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#51
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More bad news for Mastro
Posted By: Tom Boblitt
You won an item and sold an item? Didn't they net out the difference? When I consigned a large lot with REA, I also won 3-4 lots and Rob netted the amount out and then paid me the difference minus the interest-free advance he'd given me. |
#52
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More bad news for Mastro
Posted By: James Feagin
I think communication is the key here. If consignors want to know the status of their checks, give them an honest assessment of what's going on. No need to write 1,800 checks. From my experience in the auction industry, consignors are actually very understanding if you treat them with respect....Late payers are a way of life. |
#53
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More bad news for Mastro
Posted By: Jeff Lichtman
Hey Bill, somehow you manage to handle the logistics of depositing those checks you receive one at a time. You're a smart guy, I suspect you could figure out a happy medium other than waiting 60 days to send out consignment checks. |
#54
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More bad news for Mastro
Posted By: Bill Panagopulos
Didn't mean to go nuts, but I'm cataloging NOW rather than home eating dinner... |
#55
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More bad news for Mastro
Posted By: barrysloate
Jeff- I will often pay a consignor who consigns many lots twice- 50-60% very quickly and then the balance when all the funds are collected. Typically, 80-90% of the money comes in quickly. But there are a number of bidders in every auction who take 2-3 weeks before they even sit down to write a check, and I have to always chase them. It's just part of the process. |
#56
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More bad news for Mastro
Posted By: Bill Panagopulos
Jeff - Please read my posting again. We pay in TWO installments. The bulk, generally 90% of the sale, after 45 days, and we take another 15 days for the slowpokes to pay up, after which we issue a SECOND round of checks. So, if there are 100 consignors, we might issue 100 checks after 45 days, and maybe 20 checks after 60. OK? |
#57
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More bad news for Mastro
Posted By: Bill Panagopulos
If collectors paid me in 24 hours, Id be THRILLED to pay them in 48! But...it just doesn't happen, boys. |
#58
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More bad news for Mastro
Posted By: James Feagin
Since when has Mastro consignor policies been the standard bearer for the entire industry? The company I work for and most other auction houses I'm aware of send consignment checks in a very timely manner, most of the time in less than a week. |
#59
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More bad news for Mastro
Posted By: Bill Panagopulos
And please forgive the typos... |
#60
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More bad news for Mastro
Posted By: Bill Panagopulos
"Since when has Mastro consignor policies been the standard bearer for the entire industry? The company I work for and most other auction houses I'm aware of send consignment checks in a very timely manner, most of the time in less than a week." |
#61
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More bad news for Mastro
Posted By: Bruce Dorskind
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#62
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More bad news for Mastro
Posted By: James Feagin
Bill, |
#63
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More bad news for Mastro
Posted By: Bill Panagopulos
My dear Mr. Dorskind: |
#64
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More bad news for Mastro
Posted By: Bill Panagopulos
And you are correct. Trust no one. Especially financial advisors! |
#65
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More bad news for Mastro
Posted By: David Atkatz
The Dorskind Group wishes they were as successful as you, Bill. |
#66
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More bad news for Mastro
Posted By: Bill Panagopulos
I'm not in a position to comment, and I regret that I sounded way to harsh. Apologies. |
#67
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More bad news for Mastro
Posted By: joe
I agree with Bill and Barry, consignors are dreaming if they consign 10 items and expect multiple checks, 1 check after all payments are paid. |
#68
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More bad news for Mastro
Posted By: Frank Wakefield
Even though I have lots of dogs, none of 'em are in this fight. |
#69
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More bad news for Mastro
Posted By: marshall barkman
Bill.....let me say that i deal with two major auction house and i get paid as soon as the check clears. Do you want to know why? Because i negotiated it into the contract. You see my friend if you want great items from certain consignors then you have to be flexible. If you look at some of the last auctions from Cowans,Garths,Bonham & Butterfields you will see a slew of unsold items. BELIEVE me when i tell you that the 45 to 60 day wait for consignors is old news. Only the most shrewd auction houses will make it in these tough economic times and they will have to change their policies or shut the doors. A friend of mine recently sent a Abraham Lincoln autographed book which had several other sought after auotgraphs in it to auction at Pa Onsite and it sold for 33,000, he was paid within 7 working days. |
#70
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More bad news for Mastro
Posted By: boxingcardman
As I count it, 45 days from December 8th is January 22nd. 45 days from December 18, 2008 was February 2nd. It is now February 15th and the consignors haven't seen their money yet. Mastro broke its own contractual term. All the rest is obfuscation. If Mastro was actually holding and accruing the proceeds for consignors, it could have covered the mistaken checks. Face reality, folks: Mastro uses your proceeds as a short term, interest-free loan. |
#71
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More bad news for Mastro
Posted By: Fred C
Barry, |
#72
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More bad news for Mastro
Posted By: Jerry Spillman
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#73
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More bad news for Mastro
Posted By: LetsGoBucs
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#74
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More bad news for Mastro
Posted By: barrysloate
Fred- the majority of bidders in every auction are really good, as they want to get their winnings as soon as possible. I would say that the heaviest days of getting checks are 5-7 days after the close of the auction. Part of that is my getting the invoices out quickly, which I usually do the day after it closes. |
#75
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More bad news for Mastro
Posted By: Jeff Lichtman
"I hadn't had a reneger in several years." |
#76
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More bad news for Mastro
Posted By: Matt
"I have no more auctions planned and I'm not sure I will be doing any more." |
#77
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More bad news for Mastro
Posted By: barrysloate
I hear you Jeff...fact is I can go years with every lot being paid for, so when I hear about all these lots that set world records but were never paid for, I have to wrinkle an eyebrow too. That's what you get in an unregulated business. |
#78
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More bad news for Mastro
Posted By: Fred C
Barry, |
#79
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More bad news for Mastro
Posted By: barrysloate
Thanks Fred. I always said my catalogs make excellent bookmarks for REA's or Mastro's much larger ones. |
#80
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More bad news for Mastro
Posted By: Bruce Dorskind
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#81
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More bad news for Mastro
Posted By: barrysloate
Thanks Bruce. |
#82
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More bad news for Mastro
Posted By: marshall barkman
Were you two guys like lovers in a previous life? Talk about overkill. One thing i know to be fact is that people will buy cards at a auction house and then immediatly put them on e-bay or another auction to make money. I saw several of my cards sold while i waited for my consignor check. |
#83
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More bad news for Mastro
Posted By: leon
Your last comment towards Barry was uncalled for. He was only thanking Bruce for a compliment. I hope no one compliments me, or else, according to you, I might have to do unnatural acts with them? |
#84
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More bad news for Mastro
Posted By: barrysloate
It's okay Leon- Marshall's erratic behavior and inappropriate comments are well known by now...water off a duck's back. |
#85
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More bad news for Mastro
Posted By: Jeff Lichtman
Two thoughts: |
#86
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More bad news for Mastro
Posted By: leon
I don't even.....well, never mind. |
#87
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More bad news for Mastro
Posted By: marshall barkman
Leon...i was just kidding around. Barry i meant no harm to you and everyone knows who you are and what you stand for. I just found Bruce's post sappy so i should have just said that. One thing is for sure is that when my cards were sold at Milehigh before i got paid the cards were for sale elsewhere and i will leave it at that. Here is a prime example of what kind of activity takes place at auction houses. |
#88
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More bad news for Mastro
Posted By: leon
no prob.... AND I agree the smoke and mirrors approach sucks. I probably shouldn't say this because I run an auction....but I don't like the fact that any auction house employees can bid in their own auctions. That's just my personal opinion. regards |
#89
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More bad news for Mastro
Posted By: Rob D.
What would be the harm in a law that would prevent the two or three major auction houses from getting the best consignments? Maybe they could be limited to having only so many items valued at $15,000 or more in an auction, and the rest of the high-profile items could be redistibuted to smaller auction houses, who would then auction them. |
#90
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More bad news for Mastro
Posted By: marshall barkman
I went to a auction the other day where the family was bidding against the public and also the auctioneer bid on several items. I thought to myself what in the hell is going here? So i thought you know this is just not right so everytime the auctioneer started to bid on a item instead of holding up my bid card i just yelled out yeah loud for the next bid, when the item got near the market value i dumped it on him. After three pieces of that going on he stopped bidding (lol). |
#91
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More bad news for Mastro
Posted By: barrysloate
Hard to believe an auctioneer would actually say that to an active bidder. Live auctions really have some funky stuff going on. Part of the problem is everything moves so quickly, and most improprieties won't get noticed. Before you can blink you have to focus on the next lot on the block. |
#92
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More bad news for Mastro
Posted By: marshall barkman
I think the problem with auction house shilling and things of that nature are simple. Everyone knows who the whales are what they buy, also when you see a card that three or four people need to bump their set registry average then that is when someone can be hammered. I only bid at live auctions where i can see what is going on and i never bid against a left bid,phone bid or internet bid. If you look at the above advertisemnt for Mears auction the first bullet point is No Shill Bidding! |
#93
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More bad news for Mastro
Posted By: Jeff Lichtman
Marshall, fraud is obviously rampant in auction houses in general -- and in any unregulated business. As I've been crying about for years, in certain auction houses it's patently clear that items are run up by the house. I think if you cut off all ten fingers of certain acutioneers they'd use their toes to press that button on the computer to run up a price. You cut off their toes, they'd use their noses -- which are appropriately long enough to do the job due to all the lying they've done when loudly and publicly proclaiming that their auctions are clean. |
#94
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More bad news for Mastro
Posted By: marshall barkman
I'm getting ready to head to a auction today and this place just cracks me up. As soon as i hit the door this gal will spot me and start pointing out where all the rare items are in the sale-as if i could not find them myself- i already know that consignors put things in the sale hoping that myself and a few others will get into bidding wars on them. The last sale i just sat motionless as a painting sold for way under the money and there was so much tension it was sickening. The auctioneer looked my way several times while selling the painting and i just kept reading the Racing Form. Also everytime i bid on items people will bid against me because they feel the piece must be valueable which can get old. Now what i do is just have this old man that i know bid for me and i give him a few Yankee cards for doing it. He is 82 years old and just breathes pinstripes so for him to have a card of Whitey Ford or any other Yankee is heaven. |
#95
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More bad news for Mastro
Posted By: marshall barkman
Jeff you are cracking me up today. Let me say that there is about 20 auction houses within a 40 mile radious of where i live. Every one of those auction houses is unethical in some way or form. This one auctioneer before every sale starts out with bible versus and praising Jesus, he then states that the proceeds will help God's will and the family. The guy is such a con artist that it is sickening but i love the action and have gotten some bargains at his auction house. |
#96
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More bad news for Mastro
Posted By: Jim VB
"This one auctioneer before every sale starts out with bible versus and praising Jesus, he then states that the proceeds will help God's will and the family." |
#97
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More bad news for Mastro
Posted By: Alan
You mean that auctioneer is not Jewish ? |
#98
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More bad news for Mastro
Posted By: marshall barkman
Let's just say he did not start the day with bagels and cream cheese. |
#99
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More bad news for Mastro
Posted By: barrysloate
It's also been pointed out that when an ebay seller includes "god bless" in his item description, you know right there he is a con man. |
#100
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More bad news for Mastro
Posted By: Dan Bretta
Marshall, I know firsthand some of the complaints you are talking about with local auctions. I used to collect coins and would attend a regular coin auction. They had a guy who would bid the first bid on nearly every single lot and he made sure that gold/silver never went for less than the market value. I found out later that this guy had a gig on the radio with one of the auctioneers appraising items for callers...I saw a story on them in the newspaper. My brother was a much bigger buyer at local auctions than me...I generally only bid on items that I collect (Baseball)..but it got to the point that people would bid against him just because they figured it had to be worth something if he was bidding. I also have had occasion where someone would bid me up just because I was bidding on something so I started bidding on a few items I didn't really care for and then stuck them with it. |
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