As the Managing Partner of an auction house I do run into this situation from time to time. One of our two auctions each year takes place in early November. We often have museums that are winning bidders and often they have to wait until the first of the year to access funding. If we extend buyers terms beyond our consignor payment terms (45 days) then we take the risk of getting paid. We pay out the consignor on time and then wait for payment from the buyer.
I think if the consignor agrees to 60 days they really can't complain at day 38. That being said it's never appropriate to call a consignor an idiot.
Jeff
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