Hammer price is not what the buyer paid
The headline figure from an auction is the hammer price. The buyer then pays a buyer's premium on top, commonly a substantial percentage, plus VAT on that premium and often shipping. The seller separately pays a commission out of the hammer, so they receive less than the headline too.
That means a single lot can produce three different true numbers. When comparing a dealer's price against an auction result, compare it against the total the buyer actually paid, not the hammer — otherwise you are comparing a full retail price against a wholesale one.
- Hammer price: the bid, and the least useful figure on its own
- Buyer's total: hammer plus premium, VAT and shipping — the real market price
- Seller's net: hammer minus commission — what a consignor receives
Unsold lots are data too
Most people scan sold lots and ignore everything that did not sell. Yet the unsolds tell you where the ceiling is. Three comparable pieces failing to reach a reserve at four hundred pounds is strong evidence that the market is below four hundred, however many optimistic listings exist at higher figures.
Look for the withdrawn and bought-in lots in a catalogue result, and factor them in before concluding a category is strong.
Comparability: the detail that decides everything
Two lots described identically can be very different objects. Before treating a result as a comparable, check the item type, the size, the presentation, the completeness of a multi-signed piece, the condition grading and the provenance supplied.
A signed photograph is not a signed shirt. A montage with eleven of eleven signatures is not one with nine. Framed conservation-grade is not loose in a folder. Each of these differences can move value by a large multiple.
- Same object type, size and presentation
- Same completeness of signatures
- Comparable condition and provenance
- Recent — within roughly two years
Asking prices are not evidence
A marketplace listing at nine hundred pounds tells you what one optimistic seller hopes for. It becomes evidence only when it sells, and even then only when you can see the final figure rather than a negotiated one hidden behind an offer.
Build your view from completed transactions across several venues and several months. One sale is an anecdote; five consistent results are a price.
Where auction pricing and dealer pricing legitimately differ
A dealer's price is higher than a hammer price for reasons that are not padding. You are buying something already verified, already selected against fakes, with a guarantee behind it, available now rather than whenever an example next appears, and with a person to go back to if there is a problem.
At auction you take the authenticity risk yourself, within a narrow disclaimer window, and you may wait a year for the right lot. Both routes are legitimate; the price difference reflects who is carrying the risk.
Every item we sell is supplied with the WDW Certificate of Authenticity, signed by Derek Warwick and valid for as long as you own the piece.
If you have found a comparable result and think a piece of ours is priced wrongly, send it to us. We will either explain the difference or take it seriously.
Need a straight answer on a specific piece?
Send photographs and we'll give you an honest opinion — whether you're buying, selling or simply curious. You can also visit us at 87 Princes Street, Southend-on-Sea, Tuesday to Saturday, 10am–4pm.