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

[notfast]

There is no way that diner receipt looking piece of paper with scribble on it is what a company uses for a 6 figure consignment contract….right?

[BobbyStrawberry]

Originally Posted by notfast

There is no way that diner receipt looking piece of paper with scribble on it is what a company uses for a 6 figure consignment contract….right?

Sure looks like it.

[notfast]

So we have 3 options here. I think…

Consignor gets one of these:

• 60% of hammer and 60% of buyers premium
  
• 60% of total sale price (hammer + BP) same as above
  
• 60% of hammer

All of these are horrible for the consignor but with a $15k cash advance I could see them being valid unfortunately.

[Mark17]

Originally Posted by notfast

So we have 3 options here. I think…

Consignor gets one of these:

• 60% of hammer and 60% of buyers premium
  
• 60% of total sale price (hammer + BP) same as above
  
• 60% of hammer

All of these are horrible for the consignor but with a $15k cash advance I could see them being valid unfortunately.

Points 1 and 2 are the same thing. Point 3, plus the email clarification Leon shared, becomes the same as points 1 and 2. Conclusion: it's a straight 60-40 split with no additional costs assigned to seller.

I'm not a lawyer, and I don't play one on TV or Net54, but my guess is the $15,000 cash advance is something auction houses like to do, to seal the contract. In other words, I think the willing exchange of cash makes a contract more binding.

Lawyers, please correct me if I'm wrong.

[gregndodgers]

It may be possible to void or rescind any contract. It depends on the circumstances. On the one hand is an older gentleman with a severe medical problem. On the other, we have a very sophisticated auction house who negotiates these contract a lot. Hmmmm.

[Vintage Vern]

Do they have any termination clause listed?

[jayshum]

It looks like the date on the contract is November 30, 2024. The OP didn't say when he talked to Steve about trying to renegotiate the terms, but if it's already been 2 months, I would think that a fair amount of time has already been spent working on the consigned items. Even if the contract was somehow broken, I would expect the auction house would have to be compensated for any work already done.

[gregndodgers]

If consignor raised the issue early enough, consignee may be out of luck even if they did some work.

[rand1com]

Originally Posted by jayshum

It looks like the date on the contract is November 30, 2024. The OP didn't say when he talked to Steve about trying to renegotiate the terms, but if it's already been 2 months, I would think that a fair amount of time has already been spent working on the consigned items. Even if the contract was somehow broken, I would expect the auction house would have to be compensated for any work already done.

The OP also has had a $15K advance against his eventual take for over two months.

[sflayank]

In response to the comment
If the consignor is getting 60% of the total
That's. Okay,?...wow...the auction house taking 40%
He might as well bring his cards to a loan shark
Extra work?...,isn't that the JOB of the auction house
To organize, take pictures etc
Geez