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Old 02-05-2006, 09:23 AM
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Default what is a normal turnaround time for receiving payment from an auction house?

Posted By: warshawlaw

I've still not received payment on a lot I sold in the December Lelands auction. Anyone else consign to that one? If so, what's your payment status?

Are some better than others w/r/t payment? If so, which ones?

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Old 02-05-2006, 09:39 AM
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Default what is a normal turnaround time for receiving payment from an auction house?

Posted By: Kyle

I recently found out it is common practice to have to wait 45 days... which in my opinion is pretty terrible.

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Old 02-05-2006, 10:11 AM
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Default what is a normal turnaround time for receiving payment from an auction house?

Posted By: leon

45 days is normal for large auction houses....smaller ones send the funds sooner, in my experiences.....

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Old 02-05-2006, 10:54 AM
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Default what is a normal turnaround time for receiving payment from an auction house?

Posted By: Ted Zanidakis

The last time I consigned a BB card set to Sotheby's it took 2 months
before I received payment; and perhaps, only because after 6 weeks I
called them to ask why I had not received the proceeds from sale.

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Old 02-05-2006, 10:56 AM
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Default what is a normal turnaround time for receiving payment from an auction house?

Posted By: Joann

Anyone know why such long delays are standard? It can't take that long to do the admin and processing. Maybe they are waiting for the return/complaint deadline for the buyer to pass before they release funds?

Joann

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Old 02-05-2006, 11:18 AM
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Default what is a normal turnaround time for receiving payment from an auction house?

Posted By: leon

a possibility- interest on roughly 5m-10m, in the bank for a month.......probably adds up to a few pennies....and they have to have some time for the few issues that might arise from some of the items...(that's a general statement)...

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Old 02-05-2006, 11:38 AM
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Default what is a normal turnaround time for receiving payment from an auction house?

Posted By: joe

This is a small auction house, no cards. Inside The Park Collectibles, auction was Dec 7 2005 and I received my check on December 30, 2005.
Joe

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Old 02-05-2006, 12:02 PM
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Default what is a normal turnaround time for receiving payment from an auction house?

Posted By: Judge Dred (Fred)

I've consigned to a few places and I've received payment relatively quickly (within 30 days or less).

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Old 02-05-2006, 01:41 PM
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Default what is a normal turnaround time for receiving payment from an auction house?

Posted By: davidcycleback

Mike Gutierrez Auction, as an example, has a brief return period if the auction description desription is false. It would only make sense that this auction hold money until after this period is up. I would think the average auction houses would make sure that everything is shipped and accepted before giving money to consignors. Business-wise, it wouldn't be sound to give money to consignors until the consignments are accepted by the buyer. The auction house is charging a fee to perform the entire transaction, including consumation of sale. It can be compared to an agent selling a house.

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Old 06-01-2006, 01:23 PM
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Default what is a normal turnaround time for receiving payment from an auction house?

Posted By: warshawlaw

I've not seen payment yet; has anyone else been paid?

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