REA release regarding Auction Proceeds

[Matt]

"Adjustments to consignor proceeds for the $10.1 million dollar REA spring 2009 auction were ZERO cents on 1559 of the 1560 lots. (The one exception involves a single lot for which no payment was received, eventually requiring legal action on our part. The lot was sold to the underbidder. We are extremely confident that the incremental amount lost due to this one non-paying winning bidder will be collected, along with our legal fees, allowing us to ensure that the seller receives the full amount that he should have, even if he is very happy with the payment he has already received from the sale to the second high bidder). So, for the past $47 million dollars in auction sales at Robert Edward Auctions, we have an unresolved collection problem affecting only one consignor with one single lot. And we are working diligently to resolve even that. This is unheard of in the auction world. Year after year Robert Edward Auctions has set a standard of perfection for the collection of auction proceeds. Many auctions report sales that for one reason or another are not executed, or have to be adjusted down due to nonpaying winning bidders, costing consignors money. We take the integrity of the auction process very seriously. Bidders appreciate knowing that when they top a bid at Robert Edward Auctions, they are topping a REAL bid. Consignors appreciate getting paid 100 cents on the dollar. This is a very big deal to bidders and, naturally, to consignors as well. Consignors also appreciate being paid in a timely manner. All REA consignors were paid within thirty days. Consignment checks started going out literally the day following the auction. REA does not rely on a line of credit. (We don’t even have one. We don’t need it). Consignors are never at risk of nonpayment at REA. There is no leverage at REA, no borrowing, no paying one consignor with another consignor’s auction proceeds. Nothing fancy. Just simple common sense good business practices. This peace of mind offered by REA is rarely emphasized by us and often not even factored in by consignors. We take it for granted too. But in these difficult economic times, it can be a big deal, so we think we should point it out every once in a while."

[ScottFandango]

do you work for them?

[Matt]

no sir - just thought it was of interest, knowing we had the discussion earlier on whether shipping items without having received payment is, in and of iteself, a bad policy. It seems to work for REA in the select cases where they do it.

[slantycouch]

I'd say it's certainly interesting knowing the troubles which have resulted for other auction houses.

Smart 'press release' on the part of REA.

[tbob]

I received that email a couple of days ago also from REA and took it as a direct shot at Legendary/Mastro. Good PR for REA and also welcome news that someone is doing it right as far as consignors go.

[Publius]

It aint bragging if you can do it.

In light of all thats going on, I like it

[sb1]

That we sent out from Brockelman & Luckey Auctions explaining our policies and debt free position.

Scott

[Matt]

Scott - when did you send that email? I haven't received anything from you guys in almost 3 months.

[Anthony S.]

Got mine about 3 weeks ago, Matt.

[sb1]

PM sent with info.

Scott

[Matt]

Maybe I've been blacklisted.

[sb1]

I can assure you that you have not been blacklisted, perhaps your computer perceives us as spam

Scott

[Leon]

poor attempt at a joke didn't work....edited out

[Mark]

At this point, I don't think REA needs to toot its horn anymore. They look so squeaky clean that it's not really fair to their shady competitors.

[iggyman]

Can we get back to the original thread..... So Matt, why have you been blacklisted
from Brockelman & Luckey? And why is eBay now changing its power seller policy to
coincidentally affect you? Does any of this have anything to do with your affiliation with REA?

Lovely Day...

[Matt]

Originally Posted by iggyman

Can we get back to the original thread..... So Matt, why have you been blacklisted
from Brockelman & Luckey? And why is eBay now changing its power seller policy to
coincidentally affect you? Does any of this have anything to do with your affiliation with REA?

Glad someone is finally asking the important questions effecting our hobby