Concierge Auctions is the largest luxury real estate auction house in the world, yet we only accept the top 5% of properties submitted for consideration. Buyers can name their price on stunning properties located across the globe.
We offer both live and online auctions.
Bidders can bid digitally via our online marketplace at ConciergeAuctions.com or via phone with a dedicated representative.
Auctions are open to bids for two weeks
The Market Reserve is set before the auction opens based on the highest starting bid (see Starting Bid)
New bidders can sign up until 24 hours before the close of the auction
The highest pre-auction Starting Bid received will form the “Market Reserve” (price floor) for the auction. This is the lowest price for which the property will sell.
12% - 15% of the winning bid will be paid by the Buyer for the property. Once bidding concludes and a winning bidder is declared, they are required to pay a 12% deposit into escrow and expected to close within approximately 30 days after the auction ends.
Bidders have the option to contact a bidding assistant via a private, recorded phone line in the last 15± minutes of an auction. Bid Assistants are in direct communication with the Auctioneer and provide support in the following:
Time extension requests
Bid increment requests other than the current ask
Auction FAQs/process explanation
Bidders may request more time to be added to the clock via a Bid Assistant. This is often requested by a bidder for additional time to decide a bid amount and/or contact a spouse or financial partner.
Time extensions are granted at the auctioneer’s discretion and typically last 3-5 minutes.
SOFT GAVEL
An automatic time addition on the auction clock when a bid is placed. The “soft gavel” allows all bidders time to place their next bid.
CHIP
An incremental advance in bidding that is below the current ask.
MARKET RESERVE
The property will positively sell at or above a predetermined price threshold on auction day. The Market Reserve is set before the auction opens, based on a range of starting bid collected with prior campaigning and sourcing.
POWER BID
A power bid is a bid placed above the current ask price. Many bidders find the placing of a Power Bid to be a strategic move in that it can send a strong message to other bidders that you are serious about owning the property.
MAX BID
Providing a max bid allows the auctioneer or a proxy bidder to bid up to but not exceed the high end of this bid amount.
PROXY BID
As a registered bidder, you may choose to appoint an individual to place bids on your behalf and execute all contracts.
COUNTER BID
A bid placed by the Auctioneer in order to move the bidding closer to the Reserve. Counter bidding is common practice throughout the auction industry to help the buyer and seller reach a price that works for both parties, so the auction is successful. In a Reserve auction, Concierge Auctions may place counter bids until the Reserve Price is met. When bidding reaches the Reserve, Concierge Auctions will no longer counter bid.
Completing and submitting the Auction Terms & Conditions, including ID verification.
Providing proof of funds from a bank or financial institution along with bidder deposit into escrow (typically $100,000 - $500,000).
At the close of bidding, the winning bidder signs the contract and posts a non-refundable deposit.
