The following shall apply to auctioneers only.

          (a)     Compensation. Unless otherwise ordered by the court for cause shown, compensation and reimbursement of expenses shall be allowed to an auctioneer for sale of property as hereinafter specified.

                    (1)     The maximum allowable commissions on the gross proceeds of each sale are as follows:

                             (A)     10% of any gross proceeds of sale on the first $100,000 or less;

                             (B)     5% of any amount in excess of $100,000 but not in excess of $200,000; and

                             (C)     2.5% of any amount in excess of $200,000.

                    (2)     The auctioneer shall be reimbursed for reasonable and necessary expenses directly related to the sale, including bond or blanket bond premium cost attributable to said sale, labor, printing, advertising and insurance, but excluding worker's compensation, social security, unemployment insurance or other payroll taxes. If directed by the trustee to transport goods, the associated costs shall be reimbursable. Unless the court orders otherwise, an auctioneer shall be reimbursed for a blanket bond at the rate of $100 per case or 10% of the gross proceeds from an auction, whichever is less, less any amounts previously reimbursed for said bond.

          (b)     Purchase Prohibited. An auctioneer or officer, director, stockholder, agent or employee of an auctioneer shall not purchase directly or indirectly, or have a financial interest in, the purchase of any property of the estate which the auctioneer has been employed to sell.

          (c)     Bond. An auctioneer employed with court approval shall not act until a surety bond in favor of the United States of America is provided in each estate, at the auctioneer's expense, to be approved by and in such sum as may be fixed by the court, conditioned upon: (1) the faithful and prompt accounting for all monies and property which may come into the possession of the auctioneer; (2) compliance with all rules, orders and decrees of the court; and (3) the faithful performance of duties in all respects. In lieu of a bond in each case, an auctioneer may be permitted to file a blanket bond covering all cases in which the auctioneer may act. Such blanket bond shall be at the expense of the auctioneer, shall be in favor of the United States of America and shall be in an amount sufficient to cover the aggregate appraised value of all property to be sold.

          (d)     Report of Sale. The auctioneer shall file a report with the clerk and serve the United States trustee within 30 days after conclusion of the sale. The report of sale shall set forth: (1) the time, date and place of sale; (2) the gross amount realized by the sale; (3) an itemized statement of commissions sought under this rule and disbursements made, including the name of the payee and the original receipts or cancelled checks, or copies thereof, substantiating the disbursements. Where labor charges are included, the report shall specify the name(s) of the person(s) employed, the hourly wage and the number of hours worked by each person. If the cancelled checks are not available at the time the report is filed, then the report shall so state, and the cancelled checks shall be filed as soon as they become available; (4) where the auctioneer has a blanket insurance policy covering all sales conducted for which original receipts and cancelled checks are not available, an explanation of how the insurance expense charged to the estate was allocated; (5) the names of all purchasers at the sale; (6) the sign-in sheet, indicating the number of people attending the sale; (7) the disposition of any items for which there were no bid; (8) the terms and conditions of sale read to the audience immediately prior to the commencement of the sale; (9) a statement of the manner and extent of advertising the sale and the availability of the items for inspection prior to the sale; (10) the amount of sales tax collected; and (11) such other information as the court may require.

          (e)     Proceeds of the Amount of Sale. Unless otherwise ordered by the court, the proceeds of sale less the auctioneer's reimbursable expenses, shall be turned over to the trustee as soon as practicable and not later than 20 days from the date of sale or shall be deposited in a separate interest-bearing account. The court retains the jurisdiction to review the auctioneer's reimbursable expenses for reasonableness. In the event, the court determines that a portion of the expenses deducted from the proceeds of the sale are unreasonable, the auctioneer shall be required to return those funds to the trustee.

          (f)     Application for Commissions and Expenses. An auctioneer shall apply to the court for approval of commissions and expenses on not less than 20 days notice as required by FRBP 2002 and Local Bankruptcy Rule 2002-1. No such application shall be granted unless the report referred to in subsection (d) of this rule has been filed.