Consignment

Fees Paid by Seller: Seller agrees that the Auction House fees and expenses as specified below will be charged to the Seller.

 

Fees cover insurance, storage costs, inventory processing, Auction House management and other Auction House facilities expenses (such as advertising, price of auction, hammer fees, shipping etc.) and is based on the highest (winning) bid for each item according to the following scale:

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Selling Price                    Commission Rate

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Up to $300                        25%

$300.01 - $1000.00                20%

$1000.01 - $3000.00               15%

$3000.01 and up                   10%

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Buyback Fees - A fee of 10% of the highest bid obtained at auction is payable to the Auction House on items that do not meet the reserve price (as specified in ‘Absolute/Reserve’ section below). The Seller is prohibited from bidding on his/her own item(s) or from enlisting an agent to bid on his/her behalf.

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Absolute/Reserve: It is the Seller’s intent to transfer ownership of said property to the highest bidder (absolute auction) except those items specified in writing by the Seller to have a reserve (pre-established minimum) bid.

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Items(s)                         Reserve

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Settlement & Payment: The Auction House will provide the Seller (or other designated entity or representative) with settlement statement and net auction proceeds within 30 days of the sale of items at auction. It is agreed that all auction fees and expenses will be paid by the Auction House and not deducted from the gross winning bid.  Commissions will be calculated based on the gross selling prices without deduction for any liens or encumbrances.