Goldin Auction, thx for the quick check!

[Aquarian Sports Cards]

Originally Posted by Tabe

If getting paid in a month is "fast", what is standard for auction houses?

Getting paid in a month is quite fast yes. How long do you think it takes an auction house to collect all the funds that have to be dispersed?

[sb1]

Most AH's pay out in 30 days or less, I would say that is the standard. My small auction pays out the second Monday after the auction(16 days) or before.

[Casey2296]

Originally Posted by Aquarian Sports Cards

Getting paid in a month is quite fast yes. How long do you think it takes an auction house to collect all the funds that have to be dispersed?

The solution is to spend more at the Auction than you receive from your consignments, that way you'll never worry about getting a check...

[chriskim]

Originally Posted by Casey2296

The solution is to spend more at the Auction than you receive from your consignments, that way you'll never worry about getting a check...

I did thought about this might work.... but what about the buyer who won your consignment didn't pay and u rely on that consignment money to pay for what u won?? U will end up in a deep hole even though I am sure you can work out a deal with the AH.

[Aquarian Sports Cards]

Originally Posted by Casey2296

The solution is to spend more at the Auction than you receive from your consignments, that way you'll never worry about getting a check...

You sir, are a genius!

[Tabe]

Originally Posted by Aquarian Sports Cards

Getting paid in a month is quite fast yes. How long do you think it takes an auction house to collect all the funds that have to be dispersed?

I would think 7-14 days, tops, would be a reasonable expectation for you (the AH) to get paid. In this era of electronic transactions, waiting weeks for a paper check to be delivered and then more time for it to clear would seem to be antiquated.

[notfast]

Originally Posted by Tabe

I would think 7-14 days, tops, would be a reasonable expectation for you (the AH) to get paid. In this era of electronic transactions, waiting weeks for a paper check to be delivered and then more time for it to clear would seem to be antiquated.

Agreed.

AH are requiring payments in 10 days. Why should it take two more weeks to issue payments to consignors?

[Orioles1954]

Many many many bidders (dozens, if not hundreds) take over a month to pay. An AH could ban them but what if they are taking over a month to pay and spend well over six figures on several lots? Happens all of the time.

[Tabe]

Originally Posted by Orioles1954

Many many many bidders (dozens, if not hundreds) take over a month to pay. An AH could ban them but what if they are taking over a month to pay and spend well over six figures on several lots? Happens all of the time.

If you require a payment method be on file prior to bidding, this becomes a non-issue.

[Casey2296]

Originally Posted by Tabe

If you require a payment method be on file prior to bidding, this becomes a non-issue.

Have you seen the payment options? Personal or cashiers check or wire. I'm not sure why this is even an issue, AH's aren't eBay and there's nuance to maintaining a balance between the people that spend a lot of money with you, sometimes when they've had a few during bidding, and attracting consigners trying to maximize their hammer price. I had a consignment in the latest LOTG and he got me more than I expected in return. I also know that he and his family were probably up for 20 hours on auction night. So when I see morning after comments like "did you get your invoice yet" I just shake my head. Am I worried about getting a check right away? No. Not only do I trust Al and his family but I'm empathetic to how hard they work. I'll get my check when I get my check, and consign with them again. Like my Dad taught me "read the room before you open your mouth". By no means is this directed at you just a general ramble.

[Tabe]

Originally Posted by Casey2296

Have you seen the payment options? Personal or cashiers check or wire.

Have you seen the terms? Scott requires payment one week after invoice.

Originally Posted by Casey2296

I'm not sure why this is even an issue

I didn't say it WAS an issue. I asked if a month was actually fast. Other people agreed with me that a month, or even faster, is "normal". All I did was ask a question. I then laid out my expectation that AHs would get paid in less than 2 weeks - a week LONGER than Scott expects payment.

Originally Posted by Casey2296

AH's aren't eBay

Didn't say they were. That said, it is 2021 and electronic payments seem like they should be the absolute norm with the paper or cashier check that takes more than a day or two to arrive being the really, really extreme rarity.

[Aquarian Sports Cards]

Originally Posted by Tabe

I would think 7-14 days, tops, would be a reasonable expectation for you (the AH) to get paid. In this era of electronic transactions, waiting weeks for a paper check to be delivered and then more time for it to clear would seem to be antiquated.

Sounds great, but trust me there are still people who insist on doing business the old-fashioned way. It's not in my consignor's best interests to turn those people away. It's a balancing act to be sure.