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Hammer Price founder Chris Price tells Natasha Baluchi about his business which sets out to ‘modernise the auction process as we know it’
WHAT began as an automotive auction in the summer of 2022, helping Islanders buy and sell vehicles, has evolved into an online marketplace, where everything from Rolex watches to classic tractors and jet skis can be acquired.
Founder Chris Price launched Hammer Price, a dedicated online auction platform, because he saw an “opportunity to modernise the auction process as it is now”.
Establishing the business solo, he has since seen it expand well beyond its original automotive focus. It now connects buyers and sellers across Jersey, Guernsey and the UK through what he described as a transparent online auction model.
Working in finance alongside running his business, Chris always had a keen interest in cars and motor sports, which prompted his idea of launching Hammer Price.
“There were online auctions that were starting to pop up in the UK, and I thought it was a concept that would work really well in Jersey and across the Channel Islands,” he said.
“It wasn’t too long after the pandemic, when everything naturally transitioned online. The timing just felt right.”
Originally, Hammer Price focused solely on cars and motorbikes. However, customers quickly began to ask about selling a much wider variety of items.
“Initially, we were very much automotive but, quite quickly, people started contacting me about selling a variety of different things. It’s gradually grown from there,” said Chris.
Today, the platform features everything from classic cars and motorcycles to number plates, grand pianos and fine-wine collections.
While the range of items has grown since he launched the business, Chris says that at the heart of his work is trust.
“We want everything to be transparent. At the end of the day, we want both the buyer and the seller to be happy,” he said.
To make sure this happens, Chris and his team carry out everything from start to finish, from initial submission and photography to the listing auction management and completion of the sale, including co-ordinating shipping and logistics where required.
“We provide around 30 to 40 pictures of everything that we sell, along with a full description, so buyers know exactly what they’re purchasing.
“We are a little bit selective about what we sell because we want to ensure the product that’s coming to market is good and as described,” explained Chris. “At the end of the day, both parties are satisfied with the process.”
Unlike a traditional auction house, Chris says that Hammer Price offers a different approach for sellers. Rather than charging them to list an item and deducting a commission, sellers sell for free and receive 100% of the final selling price, with the buyer paying a small commission if the auction is successful.
“It’s the opposite way round to a traditional auction. If you’ve got something you want to sell, we don’t charge anything and you receive 100% of the selling price,” Chris explained.
“Whether the customer’s item sells or doesn’t, they won’t pay a penny.”
He says the process is designed to be straightforward and to create an easy user experience for both the buyer and seller.
“There’s a small submission form, and then we’ll reach out to you,” he explained. “For example, for a vehicle, we will arrange a time to go and view it, take photos and send back a description. Once approved by the seller, we will schedule it for auction.”
From start to finish, the process can often take little more than a week, depending on the type of purchase.
Running entirely online has helped the company reach a wider audience, with sales now extending beyond the Channel Islands.
“The beauty of doing it completely online is that the audience is massive, so we sell a lot of things to Guernsey and the UK. We’ve even sold vehicles as far as Scotland,” said Chris.
“From a seller’s perspective, they have a huge market that we target, so it gives them a much better opportunity of achieving the selling price they want.”
Hammer Price has also expanded its work with commercial organisations, something which Chris says reflects a growing shift towards online auction models within the commercial sector.
He also mentions that buyers are becoming increasingly comfortable purchasing high-value items without ever coming to inspect them.
“With around 80% of the vehicles we sell, people don’t come to look at them, because they are comfortable to go off the description and the photos,” he said.
Looking ahead, Chris says that Hammer Price is continuously investing in its platform, ensuring it remains easy and accessible.
“The high percentage of people that are happy to buy a vehicle without seeing it in person demonstrates that the days of having huge lots filled with cars might not necessarily be the way that things progress in the future,” he said.
“Auctions have evolved. People typically think of it as clearance and a last resort.
“It’s a very transparent but competitive process. More often than not, if several people want the same item, you will achieve a higher selling price than you would have done selling it privately.”
Four years after launching, Hammer Price continues to broaden both the range of assets it handles and the audience it reaches.
For Chris, the principle behind the business remains much the same as when it began: combining the transparency and competitiveness of an auction with the convenience and reach of a modern online marketplace.
And with continued investment in the platform and further expansion planned, Hammer Price’s evolution is far from finished.
