Cost: $75 ( 2 Years )
To obtain in an Auction House license in New York City, you will have to execute a New York City Auction House Surety Bond in the amount of $2,000.
This bond expires every Even Year on June 15th.
Please note this bond is no longer required by the obligee as of June 15th, 2022 per Local Law 80 of 2021.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The New York City Auction House Surety Bond holds you accountable for your business decisions.
By possessing a New York City Auction House Surety Bond , you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.