pay that excessive add-on over and above the sales price.
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