Auction houses in the US

Buying at an auction house

Most auction houses list lots online with a closing time; some also run live sales in their own building, and some do both.

• How bidding worksYou register an account first — many ask for a card on file — then bid up to the most you will pay. The highest bid when the lot closes wins, and many online sales extend a lot's closing time when a bid lands in its last minutes.
• The buyer's premium and taxThe winning bid is rarely the whole price. Most houses add a buyer's premium — a percentage on top of the hammer price — and charge sales tax unless you hold a resale certificate they accept. Each house sets its own premium and prints it in its terms: read it before you bid and count it in your cost per item.
• Pickup and shippingLiquidation auctions are usually pickup-only, in a set window after the sale, at the location that listed the lot; what is not collected in time can be forfeited. Some houses ship smaller lots or arrange a carrier at the buyer's cost. Check the pickup address and window before you bid on anything you cannot carry.
• Condition, returns and as-isAuction lots are generally sold as-is: customer returns and overstock can be untested, incomplete or damaged, and most sales are final. Go to a preview day where one is offered, read the condition notes, and bid for the share of the lot that will actually resell.