Quote:
Originally Posted by jayshum
Is it standard practice to charge interest on an advance from an auction house?
|
I hadn't realized it when I started out, but I have heard of it being done by a number of auctions, though I certainly don't know if it's a universal practice. We aren't funded like the big boys so we don't do a ton of advances but we haven't charged interest in those cases where we've done them.
It would seem to incentivize NOT bringing the collection to auction in a timely fashion, especially if a time frame isn't outlined in the contract.