Auction FAQ

Auction commissions in Ohio typically run 8-20% on personal property and 4-10% on real estate, depending on the type of auction, complexity, and total sale value. Many auctions also include a buyer's premium (commonly 10-15%) paid by the buyer on top of the hammer price. At Bonnigson, we discuss the exact commission structure during your free consultation and put it in plain English in the consignment agreement before you sign anything. There are no surprises on settlement day.

A buyer's premium is a percentage added to the final hammer price, paid by the buyer to the auction company. If a tractor hammers at $50,000 with a 10% buyer's premium, the buyer pays $55,000 total. This is industry-standard at virtually all auction companies and helps offset the cost of marketing, cataloging, and running the sale. The premium is always disclosed in the auction terms before bidding begins.

An absolute auction sells to the highest bidder regardless of price — the seller commits to selling no matter what. This typically draws the largest crowd because every bidder knows they can win. A reserve auction has a confidential minimum price the property must reach; if bidding doesn't hit reserve, the seller has no obligation to sell. Reserve protects the seller but can reduce buyer turnout. The right choice depends on the property, your risk tolerance, and your timeline.

Start with a free consultation. We come to your property, walk through it with you, review the equipment or assets, and give you a realistic estimate of what to expect. If you decide to move forward, we draft a consignment agreement, schedule the sale date, handle all cataloging and marketing, run the auction, and settle within about a week of sale day. The whole process typically takes 6-10 weeks from initial call to settlement check.

Online (webcast) bidding requires registration on the bidding platform — typically Equipment Facts, AuctionZip, Tractor Zoom, or our own platform depending on the auction. You'll create an account, provide a valid payment method or credit card for verification, and be approved before bidding opens. Registration is usually free; we recommend registering at least 24 hours before sale day to avoid last-minute issues.

From the first phone call to the settlement check, most auctions complete in 6-10 weeks. Marketing typically runs 3-5 weeks before sale day. Real estate auctions add an additional 30-45 days for closing after the auction. Estate auctions with significant cataloging can take 8-12 weeks depending on volume. We'll give you a specific timeline at the consultation.

Nearly anything of value can be sold at auction. We regularly sell farm equipment, tractors, combines, vehicles, real estate, antiques, collectibles, household goods, tools, coin and stamp collections, business inventory, and estate contents. Items we generally don't handle include firearms (we refer those to specialty firearms auctioneers), hazardous materials, and items requiring specialty regulatory expertise we don't have.

We provide informal value estimates as part of every free consultation. For formal written appraisals (estate tax, insurance, divorce, IRS purposes), we work with certified appraisers and can refer you to one whose specialty matches your needs. We don't provide formal appraisals ourselves — that's a different professional service with different requirements.

Our primary service area is Northwest Ohio — specifically Sandusky, Seneca, Wyandot, Hancock, Huron, and Crawford counties. We regularly work in Erie, Ottawa, and Lucas counties as well. For larger consignments, we travel farther. Our online bidding platforms reach buyers nationwide regardless of where the auction is physically held.

Call us at 419-547-7777 or use our contact form. For larger consignments (significant equipment, full estate, real estate), we schedule an on-site consultation. For smaller consignments to one of our quarterly consignment auctions, we accept items by appointment at our Clyde office or arrange pickup for qualifying lots. There's no charge to consign — we earn our commission only when items sell.

Doors typically open 1-2 hours before bidding begins for buyer inspection. Bidders register at our on-site mobile office (or are already registered online for webcast bidding). The auctioneer announces terms, then begins selling lots in catalog order. Cashiering happens at the office throughout the day; buyers pay and receive a paid invoice before removing items. Real estate auctions typically follow a more structured format with a defined start time and 15-30 minutes of active bidding per property.

For most personal property auctions, consignors receive an itemized settlement statement and check within 7 business days of sale day. Real estate auctions settle at closing — typically 30-45 days post-auction once title work and closing documents are complete. Estate auctions involving probate may take longer if court approval is required for the settlement; we coordinate with the executor and attorney.

Yes. For estate auctions and farm sales, it's often the most efficient approach. We typically sell the real estate first (or at a defined time during the sale day), then personal property afterward. Combining the two pulls more buyers — people interested in the real estate often stay for the equipment, and vice versa. We've done this hundreds of times.

Hybrid live + webcast auctions combine the energy of an in-person crowd with the reach of nationwide online bidding. The on-site crowd inspects equipment hands-on, builds bidding momentum, and competes against itself. Webcast bidders join from anywhere in the country, expanding the buyer pool dramatically. The two audiences compete simultaneously on every lot. This consistently drives higher prices than either format alone.

For farm equipment: have keys, manuals, and any service records on hand. Clean the equipment if possible — it photographs better and bidders are more confident. For estate auctions: don't throw anything away until we've seen it. Items you'd consider trash sometimes turn out to be high-value lots. For real estate: the property doesn't need to be 'show ready' the way it would for a traditional listing — we'll guide you on what matters and what doesn't.