Who gets the money from an auction?
At the most basic level auctioneers receive a commission (percentage of the sale price) and/or fee by the seller of the asset or property in question. Agreed upon prior to the auction, these commissions and fees are in the auction contract.
Are auctions a good way to make money?
If you’re looking to make some extra money, or start your own business buying and selling, online auctions are a great avenue for you to take and there are plenty of savvy sellers out there who’ve found they can turn a pretty profit via these marketplaces.
Where do auction houses get their stuff?
So where do auction houses get their wares? According to AUCTIONEER$ expert and entrepreneur, Deborah Weidenhamer, items come from individuals and families seeking to liquidate their assets or collections, trusts, financial institutions, police forces and government agencies, to name a few.