Consignor's check

[anchorednw]

Does anyone know what is the norm or standard for most AH's on issuing consignor checks? Then specifically any knowledge about LOTG?

I ask because one promised assumed date has led to another and then emails don't get answered regarding the subject.

I won't say all is bad or good, but my first major consignment to an AH has led me to feel the need to post an in-depth review here soon. Maybe it's common knowledge among old heads and those who have worked the AH's on consignments plenty in the past, however I think something could be gained from an in-depth review or review thread.

[bnorth]

Originally Posted by anchorednw

Does anyone know what is the norm or standard for most AH's on issuing consignor checks? Then specifically any knowledge about LOTG?

I ask because one promised date has led to another and then emails don't get answered regarding the subject.

I won't say all is bad or good, but my first major consignment to an AH has led me to feel the need to post an in-depth review here soon. Maybe it's common knowledge among old heads and those who have worked the AH's on consignments plenty in the past, however I think something could be gained from an in-depth review or review thread.

I will say a persons first major consignment to an AH is a learning experience.

[perezfan]

Typically takes about 30 days for most auction houses. Some a bit less; some more. With regard to LOTG, I head that their consignor checks should go out next week. Patience is a virtue.

[Lucas00]

Currently waiting on my first auction consignment check ever as well. It's been nearly 7 weeks but I was told in advance they generally took a while. So if anything I'm only very slightly annoyed at this point.

[Snapolit1]

30 days about customary.

7 weeks?????

[calvindog]

7 weeks seems nuts.

[sb1]

I pay in 2 weeks can't, speak for others...

https://www.brockelmanauctions.com

[Musashi]

What does your contract say?

[Lorewalker]

I think 30 days is a reasonable amount of time. It also can depend on the liquidity of the house. Most of us pay asap so we can get our stuff as fast as possible however I would imagine that some people may not be as great at paying their bills timely as others. Bidding under the influence (of stupidity, giddiness, or their drink of choice) does compromise one's ability to pay timely. I think the US has over 1 trillion in consumer credit card debt so spending beyond our means seems acceptable...I am not part of that group, thankfully.

[anchorednw]

Please let me clarify that no explicit promises were made by LOTG, but simply implications from LOTG as to when checks would go out that sort of evolved into being later than what was originally told. Again, my aim is not giving a negative review of LOTG, but to ask others their experiences, the norms, an what to expect as this was my first larger consignment. A full review of my first consignment will be coming following the completion of this, my first consignment.

[philliesfan]

I am waiting for my first ever consignor check as well. I consigned to REA when I dropped off two cards in March at the Oaks, PA. show for their March Encore auction. At the time, they told me it could be up to 6-8 weeks for payment but generally payment is made within 4 weeks. So I should have it any time now.

Does anyone know if you can drop off cards at their location in Chester NJ? I have a 1948 Leaf Warren Spahn PSA 5.5 just graded and a 1948 Swell Jackie Robinson Rookie PSA A for a future auction.

Thanks,
Bob

[Schlesinj]

Never mind

[ALBB]

Funny, seems when you buy something in a major auction. They want payment almost immediately

[frankbmd]

Sterling turns over their auctions quickly both in terms of shipping and consignments.

[Jewish-collector]

Sometimes you just gotta call the AH and say, "Send the _______ check"

[robinsonmantle]

My experience with Heritage has been to get paid 4-6 weeks later. In the co-signer section of both the website and app it says when the check should arrive by, when the close-out happens by, etc.

Good luck


Sent from my iPhone using Tapatalk

[cgjackson222]

The most recent LOTG consigner agreement I have (from June 2023) states "Providing LOTG has received payment from the buyer, you will be paid within forty-fve (45) days afer the closing date of the auction in which your item(s) sell."

Their last auction closed on 3/30, which was 27 days ago. Am I missing something?

[gabrinus]

I think 30 days should be reasonable...I've had some take longer...I recently consigned a few that took a while longer for the first auction but the second check came much quicker...doesn't hurt to call sometimes...if people are posting your cards on Net54 that is a sign the auction house needs to pay...Jerry

[Fred]

What is the normal time that an AH requires payments for winning lots? If it's two weeks then 30 days would seem like a reasonable amount of time for a consignors payment.

What happens if an AH gets stiffed on the winning bid or the bidder is just really late in paying? I'm guessing that could lead to delays in consignor payment.

I've never looked, but do the AHs post consignor payment information on their websites for people looking to consign with them?

[anchorednw]

LOTG has reached out to help clarify. Special thanks to those who reached out to Al to help speed along the response

My understanding was that checks would be sent out 2 weeks after the invoice date (days following auction close). That would have been last week. When in fact, what I have been told is they begin issuing checks then, but it can last up to 30 days after auction closes...so 2+ weeks of consistently sending checks, of which yours could be 1st in line, last in line or anywhere in between apparently.

My guess is that this staggered approach is largely due to a cash flow issue and not wanting hundreds of thousands of dollars in checks cashing at once in conjunction with a variety of payment that has been collected.

The "30 days" after auction close seems appropriate enough. I suppose a little more transparency in the difference between "checks going out 2 weeks after auction close/invoice date" and "checks starting to go out and continuing on as late as 30 days of auction close/invoice date." was what I was after.

Being this was my first time submitting a sizeable ($25-50K) consignment, I was eager to understand how it would all unfold.

Again, a review of my first experience will be forthcoming upon completion of this one. I am already looking toward my next consignment, where I might consign and using initial experiences to shape my future choices. More to come.

[cgjackson222]

The question has been posed about what your consignment agreement states.

[Aquarian Sports Cards]

never mind, asked an answered

[bxb]

Originally Posted by Jewish-collector

Sometimes you just gotta call the AH and say, "Send the _______ check"

Assuming they answer the phone.

[Klrdds]

Over the last several years I have consigned items varying in value from the hundreds to the high tens of thousands of dollars to 4-5 major AHs . Some of the consignments have been 1 lot and some up to 7-8 lots for that specific single auction . I have found that in all cases I have been paid within 45 days and most times within 30 days after the auction ends. I have found no difference in which AH pays faster BUT I have found that the more lots I have in an auction the longer it takes to get paid and unfortunately that makes sense since the more lots in an auction the more payers involved and the wait can be longer. I consider the wait to be the cost of doing business.

[notfast]

Man… The AH consignment process really takes a lot of time.

Obviously its very item specific but a lot of stuff isnt worth the months its takes to drop off item/get paid.

[Jay Wolt]

Originally Posted by notfast

Man… The AH consignment process really takes a lot of time.

Obviously its very item specific but a lot of stuff isnt worth the months its takes to drop off item/get paid.

In many instances, auction houses will pay a % in advance
W/ the REA auction that ended last weekend, I rec'd $$$ months ago on my lots

[anchorednw]

*Update* I did receive an email this morning that my check is being shipped and a statement of my consignment and breakdown of commission/fees for al my items sold.

There was one error with a miscalculation of one larger item with an agreed upon higher commission (in contract) that failed to pay me the agreed upon amount, so unfortunately this isn't quite the end of it yet.

[bobbyw8469]

Originally Posted by anchorednw

*Update* I did receive an email this morning that my check is being shipped and a statement of my consignment and breakdown of commission/fees for al my items sold.

There was one error with a miscalculation of one larger item with an agreed upon higher commission (in contract) that failed to pay me the agreed upon amount, so unfortunately this isn't quite the end of it yet.

Geez...what in the world?!?!?

[BRoberts]

Stay strong. Keep fighting the good fight.

[bnorth]

Originally Posted by notfast

Man… The AH consignment process really takes a lot of time.

Obviously its very item specific but a lot of stuff isnt worth the months its takes to drop off item/get paid.

It is if you don't plan on paying taxes as they do not report the sales and send out 1099s.

I can easily see it taking 45 days for the AH to payout. There is a lot of stuff that goes on between the end of auction and sending of checks. When I owned a business I noticed almost every time the ones that wanted paid instantly was also the ones took forever to pay when they owed money.

[sealmark41]

Cannot speak for others as I have never used them. I consign only to Brockelman Auctions have always had a very good response and been paid very promptly in each case. I just wish they would hold more than two per year. But not almost weekly such as some others do
Sealmark

[Casey2296]

I've consigned with Al at LOTG several times and have been extremely happy with the results. He is one of the few people in this hobby with the utmost of integrity, ask him to tell you the story about the time a consigners card dropped behind the desk and didn't show up until he moved his offices.

[Aquarian Sports Cards]

I'll admit to screwing up a consignment check occasionally and having to issue a correction. Usually on a special deal when I forget to override the default.

[oldjudge]

Brian—There is no one in the hobby more honest than Al. I feel 100% certain that you will get everything you deserve. The important question is were you happy with the realizations on your items. If you were I would continue consigning to Al. I do and have absolutely no regrets.

[anchorednw]

Originally Posted by oldjudge

Brian—There is no one in the hobby more honest than Al. I feel 100% certain that you will get everything you deserve. The important question is were you happy with the realizations on your items. If you were I would continue consigning to Al. I do and have absolutely no regrets.

Yes, I was and probably will again at some point. Again, my aim wasn't to "call out" or paint LOTG in a negative light, but to get feedback. One thing is for certain, Al is very passionate about what he's built.

[ALR-bishop]

If I checked out tomorrow my wife knows to call Al. I have complete trust in him for his honesty, fairness and professionalism

[perezfan]

Originally Posted by ALR-bishop

If I checked out tomorrow my wife knows to call Al. I have complete trust in him for his honesty, fairness and professionalism

Same here!

[Sterling Sports Auctions]

With Sterling I like to get my payments out as soon as I can so I can move on to the next auction. That being said, I try to get payments out 2-3 weeks after the end of the auction. If the consignment gets payments earlier I will get the checks out shortly after that.

Payments sometimes can get to be tricky and cause some hassles.

Overall in my almost 12 years their has been only a small % of non payers.

Lee

[Casey2296]

Originally Posted by Sterling Sports Auctions

With Sterling I like to get my payments out as soon as I can so I can move on to the next auction. That being said, I try to get payments out 2-3 weeks after the end of the auction. If the consignment gets payments earlier I will get the checks out shortly after that.

Payments sometimes can get to be tricky and cause some hassles.

Overall in my almost 12 years their has been only a small % of non payers.

Lee

There's a list in the hobby that is really not that difficult to parse if you are a member here. You, Al, Brian, Scott, etc.
Forgive me for calling out all the good guys but that's what comes to mind.

[Andy Sandler]

At www.AllSportsAuctions.com
consignor checks go out 30 days after the auction. If the consignor needs payment sooner, and has told me early enough, I have paid as soon as one week after the auction (immediately after the buyer pays).
Sincerely,
Andy Sandler andy@allsportsauctions.com (914) 388-2940

[MVSNYC]

Al (LOTG) is as solid as it gets.

[sonnyu2]

To echo others - Al runs a great honest auction company at LOTG.

Consigner payout terms are typically specified in the consigner contract and would be known to any consigner before submitting a consignment.

The most common payout terms in the auction industry are 30 to 45 days after an auction -some pay quicker, some take longer. Again, payout terms are typically specified in the contract and known before a consigner agrees to the contract. And sometimes there are caveats to the terms - non-paying bidders, delayed payment from buyers, and other unforeseen "issues" could alter the payout schedule.

And sometimes clerical errors can be made in a payout as most are automated, and any errors are typically cleared up quickly once an auction house is notified of the error.

[brunswickreeves]

Something to keep in mind is card receipt by the buyer, which depending on coast, could be several days to work through the mail system and held up over weekends sometimes.

[jayshum]

Originally Posted by brunswickreeves

Something to keep in mind is card receipt by the buyer, which depending on coast, could be several days to work through the mail system and held up over weekends sometimes.

I wouldn't think an AH would have to wait until the buyer receives something before they pay the consigner. Once the item is paid for by the buyer, if it gets lost during shipment to the buyer, that's between the AH and the buyer not the consigner.

[Yoda]

I received my LOTG consignment check yesterday. Everything adds up.

[gabrinus]

Some auction houses issue e-checks now which means the check should get to consignors quicker...not slower...Jerry

[philliesfan]

I got an email today for REA for the March Encore auction. It was an echeck. I will look at it tomorrow to see what I need to do.
Bob

[Casey2296]

Originally Posted by philliesfan

I got an email today for REA for the March Encore auction. It was an echeck. I will look at it tomorrow to see what I need to do.
Bob

The only thing you need to do is print it and deposit it, its a nice technological perk.

[LEHR]

Originally Posted by gabrinus

Some auction houses issue e-checks now which means the check should get to consignors quicker...not slower...Jerry

I love the e-checks from REA. I can print, sign, and deposit to my credit union with mobile banking right from my desk. It doesn't get any easier than that.

[philliesfan]

Casey2296 and LEHR.....thanks! I am going to print it now and deposit.
Thanks gain!
Bob