• Guide price £70,000-80,000 + 10% buyer’s premium and other fees OR
• Guide price £1000–2000 + 20% buyer’s premium and other fees (minimum £150)
Why has the ASA issued this guidance? A consumer complaint about the way auction catalogues referred to buyer’s premiums led the ASA to investigate and consult the industry.
What power does the guidance have? The guidance is to be used as an accompanying document to the existing Committee of Advertising Practice (CAP) Code.
When does the ASA investigate breaches? The ASA investigates incidents following complaints.
What powers does the ASA have if it rules a company is in breach of the code? The ASA can order the withdrawal of the offending advert/publication and pursue persistent offenders but it cannot fine or take companies to court.