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GUIDE FOR PROSPECTIVE BUYERS

GUIDE FOR PROSPECTIVE BUYERS 2025

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The document serves as a comprehensive guide for prospective buyers at Sotheby's auctions, detailing the auction process, buyer's premium, VAT implications, bidding methods, and conditions of business. It emphasizes the importance of understanding provenance, inspecting lots before bidding, and outlines the responsibilities of both buyers and sellers. Additionally, it provides information on payment methods, potential restrictions on items due to export/import regulations, and the handling of gemstones. The document also includes specific terms related to bidding and post-auction procedures.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the 20 30 3 rule when buying a house?

The 5 Ps of Property Management provides a framework for residential property inspection using people, price, product, promotion, and process principles to identify and solve common management issues.

What is the 7% rule in real estate?

THE 30/30/3 RULE: No more than 30% of your gross income should go to your mortgage payment, property taxes, and insurance. You should only buy a property when you save 30% of the purchase price in cash (20% down payment, 10% buffer). Only buy a home that costs 3x your annual salary, maximum.

What is the 3-3-3 rule in real estate?

Real Estate Tip The 3-3-3 Rule for Property Investment When evaluating a property, check: 3 Years Past Look at past price trends in the locality. Was there steady growth? 3 Years Future Check upcoming infrastructure (metro, highways, malls). Growth follows development.

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