Private Treaty?
 

Wondering if someone can explain to me how the private treaty works at the auction?

So they act as selling agents for a brokerage fee? I'm assuming the nafa agent sets the terms they deem fair? Correct me if I'm wrong in that this is done so not to sell off items at a brutally low unreserved bid. How does this differ from the auction "buying back" a lot? Just curious how the system works.

The auction is not in the business of giving everything away, they want to make their commission, they protect our goods in the process. The more you make the more they make.

All fur at Nafa is subject to valuation, ultimately they don't care if they get the values in the auction ring or PT, neither do I. PT they will hold to the value on a rising market, and may sell off a certain percentage below value on a soft market, however, they have policy to not sell below a certain percentage below value and thus protect the goods.

Gotcha. Thanks.