01
Auction company
The firm sells each lot to the highest bidder and pays you the hammer price less its seller commission and any fees in the contract (setup, advertising, lot, removal, cleanup). Many firms also charge bidders a buyer's premium on top of the hammer price; that is paid by the buyer, but bidders allow for it in what they bid.
Ask before you agree
- Is anything leased or pledged to a lender? Check before you sign.
- What is the seller commission, and is it the same on every lot?
- Which other fees come out of my proceeds (advertising, setup, labor, cleanup, removal of unsold items)?
- Is there a minimum fee or a reserve?
- Is the sale online, on site, or both, and when is it held?
- How many days after the sale am I paid, and how?
- Who removes what does not sell?
- Is the auctioneer licensed where licensing is required in my state?