What must be done if an auction generates gross sales below $2,000?

When an auction generates gross sales below $2,000, the auctioneer has the option to retain the funds generated from that auction. This practice is generally based on the regulatory framework governing auctioneers, which often allows for a more simplified handling of smaller transaction amounts.

In this context, if the gross sales are below the specified threshold, it indicates that the transaction is relatively minor and does not incur the same level of regulatory scrutiny as larger sales. Therefore, retaining the funds directly by the auctioneer is permissible without the need for additional steps such as deposit into escrow or immediate transfer to the seller.

The other choices present processes that are typically applied in different scenarios. For instance, depositing funds into escrow or reporting to the state generally pertains to higher-value sales or when specific legal requirements need to be fulfilled. Immediate transfer of funds to the seller could also suggest a different standard of trust and oversight that is not applicable for lower gross sales. Thus, retaining the funds by the auctioneer is the most straightforward and legally compliant option in this situation.