This form is an Auction Consignment Agreement. The consignor consigns to the auction company certain personal property to be sold by the auction company at a public sale on a date determined by the auction company.
Santa Clara California Consignment Agreement for Auction
Category:
State:
Multi-State
County:
Santa Clara
Control #:
US-02518
Format:
Word;
Rich Text
Instant download
Description
How to fill out Consignment Agreement For Auction?
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FAQ
Auctioneers charge the seller a commission, which is typically a percentage of the gross sales, or a minimum fee, whichever is greater. For example, an auctioneer charging the seller 15% or $1,000 would earn $1,500 for a $10,000 auction, but earn $1,000 for a $5,000 auction.
What is Burning? Burning is when an item goes unsold at auction. Auction houses like to refer to these items as "bought-in" (even though very few auction houses nowadays will actually buy unsold lots from sellers). An item can be burned if no one bids on it or if it does not reach the reserve price.
The total cost is about the same you would expect to pay a traditional high street estate agent. There are 3 costs to consider when selling a property at auction: (1) COMMISSION The auctioneers commission is around 2% + VAT of the final sale price and that's only paid when the property successfully sells.
Consignment auctions feature sellers who consign their products to an auction house. The seller can either be an individual or a business. The auction house then acts as the third party and auctions off the items for the seller. In exchange, the auction house receives a portion of the proceeds.
The answer is that they charge fees - commission - to the seller and to the buyer. All you as the buyer need to do is know what those auction fees are and then take those charges into account when you decide how much to bid. The auction fees to buyers are typically added on to the hammer price.
Reserve Price vs. Bidders are not obligated to accept the opening bid, and if an item receives no bids, the auctioneer will lower the starting/opening bid price. If an opening bid is too high, it may cause bidders to become disinterested even if the item price is subsequently lowered.
How to Consign to an Auction Step 1: Contact a specialist with a list of items. Knowing where to go and who to talk to is half the battle.Step 2: Consult with the specialist.Step 3: Review & Sign the Consignment Agreement.Step 4: Pre-sale Notification.Step 5: Post-sale Notification.Step 6: Payment.
While major auction houses (like Sotheby's) will even charge up to 25% on items, most smaller auction houses charge anywhere between 1%-15%. The amount of the buyer's premium will normally be clearly stated in the auction house terms and conditions.
