Attn Consignors to Auction Houses

[Shoeless Moe]

I know this has been brought up before, but for those of you who consign to auction houses what do you feel is an acceptable amount of time from the time the auction ends to the time your receive your consignment check?

I've gotten them from REA in as little as a week to 2 weeks after it ended which I know is the exception to the rule.

Goldin, MEARS, Hunt & SCP usually take one month from the time it ends.

I actually have stopped using Heritage because it was 2 months and I feel that is way too long.

[Snapolit1]

2 months? Cripes, that's ridiculous. I just scratched them off my list.

I think anything more than a month is ridiculous. While I realize on high ticket items the AH may be waiting to get paid too, but all that should be wrapped up within a month.

Love the fact that auction houses that send you an invoice the next day saying due IMMEDIATELY take months to pay the people who make their business run.

[gnaz01]

Originally Posted by Shoeless Moe

I know this has been brought up before, but for those of you who consign to auction houses what do you feel is an acceptable amount of time from the time the auction ends to the time your receive your consignment check?

I've gotten them from REA in as little as a week to 2 weeks after it ended which I know is the exception to the rule.

Goldin, MEARS, Hunt & SCP usually take one month from the time it ends.

I actually have stopped using Heritage because it was 2 months and I feel that is way too long.

How's 90 days??

[Shoeless Moe]

Originally Posted by gnaz01

How's 90 days??

Heritage 90 days or someone else? Brutal

[gnaz01]

Originally Posted by Shoeless Moe

Heritage 90 days or someone else? Brutal

Someone else.....

[petecld]

I’d like to set the record straight regarding the settlement period for Heritage. The settlement checks for Heritage consignors mail out 45 days from the close of the auction. That is, and always has been, the term of our consignment agreements.

It sounds great to say people have to pay fast so in turn consignors get paid fast but consignors get a lot for the wait. Giving buyers a longer time to pay, and more options to pay, often encourages them to spend a little more. In addition to standard payment methods, Heritage accepts payments by eCheck, credit cards (up to $2,500) and PayPal (up to $2,500). We also offer extended payment terms for qualified buyers. While the hobby’s widest options for payment do have the effect of a slightly longer settlement period, we have always found that consignors believe the benefits of these terms outweigh the wait. Consignors also have the option to set up a wire transfer directly to their bank account on settlement day.

We realize that some smaller auction firms do advertise shorter settlement periods, but we have always considered the financial return of our consignors to be the most important factor to take into consideration. In addition, many of our consignors take solace in the fact that I am told Heritage has never been late on a auction settlement date in our 40+ year history.

If anyone has any other questions, please feel free to email me.

Peter

[Shoeless Moe]

I don't know, your rules say must pay within 7 days, but checks go out in 45 days. Sure is a long time in between.

I understand the old days when banks paid interest then I could see you guys waiting those 38 days before sending payment, make yourself a nice little chunk of change on the interest, but nowadays........just send it out quicker.

You guys have the technology to get it out a little quicker. Just my 2 cents. For the super patient who can wait about 2 months for payment you are not kidding Heritage always gets strong prices. That I would and could not dispute.

[botn]

Originally Posted by Shoeless Moe

I actually have stopped using Heritage because it was 2 months and I feel that is way too long.

Ridiculous. They charge interest to buyers who need time to pay presumably because they are advancing money to consignors making them whole. Guess not. Guess when you are that big you can do whatever ya want.

[keithsky]

wow.

[Enfuego]

Speaking of Auctions, when does the fall REA Catalog ship?


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