Fah Mai Holdings' Jacob Carter explains auction process
London, UK
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May 17, 2024 02:26 PM Eastern Daylight Time
Fah Mai Holdings UK head and manager of @whiskybullauctions Jacob Carter takes Proactive's Stephen Gunnion through the process of selling at auction.
Initial contact can be made through the website’s chat box, email, or phone. Sellers need to provide a complete list of what they wish to auction. Fah Mai Holdings ensures transparency in pricing, providing honest valuations based on current market trends.
Carter explained that the company charges a 7% commission to the buyer, with free membership, listing, and reserve fees. Storage costs £1 per year per bottle. Additionally, sellers receive an extra 1% on the hammer price. Sellers can send bottles directly to the company or use their insured collection service.
The company conducts two auctions per month, each lasting 2 to 4 days. Types of auctions include no reserve, branded, and quarterly cask auctions. Auctions feature bottles and casks from global offices in New Jersey and Singapore. After the auction, sellers are provided with detailed receipts and are kept informed throughout the process.
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