How an auction works
A short guide for buyers and sellers. The auction pages themselves are in Icelandic.
For buyers
Auctions are held live on the website and open to anyone who signs in with Kenni. Bids are binding.
Sign in
Sign in with Kenni, the Icelandic electronic ID service. There is no separate registration or pre-approval.
Look at the works
Every work has its own page with photographs and a description.
Bid live
Place bids while the auction is open. The highest bid when the lot closes wins, as long as it reaches the reserve price.
If you win
You get a confirmation by email and a bank claim in your online bank within a few days after the auction.
Terms you will see
Reserve price
The lowest price the seller accepts. If the bids do not reach it, the work does not sell. You can see during the auction whether it has been reached.
Highest bid
The amount that leads the auction at any moment. A new bid has to beat it by at least the minimum increment.
Minimum increment
The smallest step by which you can raise the highest bid. You can always bid more.
Maximum bid
The most you are willing to pay for a work. The system bids for you, up to that amount, if others bid higher.
Extended closing time
A bid in the last minute extends the closing time, so everyone gets a chance to answer.
Rules
- Bids are binding. A bid commits you to buy the work if you are the highest bidder.
- Payment is by a bank claim (krafa) that Uppboðshúsið creates in the buyer’s Icelandic online bank within a few days after the auction. The payment term is 7 days.
- The buyer’s fee and the artist’s resale right fee are added to the hammer price. See the fees below.
Fees
- Buyer’s fee (uppboðsgjald)
- 12% on top of the hammer price, paid by the buyer. The rate includes VAT.
- Artist’s resale right fee (fylgiréttargjald)
- Paid by the buyer on top of the buyer’s fee and passed on to Myndstef for the artist. It is set by Icelandic law and tiered by hammer price in euros: 10% of the first €3,000, 5% of the part from €3,000 to €50,000, 3% of the part from €50,000 to €200,000, 1% of the part from €200,000 to €350,000, 0.5% of the part from €350,000 to €500,000, 0.25% of anything above €500,000. On one sale it never exceeds €12,500.
- Seller’s commission (söluþóknun)
- 12% of the hammer price plus VAT, paid by the seller, and only if the work sells.
The Icelandic names are the ones used on the work pages and in the terms.
From outside Iceland
You can read these pages and browse the works and artists without signing in.
To bid you sign in with Kenni, an Icelandic electronic ID service, and a winning bidder is sent a bank claim in an Icelandic online bank. We have not set up bidding or payment for buyers outside Iceland, and we do not promise either. If you live abroad and have your eye on a work, write to us before you plan anything around it.
For sellers
You pay a commission only if the work sells. There are no listing fees.
Submit the work
Send photographs and basic information about the work. This needs a Kenni sign-in.
Assessment
We look at each work before deciding whether it goes into an auction.
Auction
Works that go into an auction are shown on the website, and buyers bid live.
Settlement
After a sale the proceeds are paid to the seller, minus the commission.
Questions and answers
Can I bid from outside Iceland?
Bidding needs a Kenni sign-in, and Kenni is an Icelandic electronic ID service. We have not set up bidding from abroad and we do not promise it. If you are outside Iceland, write to us at info@uppbodshusid.is before you plan anything around a work.
Do I have to register first?
No. Signing in with Kenni is the registration. There is no separate form and no pre-approval.
Are bids binding?
Yes. Every bid placed through the website is binding.
What does it cost?
The buyer pays a buyer’s fee of 12% on top of the hammer price, plus the artist’s resale right fee that the law sets. The seller pays a commission of 12% plus VAT, and only if the work sells.
How do I pay?
The highest bidder is sent a bank claim in their Icelandic online bank within a few days after the auction. The payment term is 7 days.
Is the whole website available in English?
No. The auction pages, work pages and terms are in Icelandic. These English pages are a summary.
Questions?
Write to us at info@uppbodshusid.is.