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Fred CI've got to agree with Jeff on this. Once the lot is paid for (and payment is clear) then the auction house should pay the consignor. There will be consignors that have multiple lots sold. In those cases at least get a good portion of the payments out and then the auction house can make a second payment after the late payers finally come through.
It's like an act of good faith on the auction house to get the consignor some cash ASAP. Then there are those like me who don't mind waiting 30-45 days for payment. I figure the money's gonna get to me because I'd only consign with the auction houses that I trust.
Perhaps somone with auction house experience can comment on their experiences. Do most bidders pay within two weeks? What percentage is paid within two, three and four week periods? What percentage of auctions have deadbeat bidders?
02-15-2009, 05:46 PM
More bad news for Mastro
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