Goldin Auction, thx for the quick check!
 

Just want to call out Goldin Auction for their quick check of my consignment. My item ended in their last auction (March 8th.... I think) and received my check today. Surprisingly, the check was from FedEx and I totally unexpected that since it was just barely over $15k.... not a fat check at all. I am not sure whether they use FedEx to pay everyone but those fees add up quick for those that are only a few hundred dollar checks. (Well... not many things ended in 3 figures in Goldin auction anymore.. LOL)

Just a side note, I consigned something to another auction house before and also got paid in a month ..... BUT the check was delivered in regular mail and had my address WRONG!!!! Cool that my smart postman still delivered to the correct house!!! I was disappointed, of course!

I wouldn't worry about how much it cost Goldin to mail out checks. They generate enough money each auction there not hurting.

If getting paid in a month is "fast", what is standard for auction houses?

I have heard people had to wait for months to get their checks but I don't know which AH they referred to. I have only dealt with two AHs and both paid quick.

I guess you are right. 20% buyer's fee of a million dollar card is $200k and there are plenty of cards sold for million dollar nowaday!

Getting paid in a month is quite fast yes. How long do you think it takes an auction house to collect all the funds that have to be dispersed?

Most AH's pay out in 30 days or less, I would say that is the standard. My small auction pays out the second Monday after the auction(16 days) or before.

The solution is to spend more at the Auction than you receive from your consignments, that way you'll never worry about getting a check...

goldin???
 

Robert Edwards pays me in two weeks or less. Same for memory lane and clean sweep.....

I did thought about this might work.... but what about the buyer who won your consignment didn't pay and u rely on that consignment money to pay for what u won?? U will end up in a deep hole even though I am sure you can work out a deal with the AH.

I would think 7-14 days, tops, would be a reasonable expectation for you (the AH) to get paid. In this era of electronic transactions, waiting weeks for a paper check to be delivered and then more time for it to clear would seem to be antiquated.

Agreed.

AH are requiring payments in 10 days. Why should it take two more weeks to issue payments to consignors?

Many many many bidders (dozens, if not hundreds) take over a month to pay. An AH could ban them but what if they are taking over a month to pay and spend well over six figures on several lots? Happens all of the time.

If you require a payment method be on file prior to bidding, this becomes a non-issue.

Have you seen the payment options? Personal or cashiers check or wire. I'm not sure why this is even an issue, AH's aren't eBay and there's nuance to maintaining a balance between the people that spend a lot of money with you, sometimes when they've had a few during bidding, and attracting consigners trying to maximize their hammer price. I had a consignment in the latest LOTG and he got me more than I expected in return. I also know that he and his family were probably up for 20 hours on auction night. So when I see morning after comments like "did you get your invoice yet" I just shake my head. Am I worried about getting a check right away? No. Not only do I trust Al and his family but I'm empathetic to how hard they work. I'll get my check when I get my check, and consign with them again. Like my Dad taught me "read the room before you open your mouth". By no means is this directed at you just a general ramble.

Have you seen the terms? Scott requires payment one week after invoice.

I didn't say it WAS an issue. I asked if a month was actually fast. Other people agreed with me that a month, or even faster, is "normal". All I did was ask a question. I then laid out my expectation that AHs would get paid in less than 2 weeks - a week LONGER than Scott expects payment.

Didn't say they were. That said, it is 2021 and electronic payments seem like they should be the absolute norm with the paper or cashier check that takes more than a day or two to arrive being the really, really extreme rarity.

Like I said, my comments weren't directed at you just a general ramble, but they still stand, the AH game is a game of nuance in my opinion. Electronic payments cost the AH more $$ which affects their margin, they can also be disputed which can take 30 days or more to settle and the AH/consignor usually comes out on the wrong end. I've actually had a check written to Scott get lost in the mail for a couple of weeks, we stayed in touch and things worked out but I'm sure his consignor had to wait longer to get paid.

Would you expect an AH to cancel a 20K sale on day 8 if it wasn't paid? You would if you thought the guy wasn't good for it, you wouldn't if you knew him as a buyer who paid his bills. Like I said, nuance.

You sir, are a genius!

Sounds great, but trust me there are still people who insist on doing business the old-fashioned way. It's not in my consignor's best interests to turn those people away. It's a balancing act to be sure.