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Old 09-06-2017, 01:32 PM
Shoeless Moe Shoeless Moe is offline
Paul Gruszka
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Default Attn Consignors to Auction Houses

I know this has been brought up before, but for those of you who consign to auction houses what do you feel is an acceptable amount of time from the time the auction ends to the time your receive your consignment check?

I've gotten them from REA in as little as a week to 2 weeks after it ended which I know is the exception to the rule.

Goldin, MEARS, Hunt & SCP usually take one month from the time it ends.

I actually have stopped using Heritage because it was 2 months and I feel that is way too long.
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Old 09-06-2017, 03:19 PM
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Snapolit1 Snapolit1 is online now
Ste.ve Na.polit.ano
 
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2 months? Cripes, that's ridiculous. I just scratched them off my list.

I think anything more than a month is ridiculous. While I realize on high ticket items the AH may be waiting to get paid too, but all that should be wrapped up within a month.

Love the fact that auction houses that send you an invoice the next day saying due IMMEDIATELY take months to pay the people who make their business run.
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Old 09-06-2017, 05:52 PM
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gnaz01 gnaz01 is offline
Gr3g N@z@r3th
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Quote:
Originally Posted by Shoeless Moe View Post
I know this has been brought up before, but for those of you who consign to auction houses what do you feel is an acceptable amount of time from the time the auction ends to the time your receive your consignment check?

I've gotten them from REA in as little as a week to 2 weeks after it ended which I know is the exception to the rule.

Goldin, MEARS, Hunt & SCP usually take one month from the time it ends.

I actually have stopped using Heritage because it was 2 months and I feel that is way too long.
How's 90 days??
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Old 09-06-2017, 06:20 PM
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Greg Schwartz
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Quote:
Originally Posted by Shoeless Moe View Post
I actually have stopped using Heritage because it was 2 months and I feel that is way too long.
Ridiculous. They charge interest to buyers who need time to pay presumably because they are advancing money to consignors making them whole. Guess not. Guess when you are that big you can do whatever ya want.
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The market is not correcting that was a pretty lo-end example. Had a stain on back and very poor focus and centering plus historically, prices tend to dip before the National.
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Old 09-06-2017, 08:33 PM
keithsky keithsky is offline
keith janosky
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wow.

Last edited by keithsky; 09-07-2017 at 09:20 AM.
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Old 09-06-2017, 09:38 PM
Shoeless Moe Shoeless Moe is offline
Paul Gruszka
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Originally Posted by gnaz01 View Post
How's 90 days??
Heritage 90 days or someone else? Brutal
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Old 09-06-2017, 09:42 PM
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Heritage 90 days or someone else? Brutal
Someone else.....
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Old 09-07-2017, 03:37 PM
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Peter Calderon
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Default Heritage

I’d like to set the record straight regarding the settlement period for Heritage. The settlement checks for Heritage consignors mail out 45 days from the close of the auction. That is, and always has been, the term of our consignment agreements.

It sounds great to say people have to pay fast so in turn consignors get paid fast but consignors get a lot for the wait. Giving buyers a longer time to pay, and more options to pay, often encourages them to spend a little more. In addition to standard payment methods, Heritage accepts payments by eCheck, credit cards (up to $2,500) and PayPal (up to $2,500). We also offer extended payment terms for qualified buyers. While the hobby’s widest options for payment do have the effect of a slightly longer settlement period, we have always found that consignors believe the benefits of these terms outweigh the wait. Consignors also have the option to set up a wire transfer directly to their bank account on settlement day.

We realize that some smaller auction firms do advertise shorter settlement periods, but we have always considered the financial return of our consignors to be the most important factor to take into consideration. In addition, many of our consignors take solace in the fact that I am told Heritage has never been late on a auction settlement date in our 40+ year history.

If anyone has any other questions, please feel free to email me.

Peter
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Old 09-07-2017, 04:00 PM
Shoeless Moe Shoeless Moe is offline
Paul Gruszka
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I don't know, your rules say must pay within 7 days, but checks go out in 45 days. Sure is a long time in between.

I understand the old days when banks paid interest then I could see you guys waiting those 38 days before sending payment, make yourself a nice little chunk of change on the interest, but nowadays........just send it out quicker.

You guys have the technology to get it out a little quicker. Just my 2 cents. For the super patient who can wait about 2 months for payment you are not kidding Heritage always gets strong prices. That I would and could not dispute.
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Old 09-07-2017, 04:06 PM
Shoeless Moe Shoeless Moe is offline
Paul Gruszka
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and...........2 months may not sound like a lot to some, but you need to take in account first the consignor sends their item in 2 months (give or take) before the auction starts, then the auction could run for almost a month. Then another 2 months before paid.

You could be talking almost 1/2 of a year (6 months), the whole process.

Thus, the back-end thus needs to be shortened.
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