The most simple and straightforward method of auction is a commission basis auction. In a Commission Auction, we charge a percentage of the overall net proceeds to you along with a pre-negotiated maximum amount of expenses for promotion, set-up and check-out labor.
Buyer's Premium Auctions
A Buyer's Premium Auction differs in that a fee, paid by the buyer, is simply added to the selling price of each item. In most cases, the Buyer's Premium is a percentage of the purchase price - usually 10%. For example, if a customer bids $1,000 for an item, his final cost will be $1,100.00 (the $1,000 bid plus 10%).
In a Buyer's Premium Auction, as in a Commission Auction, the seller negotiates a maximum amount of expense for promotion, set-up and check-out labor before the auction begins.
Some clients prefer the additional comfort level of having a certain amount guaranteed for their equipment; we offer our clients a built-in safeguard against over-estimating the value of the equipment by offering Guaranteed Auctions. In a Guaranteed Auction, the auctioneer guarantees you a specific net minimum return for the sale of your equipment. After the minimum, the auctioneer will receive his expenses for the sale; all proceeds in excess of the Guaranteed amount and the sale expenses will be divided, as previously negotiated, between the seller and the auctioneer. In any kind of auction the seller assumes a certain amount of risk; our guarantee greatly reduces that risk for you, shifting the greater risks to the auctioneer.
We've given you an overview of the kinds of auctions CIA offers. For details on how the auction process works, click here.