Sotheby's Concierge Auctions

Concierge Auctions is a luxury real estate auction marketplace, majority owned by Sotheby's and Compass and run independently. It sells high-end homes, estates, ranches, waterfront property and development parcels, and has held sales in 38 countries and 46 U.S. states. Most auctions run online, and some are held as in-person events.

How buying works

• Bidders register by accepting the auction terms and passing ID verification, and must be over 18. Concierge can refuse a registration, including when identity or anti-money-laundering checks are not complete.
• Registration requires proof of funds and a bidder deposit, paid by credit card pre-authorization or wire.
• Online auctions are open for bidding for two weeks, and new bidders can sign up until 24 hours before the close.
• The winning bidder pays a buyer's premium of 12% to 15% of the winning bid and a 12% deposit into escrow, and is expected to close in about 30 days.
• Purchases are cash transactions with no financing or inspection contingencies.

Good to know

• Concierge acts only as auctioneer, not as anyone's agent or broker.

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Facts only, from the sources listed above. Always check each listing’s terms before you bid.