Frequently Asked Questions

The question is not whether to auction instead of selling traditionally; we are an added tool rather than an alternative, and in all instances, we partner with a listing broker on each sale. We know from experience that the traditional brokerage model has limitations, especially in the ultra-luxury realm. In this rarified air where the buyer pool is limited, properties simply aren’t liquid, even in healthy market conditions.

Not at all. We sell unique properties for clients across a variety of circumstances. The one thing they all have in common is that they chose the auction process after careful consideration and with an eye toward unlocking market value. We only accept the finest property on our platform and decline 95% of the applications. We have the most extensive database of high end real estate buyers in the world.

All of our auctions are powered by our proprietary online-first technology. Auctions close out either in our online marketplace at conciergeauctions.com or at one of our live sales which take place year-round at the most exclusive venues across the Globe. Please reference Selling at Live Auction to view our live sale calendar.

We bring you the market. We promote your property both globally and locally with world-class sales, digital, and public relations campaigns. The auction will open for two weeks once a Market Reserve has been set. The sale of your home will be followed by an as-is, contingency-free closing, typically within 1–4 weeks after the auction closes.

Our proven methodology is designed to sell luxury property in 60 days or less, and it includes:

1. Global and local marketing campaign conducted through our database of 850,000± contacts;

2. Sourcing ideal bidders; and

3. Driving competition through live and online auctions.

Choosing to sell your luxury property with Concierge Auctions connects you to our global network of buyers and agents, award-winning marketing campaigns, and time-tested bidding sourcing process. Our methodology typically garners 200-400 inquiries, 25-50 showings, and 3-7 bidders.

Every auction is unique and we cannot guarantee that the property will sell for more than the highest starting bid. However, the vast majority of auctions see competitive bidding.

We earn 100% of our fee from the Buyer, on average, between 6% and 8% of the high bid amount, paid by the Buyer out of the Buyer’s Premium. Sellers pay any fees associated with the preparation of their own diligence package in advance of the auction and are responsible for the payment of broker commissions according to the listing agreement (typically 5-6%), the same as any residential transaction. For properties located outside of the U.S., Concierge Auctions will pay the buyer’s cooperating broker a 3% success fee out of the Buyer’s Premium.

Our target is to have 3-7 registered bidders before the auction begins. New bidders may sign up until 
24 hours before the close of auction.

Every auction opens with a Starting Bid. This Starting Bid is also known as the “Market Reserve” and will be the minimum amount for which the property will be sold.

We offer a "Starting Bid Incentive", a credit to reduce the Buyer’s Premium by 50% based on the Starting Bid amount submitted by the winning bidder prior to the start of the auction.

Once you decide to engage Concierge Auctions, the Seller cannot accept pre-auction offers made during the auction cycle. We encourage all buyers or agents who are considering an offer to participate in the auction.

Bidders are generally required to deposit $100,000 in escrow, and provide further proof of funds, 
to participate in an auction. In the rare case a bidder defaults, they forfeit their deposit which we split with the seller 50/50. The buyer is also responsible to pay Concierge Auctions an additional penalty of 12% of their high bid. To further protect our sellers, we have the ability to name the back-up bidder, typically the second highest bidder, the winning bidder within five (5) business days of the end of the auction, provided net proceeds to the seller are equal to that of the original high bid. The back-up bidder is required to honor their bid.

In all of our auctions, the seller has the right to move forward or not prior to the start of the auction. You’re always in control. If you do not elect to open the auction, the property will remain on the market and the protection period ensures that we are compensated for the effort we have put forth on your behalf.

Similar to an Listing Agreement between you and your agent, the Auction Agreement clearly outlines our commitments to you and your commitments to us. Namely, allowing us to promote the property for a successful outcome at auction.

The Auction Agreement has been reviewed by thousands of sellers and attorneys who have engaged with us over the past 16+ years. It is designed to protect your interests and ours and outlines how we work together during the auction process.

We are an auction house and not a brokerage firm. On average, a third of our buyer demand is generated by the local market. Managing local listings requires agents who can operate in specific areas. Having an agent therefore increases the chance of successful sale. Over two decades, we have found that local buyers prefer to work directly with the listing agent or a local brokerage community. Buyers also appreciate the ability to speak with a local agent to get a professional opinion on the property. We have never auctioned a property without partnering with a listing agent.

1. Sign the Bidder Terms & Conditions and Starting Bid & Agent Registration forms (2) and provide 
a photo ID. The forms can be completed online directly on the property page by clicking the “Start Registration” button. Optionally, the Auction Representative can send the forms to you for electronic signature upon request. The ID can be submitted to the Auction Representative. You can find contact information for the Auction Representative under the “Contacts” section on the property page.

2. Provide proof of funds to close within 30 days. An example is provided in the Starting Bid & Agent Registration form.

3. Wire your Bidder Deposit, which is credited towards your purchase if you are the winning bidder, or is returned within three (3) business days if you are not. Wire instructions are located on the Starting Bid & Agent Registration form.

You can begin your registration online by completing the bidder registration forms. Once you have started the process, you will be contacted by the Auction Representative to complete your registration. You can find contact information for the Auction Representative under the “Contacts” section on the property page.

To see the status of your registration forms, log into the ConciergeAuctions.com website and go to the “My Auctions” tab. To confirm status on additional registration steps, please contact the Auction Representative. You can find contact information for the Auction Representative under the “Contacts” section on the property page.

It is not required to submit a bid amount when you register; however, if you are interested in taking advantage of our Starting Bid Incentive, you must submit a Starting Bid prior 5pm, local property time, the day prior to bidding opening.

Our auctioneer will set the increment for every auction.

The “Buyer's Premium” is an amount paid by the buyer on top of the purchase price, paid to Concierge Auctions for bringing the property to auction.

Concierge Auctions offers a Starting Bid Incentive, a credit to reduce the Buyer’s Premium by 50% based on the Starting Bid amount due submitted by the winning bidder prior to the start of the auction opening. All Starting Bids are binding and subject to being received by the deadline. For more information, you may click here to watch an instructional video.

Yes. Bidder deposits are automatically returned within no more than three (3) business days for non-winning bidders and five (5) business days for the Back-Up Bidder following the auction.

All of our properties are sold on an as-is basis with no contingencies, including financing. You may choose to finance the property, but the sale is not contingent upon securing financing.

Proof of funds come in a variety of forms to show liquid funds to cover the purchase of the property, and must come from a verified financial institution and include:

• The bidder’s name

• A current date

• An amount to cover the Starting Bid, at minimum.

Proof of funds can be provided in the form of a letter from your financial institution or a recent statement of your liquid account balance.

The wire instructions are located on the Starting Bid & Agent Registration form, which can be found in the “Diligence Documents” section of the property page on our website.

All diligence items for the property are available on the property page of our website, in the “Diligence Documents” section.

We earn 100% of our fee from the Buyer, on average, between 6% and 8% of the high bid amount, paid by the Buyer out of the Buyer’s Premium. Sellers pay any fees associated with the preparation of their own diligence package in advance of the auction and are responsible for the payment of broker commissions according to the listing agreement (typically 5-6%), the same as any residential transaction. For properties located outside of the U.S., Concierge Auctions will pay the buyer’s cooperating broker a 3% success fee out of the Buyer’s Premium.

Over the last two decades, we have found that buyers appreciate the ability to be represented by an agent; however, this is not required. If you are represented and you are the winning bidder, compensation will be paid to any properly registered broker pursuant to Concierge Auctions' Bidder Terms & Conditions. You should declare Agent representation by including this information on the Starting Bid & Agent registration form.

No. The bidder must input the name of the agent representing them on the Starting Bid & Agent registration form.

Yes. Certificate of Incorporation or other business entity documentation must be provided to link the LLC (or other entity) name with the name of the bidder.

No contingencies. Buyer's purchase of the property is a cash transaction and is not subject to or dependent upon any contingencies or conditions of any kind, including, without limitation, a contingency for financing, due diligence, or inspections.

If any VAT (value-added tax) or similar tax is due in connection with the payment of the Buyer’s Premium, it shall be the Buyer’s sole obligation to pay all VAT and similar taxes. The term “Purchase Price” shall mean the High Bid, excluding other amounts payable by the Buyer in connection with closing, such as customary closing costs, escrow/closing fees, VAT, property taxes, insurance, transfer fees/taxes in accordance with the Purchase and Sale Contract. Therefore, Buyer’s total obligation toward the purchase of the Property is equal to the Purchase Price, the Buyer’s Premium and those customary closing costs, including without limitation payment of any VAT in connection with Buyer’s purchase and the Buyer’s Premium. To that end, all Bidders are strongly encouraged to review the Purchase and Sale Contract prior to bidding and to consult with an attorney or other professional.

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