Consignment Checks - REA Goldin Lelands (SCP Auctions added 12/7)
 

Well the clock is ticking......I consigned to Goldin and REA, which consignment check will come first?

Now I know, unfortunately from past experience, that it sometimes depends on when the buyer pays before the auction house releases the check. So this may not be an exact science.

But should be interesting none the less whose check gets to me 1st.

If any other consignors consigned to both, and we can even throw in Lelands as they too ended over the weekend, and see which Auction House pays off the quickest.

Hey Paul
Interesting experiment. Good luck. I should mention that it is going to be hard to be private if any member puts info out here ( in other words a full name will be needed). Otherwise, have fun :)....

In the past REA has been VERY speedy......

not sure about you but when i net a loss on a consignment i not look forward to the check. If i net major money, i check the mailbox daily

and the winner is....
 

only 5 days after the auction ended WOW!!!!!

told ya

you were correct sir....



......anyone else gets theirs from REA, Goldin or Lelands, feel free to post. I'll post when my Goldin one comes.

I know of one Auction House where its a month to a month and a half before you get the check. That's just too long. I think within 2 weeks is perfect.

Alas, not today but I have no doubts about Brian and team......

I had 59 lots in REA SO I can see it taking longer.

Wouldn't be a shock if a auction house saw this thread and made sure to send the check out quicker to sort of promote fast consignor payments. Because isn't REA one of the auction houses not to accept credit cards. So that buyer must have overnight their payment.

But pretty cool to get it after only 5 days.

Brock, your comment made me curious so I dug through my records, and had to check the time it took when I consigned in the Spring auction, got the check 6 days later. So here 5, in the Spring 6, so needless to say fffffffast!!!

Would you mind posting or PM'ing me which auction house took a month to get the check out? I'm curious because I'm currently trying to decide on an auction house to consign some items with and any auction house that takes over a month to mail the check will be eliminated from contention...

PM
 

sent

It would be an interesting poll to list the top 15 auction houses and their time to pay consignors. I think I know which one would be close to the bottom.

I seriously doubt that REA received payment on that consignment yet (although I guess it could definitely be possible, especially if the payment were wired). I'm guessing that either the total value of the consignments was relatively small and/or that the winners were very trusted buyers who have a long history of excellent payment history with REA. Or those winners have consignments at REA already which REA can use as collateral or something similar.

Spoken like a true anonymous person.

I have only ever consigned with one auction house. REA. I don't recall how quickly I received payment, but I do recall being shocked at how quickly the check came.

I got my check yesterday so that was the fastest i ever got a consignment check after an auction end. Thats the good part, the bad part was not getting any piece of the buyers premium (consigned about 10k worth) which resulted in a net loss on the consignment where i had private offers that would of totaled more (so had a realistic chance of making a profit ).

Jake, how is that a bad part about the BP??? Were you told or was it in your consignment agreement that you would receive this?? I ask because every time I've consigned I have to sign a legal agreement and I've never seen that. If the AH didn't agree to it, it can't be a bad thing if you got what your agreement states you were entitled to.

Greg

Is that right you could have agreed with them to get part of the buyer's premium. I've never heard of that

Alright - I've never consigned before... can anyone help with a snapshot of what you get based on the sale for Goldin, Heritage, REA etc? Do they take a percentage of the sale? First timer over here that is wondering what options look like beyond ebay and the 10% fee. Thanks!

This is not in stone but a general guideline from my experience with Auction Houses.

If you items will go in the 100's, you will give them 15-20% of the final bid (whatever their consignment fee states), plus they get the entire buyers premium.

If your items are in the low 1000's, you can negotiate a 5%-10% consignment fee, again they get the entire BP too.

If your item goes in the 5K-50K range you definitely can get a 0% consignment fee and they make their dough off the BP.

If you have 100K and up, it's a 0% consignment fee and you can even get a piece of the BP at that point, not sure if 1, 2, or 3% - bring your Scott Boras skills to the table.

If you can't get what you want you try the next auction house and then the next. There are at least 10 good ones out there if not more. Just like playing GM in baseball, eventually you will find a team that will make the trade you want.

Mine was 0,5 10 and 15%. 15 being anything under 500

Kevin, that's really good (and good info), did you have just a couple items or several?

Many, many of the smaller AH's charge 0% on nearly everything.

Also you can get paid as quick or quicker. I paid everyone on or before the 2nd Monday after the auction(2 weeks).

Scott

I had 59 lots total.

I just discovered which auction house pays out consigners 35 days post auction :eek:

Unfortunately, it's more than a few.

Couple of things to consider.

Very few large auction houses outside of sports cards(coins, stamps, antiques, etc) pay less than 45 days, it will be in nearly every consignor agreement.

AND, sadly not all bidders pay in a timely manner to facilitate lighting fast payouts. My last last auction ended thirty-one days ago and there are still unpaid invoices(99.9% of them normally get paid), some people are just habitually slow payers, which can jam up the works for everyone, unless the AH is well capitalized.

I've not consigned anything particularly big lately but have in the past. When I did then it was with REA or with Mastro and I generally paid about 5% commission. That was also during the period of about 12-15% buyer's premium, so the net effect I think is that now, with mostly 20%+ buyer's premium, they can offer more zero commission deals out there--especially on nice individual items or larger consignments of multiple items like Kevin's. I know I've seen Al from Love of the Game auctions (and others) offer above 100% of the price realized for items of particular nature that are consigned at a particular time. That's obviously to incent people to consign more and consign items of a highly competitive nature like Mantle rookies, Ruth auto balls, complete sets, etc. I think Paul's advice of negotiate the best deal you can is spot on. You can always come down on your demands but if you set a low floor on your expectations, it's tough to go up.

And always do what you think is best in dealing with your goods. While these people are mostly reputable, I do believe they not only work for YOU as the consignor but they are also working for and with the buyers and you may have different goals for your collection than a potential buyer. You want to maximize the value of your consignment and the buyer wants to minimize payout. The auctioneer is going to win either way but gets the best payout when they can maximize the results while being sure the lot gets sold.

You get what you negotiate... ;)

yes like greg bussineu gives you 5% back of the buyer premium if you consign early enough.

And yes, i dont blame any particular AH for not giving back any buyers premium, a deal is a deal. All i was saying was the prices realized were regrettable and resulted in my net losses being mostly from the BP. If could go back in time after knowing the results, i would of resorted to private deals for the particular cards at issue. Again, not saying the BP was unfair in any way....thanks

nicely phrased
 

Mr. Tom

received my Goldin consignment check today, so just under 3 weeks for them.....like it!!!!


Anyone consign to Lelands, just curious if they are under a month too.

Mine is coming this week REA, 3 WEEKS, 59 LOTS.I asked for them to wait a week though.

I'm still waiting for REA, but have no doubt it will arrive soon :)

yes, I consigned to Leland's. Still waiting. :(

REA CHECK arrived today.

My REA check arrived last Saturday. I was very impressed with the fast timing and a couple of favorable adjustments they made for me. Brian and crew went above and beyond the call of duty for my consignments.

REA is the "Gold Standard" as far as I'm concerned. :D

+1000 👍👍

I received my Leland's check over the weekend. So it took about a month, I guess. I wasn't in a huge hurry for the money, and my wife will make it disappear quickly enough Christmas shopping. So the timing's decent. :) The experience was good overall. They were friendly, answered my questions/e-mails very quickly and they're convenient for me (I live on Long Island). I was consigning a stadium chair so not having to ship the thing was a big plus. Anyway, I'm pleased with their service.

I recently have had problems with SCP Auctions, so due to their poor customer service I'm dropping them.

Emailed them about consigning an item, valued at approx a grand. Never heard back from them after their initial reply asking for some information about the item, which I gave them. Then crickets.

So month or 2 later decided to give them another chance, different item, exact same thing, guy replies asking for info. I supply it. I send a follow up asking a question. No reply to that. I send another email asking yes/no? Nothing back.

Just terrible Customer Service at SCP.

Went to another of the bigger auctions houses, as there really are 5,6, 7 very good ones in terms of results. They took the item gladly.

And again I have consign failry regularly to REA, MEARS, Goldin, Heritage, Huggins & Scott, and Gray Flannel. I need to get Hunt in my rotation as well, they seem to have great results too. They will replace SCP.

I just discovered which auction house has not paid me yet and it is 48 days after the auction has ended. Despite me sending an unanswered e mail and then a phone call which when answered promised me "check will be in the mail on Monday." You all know the AH well.
:eek::eek::mad:
Day 49 - my check arrived.

I have an item consigned at Heritage that is ending tonight. What is usually the timetable of receiving my consignor's check? Thanks!

I've consigned to Heritage May one before, you will get it mid to end of June.

Day 61 for me and no check yet......

Wow....that's a long time. I wouldn't be happy, especially if they have not at least advised there is a delay, say to a late paying buyer, but if not, then that's just poor customer service.

They can't pay unless they get paid. Makes sense right? Aholes like me are lazy and like to hold on to their cash. Not purposely but sending a ck is a pain in the ass. If they would accept paypal gift, or echeck.. that would speed up the process. #Ihavenothadackbookforyears

Well, my friend, the AH I am referring in mine accepts PayPal.....:)

Well I consigned to REA since I read all these posts saying how quick they pay. Auction ended on 10/30/17 and I got my check for 2 items today 14 days later. Probably would have been Saturday if not for the Holiday. Not too bad.