Quote:
Originally Posted by calvindog
As I said above, I was previously unaware until recently as to how many winning bidders pay for their winnings with cards they then consign for future auctions, after winning their lots. Getting basically interest-free loans from the auction houses. So I can better understand the houses' concern that winning bidders can't pay for their lots.
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Jeff, I've found that if you consign prior to an auction that you're also buying in, you (obviously) are working with 100% of your consigned value for auction purchases...but if you propose to "consign to pay" after the auction ends, most auction houses allow this at 50% value of your "new" consignment, thus you need to lay out 50% cash for winnings up front. Everything then gets settled after your item(s) sell.