SUBJECT: BEWARE Steve Verkman, Keith Vari, Leland’s, Clean Sweep & Paragon auctions

[rand1com]

Originally Posted by tiger8mush

I'd agree if it weren't for the 16% interest rate.

Sorry, but I have a hard time believing a multimillion dollar auction house is trying to squeeze $200/month out of a consignor until $15K comes through the auction process to cover the advance when they expect to get a $40K take in the end if indeed the consignment is worth at least 6 figures.

Could be the conflict got out of hand and both sides have dug in but the pittance of $200 a month makes no sense although I assume it could be true.

[raulus]

Originally Posted by rand1com

Sorry, but I have a hard time believing a multimillion dollar auction house is trying to squeeze $200/month out of a consignor until $15K comes through the auction process to cover the advance when they expect to get a $40K take in the end if indeed the consignment is worth at least 6 figures.

Could be the conflict got out of hand and both sides have dug in but the pittance of $200 a month makes no sense although I assume it could be true.

I’m also unfamiliar with how these arrangements work, so I’ll speculate wildly based on my general experience in analogous situations from my professional life.

But having said that, I don’t get why they would be hassling him about the interest now. Just tack it onto the amounts you deduct from the 60% paid to the consignor. Seems a lot easier to just wait until the items sell, collect the payments from the winners, and then net the advance plus interest out of the amount you pay to the consignor. Shaking down the consignor for a few hundred bucks in interest now seems like an exercise in futility.