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Old 12-05-2017, 08:49 AM
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Default $5,000 minimum consignment?

Sorta OT but not really since we all will have to sell stuff some day.

I saw that Heritage was having an entertainment auction in the spring. I sent the director an email about consignment of my Academy Awards ticket collection. She responded back that the collection wasn’t worth $5000 so they could not take it. That seemed a little odd to me so I did a little checking and found that 2/3 of the lots in their June entertainment auction closed for less than $1000 so I asked why they wouldn’t take my lot for a regular auction. The response baffles me:

“It’s not what the lot sells for – I have to take in a consignment worth $5K or more from any given consignor – if you just have one piece like you do that is not worth $5,000, then sadly, I can’t consign it.”

Anyone ever heard of this before, a $5000 floor on consignment value (not single lots for a major auction but the overall value )? What if I have a $4,000 autograph, no good?

I’ve never heard of that in the sports memorabilia field.
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Last edited by Exhibitman; 12-05-2017 at 08:51 AM.
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Old 12-05-2017, 09:19 AM
bigfish bigfish is offline
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Default Heritage

Bad buisness for a variety of reasons.
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Old 12-05-2017, 09:24 AM
Orioles1954 Orioles1954 is offline
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I have a hard time believing that is their actual policy and the rep was misinformed. For the auction house I work for we usually ask that a lot has a "fighting shot" of getting to $500. Sometimes it far surpasses that number and other times it does not.

Last edited by Orioles1954; 12-05-2017 at 09:24 AM.
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Old 12-05-2017, 10:17 AM
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Seems pretty short sighted to me.
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Old 12-05-2017, 10:42 AM
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Bad buisness for a variety of reasons.
+1
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Old 12-05-2017, 11:15 AM
btcarfagno btcarfagno is offline
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Quote:
Originally Posted by Orioles1954 View Post
I have a hard time believing that is their actual policy and the rep was misinformed. For the auction house I work for we usually ask that a lot has a "fighting shot" of getting to $500. Sometimes it far surpasses that number and other times it does not.
Nope. That is their policy on the entertainment side of the house. I received a similar response to an inquiry last year and was rebuffed for the same reason. No idea why they do it that way, but they do. Their entertainment auctions are tremendous, so it must work for them.

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Old 12-05-2017, 11:51 AM
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I would like a follow-up email asking if this means that they sold all of those lots for 80% less than the price that they estimated for their consignors.

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"... 2/3 of the lots in their June entertainment auction closed for less than $1000"
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Old 12-05-2017, 12:02 PM
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I would like a follow-up email asking if this means that they sold all of those lots for 80% less than the price that they estimated for their consignors.
I'm reading it as $5000 for the total consignment sent to them. Not per lot.
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Old 12-05-2017, 12:57 PM
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I would imagine on the entertainment side of the house they might get a virtually endless string of consignors coming to them with smallish stuff. Maybe the need to do this to maintain their sanity. Does seem a little odd that they wouldn't take a $4900 item, or two $2000 pieces.
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Old 12-05-2017, 01:01 PM
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Quote:
Originally Posted by Snapolit1 View Post
I would imagine on the entertainment side of the house they might get a virtually endless string of consignors coming to them with smallish stuff. Maybe the need to do this to maintain their sanity. Does seem a little odd that they wouldn't take a $4900 item, or two $2000 pieces.
I was thinking the same thing. A million, $100 sales, might not be profitable. My guess is they have a very good reason, albeit maybe only their own, for doing it that way. They don't do things that aren't well thought out from what I have seen. I am not saying they haven't made mistakes, as we all have. My wife is the only one who hasn't made any.
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