Quote:
Originally Posted by notfast
So we have 3 options here. I think…
Consignor gets one of these:
- 60% of hammer and 60% of buyers premium
- 60% of total sale price (hammer + BP) same as above
- 60% of hammer
All of these are horrible for the consignor but with a $15k cash advance I could see them being valid unfortunately. |
Points 1 and 2 are the same thing. Point 3, plus the email clarification Leon shared, becomes the same as points 1 and 2. Conclusion: it's a straight 60-40 split with no additional costs assigned to seller.
I'm not a lawyer, and I don't play one on TV or Net54, but my guess is the $15,000 cash advance is something auction houses like to do, to seal the contract. In other words, I think the willing exchange of cash makes a contract more binding.
Lawyers, please correct me if I'm wrong.