The letter must be on official bank letterhead signed by an officer of that bank and it must state that the bank will guarantee payment of your check up to a specific amount for a specific auction or a specific period of time. An example of an acceptable letter of guarantee payment is as follows:… Continue reading What are the requirements for a letter of guarantee?
The high bid + buyer’s premium + sales tax = the total purchase price. The buyer’s premium may vary from auction to auction.
Each auction is different. If the items are taxable and the auction is a taxable sale, then we are obligated to collect the appropriate sales tax. The amount of the sales tax collected is normally dictated by the location of the assets being sold.
Acceptable Payment Methods Acceptable methods of payment are: cash, credit card (Visa®, Mastercard®, or Discover®), cashier’s check, wire transfer, or a company check (only with a bank letter of guarantee payment).