Chartered accountant for auctioneers and auction houses

A specialised accountant for auctioneers secures the most sensitive point of the trade: seller funds are not your turnover but third-party funds held in a dedicated account (art. L321-6). Only your commission is taxable, usually under the VAT margin scheme. We structure this mechanism to make the financial guarantee, VAT and tax return reliable.

In auction houses and at voluntary sales operators, the difficulty lies in the qualification of the flows rather than in the hammer figures shown in the room. A sale at 200,000 euros hammer does not generate 200,000 euros of income for the house: most of it goes to the seller, and only the commission, seller's premium and buyer's premium, is the operator's remuneration.

This distinction, obvious on paper, is the first source of error we encounter in the files we take over. Accounting that records hammer proceeds as turnover artificially inflates the result, distorts VAT and exposes the structure to a tax reassessment as well as a Conseil des maisons de vente review.

Our role is to set up an accounting architecture that matches the legal reality of the trade: separation of third-party funds, monitoring of the financial guarantee, correct application of the margin scheme, and clarity of scope depending on whether the sale is judicial or voluntary.

The reform from ordinance no. 2016-728 of 2 June 2016 created the commissaire de justice profession, merging judicial officers and judicial auctioneers. This profession has been exercisable since 1 July 2022, and its title has been exclusive since 1 July 2026, with the extinction of the former titles.

The dividing line is clear. Judicial sales (seizures, liquidations, sales ordered by law or the courts) fall under the commissaire de justice, within a monopoly. Voluntary auction sales fall under voluntary sales operators (OVV) and auction houses, governed by law no. 2000-642 of 10 July 2000, codified in the Commercial Code.

Since law no. 2022-267 of 28 February 2022, the Conseil des ventes volontaires has become the Conseil des maisons de vente (CMV). This regulator has received new powers to impose financial penalties, requires continuing education and has opened the possibility of auctioning intangible assets, including NFTs.

Our reading. For a structure that mixes judicial and voluntary activities, the most costly mistake is to handle both channels in a single accounting scheme. The revenue scope, the VAT treatment and the regulatory obligations do not overlap. We map the flows by channel before any closing.

Article L321-6 of the Commercial Code imposes three obligations on the voluntary sales operator:

In practice, the hammer proceeds owed to consignors are not income of the auction house. They are third-party funds, recorded in third-party accounts: an escrow account as an asset and a debt towards the consignor as a liability, cleared when the seller is paid. Only the operator's remuneration passes through the income statement.

The underestimated risk. Many auction houses track their cash without continuously reconciling the balance of the dedicated account with the sum of debts towards consignors. A gap, even temporary, between funds held and funds owed is what the regulator and the financial guarantee monitor. We set up a monthly reconciliation.

At public auctions, an organiser acting in their own name is deemed a buyer-reseller. Where the seller is not liable for VAT or is not entitled to invoice it, the tax applies under the margin scheme provided for in article 297 A of the French Tax Code, which covers taxable resellers of second-hand goods, works of art, collectors' items and antiques.

The BOFiP specifies the mechanism: the taxable margin is the difference between the total price paid by the buyer and the net amount paid by the auctioneer to the consignor. VAT is due on this margin, not on the hammer price. For ordinary second-hand goods, the applicable rate is the standard 20% rate.

Works of art follow specific rules, which changed with the reform of VAT on the art market. The exact rate applicable in 2026 depends on the nature of the item and the option chosen: we confirm it operation by operation rather than applying a generic rate, which would be a source of risk.

In practice. We secure the margin calculation sale by sale, document the bases (hammer price, fees, net to consignor) and keep an audit trail that withstands an inspection. The distinction between margin and total sale price must be justifiable at all times.

The OVV or auction house conducts voluntary sales regulated by the Conseil des maisons de vente, while the commissaire de justice holds the monopoly on judicial sales.

A Paris auction house entrusts us with its accounting after a tense first year of activity. On takeover, the hammer proceeds had partly been recorded as turnover, which showed a flattering but false result and a poorly based VAT.

We rebuild the scheme: separate opening of the dedicated account of article L321-6, transfer of seller funds to third-party accounts, isolation of the commission alone as income. In parallel, we rework the VAT on the basis of the actual margin, sale by sale, separating ordinary second-hand goods from works of art.

The result: turnover brought back to its true value, a financial guarantee reconciled each month with debts towards consignors, and a documented VAT base. This example is representative of the files we take over; it identifies no real client.

• Recording hammer proceeds as turnover instead of third-party funds.
• Applying VAT to the total hammer price rather than to the margin (art. 297 A).
• Confusing the rate for ordinary second-hand goods (20%) with the rules specific to works of art.
• Failing to reconcile the dedicated account of article L321-6 with debts towards consignors.
• Handling judicial and voluntary sales, with their distinct regimes, in a single accounting scheme.
• Neglecting the monitoring of the financial guarantee and professional liability insurance.

Points of attention 2026. The extinction of former titles on 1 July 2026 and the opening of auctions to intangible assets (NFTs) require anticipating the qualification of turnover and VAT on these new items. We address these points before the sale is launched.

An accounting firm based at 58 rue de Monceau, Paris 8th, Hayot Expertise supports regulated professions whose accounts combine the handling of third-party funds with technical taxation. Samuel Hayot, chartered accountant registered with the Ordre des experts-comptables of Île-de-France and statutory auditor registered on the list drawn up by the Haute autorité de l'audit (H2A), works with structures where escrow and VAT on the margin call for rigour.

We work alongside your legal adviser on the obligations of article L321-6, your tax adviser on the margin scheme, and on judicial sales when your activity involves them. To discuss your situation, in particular the trade-off on your director's remuneration, we offer a first meeting.

This article is for information; a decision specific to your structure requires a review of your situation, your documents and the law in force.