Launching soon
Sernelo is preparing to open as a global online auction marketplace. Auctions are not yet running, so this page explains the process we are building, end to end, for both sides of the sale room — and the general auction conventions behind it.
Before a lot is catalogued, a department specialist checks what it is, what condition it is in and where it came from. Anything that cannot be evidenced is either described plainly as unattributed or declined.
Each lot is photographed, measured and written up with a condition report and an estimate range. The estimate reflects comparable results, not a target price, and any reserve sits at or below the low estimate.
Timed auctions accept bids until the clock runs out. You can leave a maximum bid and the system bids on your behalf in increments; a bid placed in the final moments extends the lot so nobody wins on latency alone.
The winning bidder pays the hammer price plus the buyer's fee, with shipping and any import duties estimated up front. Funds are held until the lot arrives as described, and the seller is paid after that window closes.
These conventions are common to reputable auction houses generally; the notes below describe how Sernelo applies them.
Every lot opens at a starting bid set with the specialist. From there, bids move in fixed increments that grow with the price — small steps at low values, larger ones as the figure climbs — so bidding stays orderly rather than being decided by odd amounts.
An estimate range is an informed opinion of value drawn from comparable results for similar objects in similar condition. It is a general auction-industry convention, used by auction houses worldwide, and it is not a valuation for insurance or a promise of price.
A reserve is the confidential minimum a lot can sell for. It is agreed in advance, kept at or below the low estimate, and never disclosed as a number. Lots that close below reserve are unsold. Many lots carry no reserve at all, which is stated in the catalogue entry.
Instead of watching a clock, you leave the highest figure you would pay. The system then bids incrementally on your behalf and stops the moment someone goes past your limit. Two maximums on the same lot resolve to one increment above the lower of the two.
When the clock runs out, the highest bid above any reserve wins — that figure is the hammer price. A binding contract of sale forms at that point between buyer and seller, with Sernelo handling payment, fee collection and the release of funds.
The buyer pays the hammer price plus the buyer's premium, shipping and any import duties. Payment is held until the lot arrives and matches its description; the seller is paid after that inspection window closes, with commission deducted.
A reserve price is the confidential minimum a seller will accept for a lot. It is agreed with the specialist before the sale, sits at or below the low estimate, and is never published as a figure. If bidding closes below the reserve the lot does not sell, and the seller and the highest bidder can be put in touch afterwards.
Proxy bidding means you enter the maximum you are prepared to pay and the system bids for you in set increments, only as high as it needs to go to keep you in the lead. You are never automatically committed to your maximum — only to the increment that beats the next bidder.
The starting bid is simply where bidding opens. The estimate range is the specialist's considered opinion of what the lot is likely to sell for, based on comparable results. Neither is a guarantee, and a lot can sell above or below its estimate.
A bid placed in the closing moments extends that lot's clock briefly so other bidders can respond. This fair-warning rule prevents a sale being decided by a last-second bid that nobody could answer.
More answers on accounts, payments and shipping are in the help centre.
You can already browse the department structure and read how buyer's premium and seller commission are calculated, or follow the step-by-step guide to bidding. If you have property to sell, specialists are reviewing consignments ahead of launch.