Various costs go into having an auction.
Commissions, advertising, labor, and sale management vary from customer to customer.
Auctioneers will contract to only call bids for an auction/event. The auctioneer and the customer will agree as the auctioneer’s services that will be compensated as a commission or a flat fee.
Commission is the percentage of the auction sales agreed upon between the seller and the auction company/auctioneer. Commission rates vary depending on the type of auction and the amount of time and labor that is needed to complete the auction. Commissions can range from 10 to 80%.
Fees are costs assessed on auction inputs needed to make the sale happen and be successful- advertising, extra labor, security, renting of extra equipment (tents, tables, chairs), and miscellaneous costs.
All agreements between the seller and auction company will be sealed with a contract signed by both parties.
Terms and conditions of the auction will be made available in writing to buyers as to their responsibilities and financial obligation. This additionally is a binding contract.
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