Consignment Checks - REA Goldin Lelands (SCP Auctions added 12/7)

[ruth-gehrig]

I just discovered which auction house pays out consigners 35 days post auction

[perezfan]

Originally Posted by ruth-gehrig

I just discovered which auction house pays out consigners 35 days post auction

Unfortunately, it's more than a few.

[sb1]

Couple of things to consider.

Very few large auction houses outside of sports cards(coins, stamps, antiques, etc) pay less than 45 days, it will be in nearly every consignor agreement.

AND, sadly not all bidders pay in a timely manner to facilitate lighting fast payouts. My last last auction ended thirty-one days ago and there are still unpaid invoices(99.9% of them normally get paid), some people are just habitually slow payers, which can jam up the works for everyone, unless the AH is well capitalized.

[autograf]

I've not consigned anything particularly big lately but have in the past. When I did then it was with REA or with Mastro and I generally paid about 5% commission. That was also during the period of about 12-15% buyer's premium, so the net effect I think is that now, with mostly 20%+ buyer's premium, they can offer more zero commission deals out there--especially on nice individual items or larger consignments of multiple items like Kevin's. I know I've seen Al from Love of the Game auctions (and others) offer above 100% of the price realized for items of particular nature that are consigned at a particular time. That's obviously to incent people to consign more and consign items of a highly competitive nature like Mantle rookies, Ruth auto balls, complete sets, etc. I think Paul's advice of negotiate the best deal you can is spot on. You can always come down on your demands but if you set a low floor on your expectations, it's tough to go up.

And always do what you think is best in dealing with your goods. While these people are mostly reputable, I do believe they not only work for YOU as the consignor but they are also working for and with the buyers and you may have different goals for your collection than a potential buyer. You want to maximize the value of your consignment and the buyer wants to minimize payout. The auctioneer is going to win either way but gets the best payout when they can maximize the results while being sure the lot gets sold.

[RichardSimon]

Originally Posted by ruth-gehrig

I just discovered which auction house pays out consigners 35 days post auction

I just discovered which auction house has not paid me yet and it is 48 days after the auction has ended. Despite me sending an unanswered e mail and then a phone call which when answered promised me "check will be in the mail on Monday." You all know the AH well.

Day 49 - my check arrived.

[Buckeye2015]

I have an item consigned at Heritage that is ending tonight. What is usually the timetable of receiving my consignor's check? Thanks!

[Shoeless Moe]

I've consigned to Heritage May one before, you will get it mid to end of June.

[gnaz01]

Originally Posted by RichardSimon

I just discovered which auction house has not paid me yet and it is 48 days after the auction has ended. Despite me sending an unanswered e mail and then a phone call which when answered promised me "check will be in the mail on Monday." You all know the AH well.

Day 49 - my check arrived.

Day 61 for me and no check yet......

[Shoeless Moe]

Originally Posted by gnaz01

Day 61 for me and no check yet......

Wow....that's a long time. I wouldn't be happy, especially if they have not at least advised there is a delay, say to a late paying buyer, but if not, then that's just poor customer service.