The prices quoted below are “reserve prices”. As a rule, the auctioneer will accept bids from approximately 20 % below reserve. If the highest bid remains under reserve, the knockdown is “subject to reservation”, i.e. the consent of the consignor (= owner) is required. If the reserve is met or exceeded in the auction, there is a so-called “direct knockdown”, which means a purchase is made in any case.
Please note that a surcharge of 10 % on the hammer price is levied in the auction..