The Commonwealth of Virginia requires all participants in the auction profession to provide a Virginia auctioneer bond and fulfill the licensing requirements set by statute and the regulator. By state law, “auctioneer” means any person that conducts an ‘auction’, being the sale of goods or real estate by means of exchanges between an auctioneer and members of his audience, the exchanges consisting of a series of invitations for offers made by the auctioneer, offers made by members of the audience, and acceptance by the auctioneer of the highest or most favorable offer (VA Code § 54.1-600). The Virginia auctioneer surety bond must be in the amount of $10,000. An auctioneer that wishes to operate as a corporation or LLC must also provide a Virginia auction firm surety bond. The surety bond(s) must be delivered to the Auctioneer’s Board, and must guarantee that the auctioneer will comply with the state statute, regulations of the Board, and pay all damages resulting from any misstatement, misrepresentation, fraud or deceit committed by the auctioneer or one of his/ her employees or agents. The surety leader, Surety One, Inc., issues auctioneer license bonds in ALL states where they are required. All legitimate applicants are bondable with us regardless of credit condition. Need a fidelity bond to cover employee dishonesty? We can help with that too! Visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for a Virginia auctioneer bond, or for information on auctioneer bonds in any state where you wish to do business.
