Best and worst paying auction companies

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Posted By: Tim

I was considering consigning some vintage material for auction and I would like some guidance on the following auction houses:

Mastro
Heritage
American Memorabilia
Lelands

I have heard some do not pay or are very slow any help is greatly appreciated.

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Posted By: Dan Koteles

REA
HUggins and Scott
Goodwins
KOteles Best
SLoate

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Posted By: Richard

Mastro is still #1 as far as I'm concerned. The only problems I ever encountered with them was two items that were "not as described" over the past 20 years (Cadillac hubcaps that were described as never used, but had rust & wear; and a check signed by Thomas Nast that was perforated in the middle). I've never had to prompt them to ship my merchandise after the check clears.

On the other hand, Heritage is quickly falling to the bottom of my list. In December they finally shipped a $500 lot nearly a month after the check cleared, and it was also one day after Leon offered to assist me in "jump starting" their shipping dept. I didn't take him up on his offer, preferring to exhaust all other avenues of direct communication first, but they obviously read this forum because they immediately took quick action.

Now, as of today, I have again waited nearly a month after the check has cleared for a $180+ lot from Heritage. I have been in contact with Peggy Griffin (Heritage) regarding this and she emailed me a week ago that she sent notice to the shipping dept. at Heritage to expedite my merchandise, but still no tracking notice or merchandise.

Another auction house that is slow to ship is Alexander Autographs and they also sell sports autographs. Again, nearly a month ago my check cleared on a $525 lot. I emailed them on Friday, but haven't heard back yet. Maybe they will respond tomorrow?

<Edited to remark that I didn't address the original poster's exact question and probably should have started another thread similar to his entitled "Slowest shipping auction houses". Regarding fastest payers, I haven't consigned to anyone since Teletrade went out of business, so my input wouldn't be applicable to fastest payers, but Teletrade did pay me in a timely manner.>

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Posted By: boxingcardman

I've consigned to Mastro, REA, Madec and Lelands. No problems with payment from any of them.

Sic Gorgiamus Allos Subjectatos Nunc

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Posted By: Mark

FASTEST:
Hunt
Lelands
Mastro
Mile High
Clean Sweep (Verkman)
Bricol (for low-end stuff that the big ones won't take)

SLOWEST:
American Memorabilia
Grey Flannel

Most are pretty good about paying promptly. But if I really need the money fast, I use Ebay. Instead of having to wait 3 months for the Catalogue to be produced, and another 40 days to be paid, you wait one week for the auction to run its course and another week to be paid.

So the whole ebay process takes about 2 weeks to realize the money, as opposed to over 4 months for the Big Cataloge Auctions. For super high-end goods though, you have to go with the "big guys".

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Posted By: leon

Please be careful about anonymity in this thread....we really need to know who you are. For the record I think all of the auction companies pay according to their policies. They almost always have them listed in their terms and conditions too....Personally, I would be more concerned about attracting the most, and best, audience for consigning....

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Posted By: Harry Wallace (HW)

I believe that Robert Edward tries to pay everyone within 30 days, maybe quicker. Others have posted that they have received their winnings from them before they even sent in the payment.

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Posted By: Brian

I was shopping for an auction house a couple of months ago, I ended up going with Robert Edward Auction for a couple simple reasons. They do one sale a year, they were super interested in what I had, and they command great prices at their sales. My experience with Mastro was not what I would classify as "stellar", they seemed to be in the "If I can't get it now, I don't want it" mindset. Just trying to fill auctions with Lots I guess. Just be sure that based upon past sales, and what you have invested in your cards, that the auction house will work with you to make you feel comfortable, remember, they are making money off of you.

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Posted By: davidcycleback

How fast the consignor gets paid is usually dependent on how fast the winner pays. Of course the auction company's efficiency, competency and priorities are part of it.

When consigning, how fast I get paid is not at the top of my list. How good/accurate will be the description and how much the item sells for is #1 and #2, not necessarily in that order. I like to be paid in reasonable time, but I don't count the days. If I'm counting the months, that could be an issue.

I consigned some expensive items a few years back to different Mastro auctions and thought their payment time was reasonable. I had no complaints. I assumed the payment was sent after the winner paid.

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Posted By: barrysloate

Since I am an auctioneer myself I don't want to get too involved in this discussion, but...all auction houses take roughly the same amount of time to pay, give or take a week. Whether you get paid a week earlier or later seems to be about the least important thing I would consider when picking an auction house. Nearly any other thing you could think of would be more relevant.

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Posted By: TODD

I have consigned through most of the auction houses and the one auction house that was dissapointing payment wise is AMI - American Memorabilia.

I have consigned twice through them and both times had to call up and demand that they pay me for my auction items. The first one was over 100 days old and the last one was almost 90 days after the auction had ended. It seems that AMI waits until the last possible time to pay no matter if they were paid for it the next day or thirty days later. Nice way to get a month or so of interest earned on other peoples money.