Auction services for unclaimed lost property items

Description

TfL is seeking to deliver two (2) contracts for the provision of services pertaining to auctioning unclaimed lost property items. The contract(s) shall be for a duration of two (2) years with an option to extend for up to a further one (1) plus one (1) year. 
The auction service provider will be required to perform the following services:  
Inventory and Valuation:  
Catalog unclaimed lost property items received from TfL.  
Assess and assign appropriate reserve prices for valuable items.  
Auction Preparation: 
 Organise physical and/or online auctions.  
Provide photography and descriptions for each item (if online auctions are involved).  
Ensure proper marketing and advertisement of auctions to the general public.  
Auction Conduct:  
Host public auctions (in-person or online).  
Ensure compliance with all applicable laws and regulations regarding auctions.  
Post-Auction Procedures:  
Provide a detailed report of all sold items.  
For all other unsold items, arrange for their return or disposal as agreed with TfL in advance. 
Revenue Distribution:  
Handle the collection of payments from buyers.  
Distribute auction proceeds to TfL, minus commissions.