Posted By:
Josh SiegelAM is not an auction house. They are an internet auction company, as are many of the players in today's market. There is a huge difference. An actual auctioneer has to be licensed by the state in similar fashion to any other professional(although it is probably the easiest license to obtain). They are held in check by the state they are goverend by. With a licensed auctioneer in most states, if the contract states you will be paid within (45) days and you do not, you can simply contact the state and file a written complaint. The state loves when this happens because they can get fine happy and check your books for a number of years. I have heard stories of it costing the auctioneer thousands in fines. The specifics vary from state to state, but most of the major auction houses conduct live auctions in some form so they have a licensed auctioneer on board. State laws have not caught up with e-commerce just yet.
-Josh