The high-stakes business of mega-mansion auctions is something Mike Russo finds exciting.

Russo, a resident, is the former owner of Aspen Sotheby’s International Realty and is now a partner with Concierge Auctions, a luxury real estate auction company with offices in New York. Russo recently moved to Marion and his office into the Village on Front Street after being a regular summer resident. His wife, Michelle, is from Rochester and, along with their five kids, Mike said it was nice to be closer to her family.

“Concierge does auctions from New England to Hawaii,” he says. “We’re a small group, but we keep a relationship with every person that’s ever inquired about a property. Plus we do a ton of marketing, as far as outreach: local print, strong online presence, email platforms for agents. Harnessing that information from a buyer’s standpoint allows us to get a head start.”

The nearest auctions are happening in Martha’s Vineyard and Connecticut.

Concierge has been very successful, according to Russo. On average, 100 leads on the property are delivered within five weeks. Approximately 85% of properties taken to auction are sold. Close to 50 auctions are held each year.

Why would one choose to sell a luxury home by auction? He explains that the seller controls the timing and certainty of their property, which attracts many. The time from listing to closing is 60 days.

Russo also says the luxury real estate industry is doing well and doesn’t show any signs of slowing.

He says between five and 12 registered bidders show up for the “white glove” event, which uses paddles commonly seen at auctions.

“Typically bidders have to put up a $100,000 earnest deposit to get a paddle,” he says. “If they don’t win, they get the money back. But if they do, that’s their initial deposit on the property. The number of bidders may seem small, but we’re selling an expensive asset. There are no time limits either. Some people even ask for a break to walk around the house again to decide if they want to bid higher.”