More bad news for Mastro

[Archive]

Posted By: barrysloate

Fred- the majority of bidders in every auction are really good, as they want to get their winnings as soon as possible. I would say that the heaviest days of getting checks are 5-7 days after the close of the auction. Part of that is my getting the invoices out quickly, which I usually do the day after it closes.

I would say by the two week point 90% of the payments are in. But I have never conducted an auction where everyone has paid by then. And then I begin the most arduous task of all, calling up the late payers and letting them know they are late and I need to pay consignors. The last two or three checks can easily arrive at the three week point or later.

I hadn't had a reneger in several years, but in the last auction I did, and he was a real jerk. The lot was all of $250 and he bugged me after he won it to send him scans of all twenty cards (which I refused), then stiffed me for the cash. He's now banned, and I found out shortly thereafter that he had recently been banned from another auction.

All that said, I have no more auctions planned and I'm not sure I will be doing any more. But you never know.