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  #1  
Old 02-05-2025, 07:21 PM
rand1com rand1com is online now
R@ndy Hart.soe
 
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Quote:
Originally Posted by jayshum View Post
Is it standard practice to charge interest on an advance from an auction house?
Advances are popular for big ticket items as they may help bring in the consignment with all other things being equal.

I have gotten them in the past from multiple auction houses and have never paid any interest.

The advance is simply deducted from the consignor's final earnings at auction end.

Obviously, if the proceeds do not cover the advance, the uncovered advance must be returned to the auction house which rarely happens.
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Old 02-05-2025, 07:43 PM
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egri egri is offline
Sco.tt Mar.cus
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Is 16% a reasonable rate of interest for an advance? I could probably go to the bank and get a personal loan with a lower rate.
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