Won at auction? Payment, collection and storage

Once the hammer falls, there's a contract, and the clock starts on payment and collection. Here's what to expect and what to check.

1. The invoice

The auction house sends or posts an invoice, often through your online account. It should show the hammer price and each charge. Check it against your own calculation. See why your invoice may be higher than your bid.

2. Paying

• Deadline. Conditions of sale set a payment deadline. It varies between houses, so read yours.
• Methods. Some houses limit card payments or add a card fee, and bank transfer is common for larger amounts. Check before the day.
• If you can't pay on time, contact the auction house straight away. Terms commonly allow the house to charge you and to resell the lot if you don't pay.

3. Collecting

• Collection deadline. Many houses give you a limited period, and charge storage or handling fees after it. Keep an eye on the date.
• Check the lot before you leave. Look it over, and report any damage that wasn't described immediately and in writing. Take photos.
• Risk. Many conditions of sale say that the lot is at your risk soon after the sale, so arrange insurance or collect quickly.
• Can't collect? Ask for a recommended courier or packer and get a quote. See how much delivery adds.

4. If something's wrong

See item not as described? Your rights at auction.

Plan for the total on the day

If you've won several lots, the amount you need ready can be larger than you expect. Three lots totalling £496, £806 and £372, for example, come to £1,674 in one payment.

General information only, not tax or financial advice. Auction houses set their own fees and terms, so always check the conditions of sale and confirm the details with the auction house before you bid.