Did you know there are over 760,000 Auctioneers employed across the United States? While about half of the states require Auctioneers to get licensed before conducting a sale, only 17 states require some sort of bonding associated with the license. The Evergreen State is one of those 17 states that requires Professional Auctioneers to get bonded.
What is an Auctioneer Bond?
An Auctioneer Bond (also known as an Auction Bond or Auction Company Bond) is a license and permit surety bond. In order to secure an Auctioneer’s License, an Auctioneer Bond must be filed with the state.
The purpose of an Auctioneer Bond is to ensure that Auctioneers comply with all local and state laws relating to being an Auctioneer. The bond guarantees that an Auctioneer will faithfully perform his/her duties. This includes accounting for all monies received in an auction and faithfully giving consumers what they paid for.
An Auctioneer Bond does not protect the Auctioneer, but rather protects the consumers at an auction. With an Auction Bond in place, consumers are protected against substitution of goods and against the misrepresentation of auction items by the Auctioneer.
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Who Needs a Washington Auctioneer Bond?
Anyone in Washington who is acting as an Auctioneer or Auction Company and receiving compensation for conducting a sale is required to get bonded with a Washington Auctioneer Bond.
Washington Auctioneer Bond Amount
Depending on if you are getting an individual Auctioneer Bond or an Auction Company Bond, the amount will be different. The Washington Business and Professions Division has set the individual Auctioneer Bond at $5,000.
For a WA Auction Company Bond, the amount depends on the gross value of the goods you sell in Washington. For existing companies, base your gross value of goods on your gross sales during the previous calendar year. For new companies, estimate your gross sales for the calendar year.
- $0 - $24,999: $5,000 bond
- $25,000 - $49,999: $10,000 bond
- $50,000 - $99,999: $15,000 bond
- $100,000 - $499,999: $20,000 bond
- $500,000 or more: $25,000 bond
How Much Will My Washington Auctioneer Bond Cost?
Like all surety bonds, WA Auctioneer and WA Auction Company Bond prices are based on credit. If you have good credit, you will pay a lower rate for your surety bond.
Standard rates are normally between 1-3%. So, if you need a $10,000 Washington Auction Company Bond and you have good credit, you might only pay $100 for your bond.
Have bad credit? It’s okay. At Surety Solutions, we have bad credit options for individuals looking to get bonded.
You can always see how much you’d pay for your bond by simply using our Bond Cost Calculator. This online tool generates free quotes for your surety bond so you can compare prices before you buy.
Ready to get your bond? Click here!
What do I do Once I Have my Bond?
Once you get your WA Auctioneer Bond, you are ready to start the licensing process to become an Auctioneer! Send the following to the address listed below:
- Auctioneer/Auction Company Registration Application
- Financial Certification Affidavit
- Surety Bond
- Tax Registration Number (get one by filling out a Business License Application)
- License Fee ($155 for Auctioneer or $255 for Auction Company)
- Mail to:
Department of Licensing
PO Bond 3856
Seattle, WA 98124-3856