The gavel falls, the bidding closes, and one question comes up before almost any other: when will I get paid?

Here's the straight answer. At Steffes, payment is made within 15 business days or less on net collected proceeds. Fees are deducted in accordance with the fee schedule, and you receive sale records and receipts for your files.

Below is what happens between auction day and the day your payment arrives, so you know what to expect at each step.

Your auction-to-payment timeline

1. Auction day: your items sell

When bidding closes, the sale results set the price for each item. It's a big day, but it isn't the last step. Proceeds still need to be collected and the sale paperwork completed before your payment goes out.

2. Proceeds are collected

Your payment is based on net collected proceeds, not on the winning bids alone. That way, the amount you receive reflects the sale as it was actually completed.

3. Fees are deducted per the fee schedule

Fees are deducted in accordance with the fee schedule, so your payment will be less than the total of the winning bids. The best time to understand that difference is before auction day. Sit down with your Steffes representative, walk through the fee schedule together, and ask any question you have.

4. Payment is made within 15 business days or less

Once proceeds are collected and fees are deducted, Steffes makes payment within 15 business days or less. Business days don't include weekends or holidays, so build that into your plans after the sale.

5. You receive sale records and receipts

Steffes provides sale records and receipts for your auction. They show what sold and the proceeds tied to each item. Keep them with your other business records.

How to prepare before your auction

• Review the fee schedule. Know how fees apply to your sale before bidding opens.

• Get your item details in order. Accurate information up front makes for clearer sale records afterward.

• Plan around the payment window. Expect payment within 15 business days or less on net collected proceeds.

• Keep one file for your documents. Store your sale records and receipts together so they're easy to find.

Seller Payment FAQs

Do I get paid the full amount of the winning bids?

No. Fees are deducted in accordance with the fee schedule, and payment is based on net collected proceeds.

How long after the auction will I be paid?

Payment is made within 15 business days or less on net collected proceeds. Weekends and holidays don't count as business days.

What paperwork will I receive?

Sale records and receipts, so you have a clear account of what sold and what you were paid.

Talk it through before sale day

A good auction leaves no surprises at the end. If you're thinking about selling, contact your Steffes representative. They'll sit down with you, walk through the fee schedule and the payment timeline, and answer your questions before your auction is ever scheduled.