Accepted forms of payment include cash, check, money order, Visa, Mastercard, Discover or wire transfer. Michaan's Auctions reserves the right to hold merchandise purchased by personal check until the check has cleared. International credit cards will not be accepted.
Please note: buyers have seven business days to pay for and pick up purchased property. If the property is to be shipped, arrangements need to be confirmed within seven business days.
An invoice includes the successful hammer price of an item and the buyer's premium. The buyer pays a buyer's premium on each lot of twenty percent (20%) per lot up to and including $250,000, fourteen percent (14%) per lot of any amount in excess of $250,000 up to and including $1,000,000 and twelve percent (12%) per lot in excess of $1,000,000. If one chooses to pay by credit card (Visa, Mastercard or Discover only) or any other form of payment, the buyer's premium is twenty-three percent (23%) per lot up to and including $250,000, seventeen percent (17%) per lot of any amount in excess of $250,000 up to and including $1,000,000 and fourteen percent (14%) in excess of $1,000,000. An Internet buyer's premium is twenty-seven percent (27%) per lot up to and including $250,000 plus twenty-two percent (22%) per lot of any amount in excess of $250,000.
If a buyer plans on reselling items purchased at auction, they may present a valid California Resale Certificate, in which California sales tax will be waived from their invoice. To do this, the buyer must fill out the BOE-230(7-02) online form each and every time they pay for an invoice at Michaan's Auctions.