Island Life Magazine Ltd February/March 2007 - Page 33

ADVERTISEMENTS - life ADVERTISEMENT FEATURE by Warren Richies Shanklin Auction Rooms A speedy way to sell boats & antique cars SHANKLIN Auction Rooms have found themselves at the forefront of a new trend. It used to be the case that high value items had to be transported up to London to fetch the best prices. But now, thanks to the Internet, regional auctions are attracting a world-wide market. A new niche market taking off at Shanklin is in classic cars and boats. Director Warren Riches says: “Last September we got instructions to sell a boat on behalf of a deceased person’s estate. “A lot of boat buyers and dealers came thinking they would get it for around £10–15k. “In the end it went for £35k because it was attractively estimated and two people got into a bidding war. “If it hadn’t been for the bidding war it would have sold for £20k.” Some sellers are attracted by the speed at which they can sell their belongings at auction. Mr Riches adds: “One lady had a boat and a classic car and she thought rather than go through a brokers, which could take up to 18 months to make a sale, she would go through the auction rooms. “We sold both items successfully for over £20,000.” To date, the company has sold £100,000 worth of boats in the £10-£50k range. This success means they now plan to hold one specialist boat sale each year as well as continuing to put boats and classic cars in their normal auctions. Charges are less than London fees with commission rates varying between 3% and 15%. And there is also a No Sale, No Fee policy. Boats moored in UK Marinas can be viewed in situ whilst all classic cars are sold from the Auction Rooms’ Island based compound. Island Life - 33