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??

[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.

[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.

[Shoeless Moe]

and...........2 months may not sound like a lot to some, but you need to take in account first the consignor sends their item in 2 months (give or take) before the auction starts, then the auction could run for almost a month. Then another 2 months before paid.

You could be talking almost 1/2 of a year (6 months), the whole process.

Thus, the back-end thus needs to be shortened.

[chalupacollects]

Not being a frequent big AH buyer, but an occasional buyer, all the payment forms mentioned above typically are clearing funds back to the AH in 2-3 days max.. e-checks, credit cards, ACH, Paypal, regular checks etc. In fact regular checks are typically cleared same day now through the Fed...

AHs giving terms for larger, big spending clients where large purchase are concerned is between AH and buyers and sure if 30 day terms are given with payment via wire can take longer though the wire will clear quickly also once submitted.

This coming from someone who sold such services to many merchants for about 20 years...

Would be nice customer service if AHs were able to ship smaller items that are under payment limits established above much quicker and then remit payment back to smaller consigners the same... might even get the "little guy" to consign more.

[thecatspajamas]

Originally Posted by Shoeless Moe

and...........2 months may not sound like a lot to some, but you need to take in account first the consignor sends their item in 2 months (give or take) before the auction starts, then the auction could run for almost a month. Then another 2 months before paid.

You could be talking almost 1/2 of a year (6 months), the whole process.

Thus, the back-end thus needs to be shortened.

Besides your math being terrible, it sounds like selling via auction house may not be the best route for you with turnaround time from acquisition to cash-out being such a high priority for your flipping endeavors. Or at least you need to read the fine print on the front end rather than publicly griping on the back end when you get exactly what you signed up for. Any negotiation of terms should be done on the front end, whether with Heritage or any other auction house or reseller. By you agreeing to a specific time to payout on the front end, and then complaining about it and trying to get it changed after-the-fact, I have a hard time finding sympathy for anyone other than the Heritage rep in this case.

[Shoeless Moe]

Originally Posted by thecatspajamas

Besides your math being terrible, it sounds like selling via auction house may not be the best route for you with turnaround time from acquisition to cash-out being such a high priority for your flipping endeavors. Or at least you need to read the fine print on the front end rather than publicly griping on the back end when you get exactly what you signed up for. Any negotiation of terms should be done on the front end, whether with Heritage or any other auction house or reseller. By you agreeing to a specific time to payout on the front end, and then complaining about it and trying to get it changed after-the-fact, I have a hard time finding sympathy for anyone other than the Heritage rep in this case.

Dude get your panties out of a bunch. I was just estimating on the time, sorry I wasn't precise enough for you, a thousand pardons. And I'll gripe about anything I want, who the hell are you the thread police.

45 days is asinine, when you say pay within 7. Glad you feel sorry for the Heritage rep., Heritage appreciates your sympathy I'm sure. Sure didn't start the thread looking for sympathy, but if you could let us know what threads are ok to give an opinion that will really help us all in the future, don't want you upset.

[RedsFan1941]

Originally Posted by thecatspajamas

Besides your math being terrible, it sounds like selling via auction house may not be the best route for you with turnaround time from acquisition to cash-out being such a high priority for your flipping endeavors. Or at least you need to read the fine print on the front end rather than publicly griping on the back end when you get exactly what you signed up for. Any negotiation of terms should be done on the front end, whether with Heritage or any other auction house or reseller. By you agreeing to a specific time to payout on the front end, and then complaining about it and trying to get it changed after-the-fact, I have a hard time finding sympathy for anyone other than the Heritage rep in this case.

extremely well said

[Snapolit1]

Agree, if it's disclosed in advance you can't bitch about it. Don't like it, keep walking.

[Shoeless Moe]

Actually you can bitch about it, that's whats great about America.

You stay quiet and things never get changed.

And you can drop the Heritage or any House in particular if you want. Let's just say auction houses in general if they ask for payment within a short period, why then don't they pay out in a fairly short period?

I don't like it. So yes I will bitch about it. And I've consigned to at least 8-10 auction houses and most you learn how quick they pay after they in fact do so, and you've gone through the process, so now I know which ones I prefer and don't prefer.

and Lance you bitch about pretty much anything I post so hard to take you seriously, but keep bringing it, love that you love me so much.

[Shoeless Moe]

Originally Posted by Shoeless Moe

Actually you can bitch about it, that's whats great about America.

You stay quiet and things never get changed.

And you can drop the Heritage or any House in particular if you want. Let's just say auction houses in general if they ask for payment within a short period, why then don't they pay out in a fairly short period?

I don't like it. So yes I will bitch about it. And I've consigned to at least 8-10 auction houses and most you learn how quick they pay after they in fact do so, and you've gone through the process, so now I know which ones I prefer and don't prefer.

and Lance you bitch about pretty much anything I post so hard to take you seriously, but keep bringing it, love that you love me so much.

Extremely well said!

[bnorth]

Originally Posted by Shoeless Moe

Extremely well said!

LOL, that has got to be the post of the day, well played sir.

[Snapolit1]

Originally Posted by Shoeless Moe

Extremely well said!

OK. Good strategy. I'm going to go out now and buy a 12 inch sub at Subway and bitch up a storm that its not a foot and half long.

[RedsFan1941]

Originally Posted by Shoeless Moe

Extremely well said!

Finally, someone who agrees with you.

[cfhofer]

Paul,

That does seem like a long time, however AHs typically bring more money. Maybe the funding needs to go through several internal departments before release. Most who consign to these big AHs are aware of this delay. If someone needs money quicker there is eBay or the B/S/T section here.

I hear you though...sometimes it just feels good to vent. You should be able to do that here without being attacked.

All the best

Mark

[RedsFan1941]

Originally Posted by cfhofer

Paul,

That does seem like a long time, however AHs typically bring more money. Maybe the funding needs to go through several internal departments before release. Most who consign to these big AHs are aware of this delay. If someone needs money quicker there is eBay or the B/S/T section here.

I hear you though...sometimes it just feels good to vent. You should be able to do that here without being attacked.

All the best

Mark

attacked? seriously? 3 people disagreed with his premise. hope this isn't considered an attack on you.

[cfhofer]

Ronnie,

Relax. It will be ok. Not every comment here is about you.

[RedsFan1941]

Originally Posted by cfhofer

Ronnie,

Relax. It will be ok. Not every comment here is about you.

please stop attacking me.

[Shoeless Moe]

And Mark was right, and a bit more observant then a few.

If you read Sir Lance Alot's comments, he comes out swinging, "first off your math is terrible", kind of a negative comment, dare I say.... "attack mode".

If you go back and read my posts, and mind you none have been altered or updated, almost every one says "almost a month, or a couple months give or take" Never did I say exact times, but he "attacks" my math skills, when I really was just giving rough estimates.

Then he mentions "my flipping endeavors", um........did I ever mention flipping. I mentioned consigning to an auction house. So here Lance once again assumes or has a bad taste in his mouth from something prior, as again who mentioned flipping, I said very clearly consigning.

And he says its "my high priority" is to get paid quick. Another assumption by him. All I said in my original post is what do you think is a reasonable time to get paid by an AH.

And if you want to go by the small print of a consignment form that may or may not mention 45 days (but I'll give it to you, probable does say it), I've never read one all the way through, too small of a print and too much gibberish on those. I know the game, send in item, item gets auctioned, buyer pays, consignor gets paid. And to be fair I didn't read the small print for the ones who paid me in 2 weeks or 4 weeks. (In my best John Gruden) "...but I'll tell ya what man, I like dem guys who pay in a month or less".

So it was nothing but a personal attack for those who followed the entire thread, if you missed out go back and re-read more closely this time, or use those 20 minutes more wisely in your life and just trust me. Lance Pearl Harbored me. Done it b4, he'll do it again.

[Exhibitman]

Here's an idea: how about Heritage pays its consignors the same vig it charges for advances? Because that is what a consignor is forced to do, give Heritage a 30-45 day Loan. Great business plan actually: force your customers to be your credit line.

And here's a customer service tip for HA: underpromise and overperform. Settlement exactly 45 days after the auction is the maximum time To pay before HA breaches its contract. It should not be the goal. The goal should be to pay consignors as soon as possible. My consignment experience with HA was they paid exactly 45 days after the close. REA, Love Of The Game and Sterling paid much faster. Guess where my subsequent consignments have gone.

[Leon]

Originally Posted by Snapolit1

OK. Good strategy. I'm going to go out now and buy a 12 inch sub at Subway and bitch up a storm that its not a foot and half long.

There was a big lawsuit or brouhaha about subway sandwiches not being a full foot long.

"Subway Will Make Sure That Footlong Sub Is Actually a Foot Long Following Lawsuit
The chain is also coughing up $520,000 in legal fees"

https://www.eater.com/2016/2/29/1113...uit-settlement

I don't have a problem with HA rules as I read them before I consigned my collection. At 45 days I went and picked up my check. No worries.....

.

[Shoeless Moe]

Originally Posted by Leon

There was a big lawsuit or brouhaha about subway sandwiches not being a full foot long.

"Subway Will Make Sure That Footlong Sub Is Actually a Foot Long Following Lawsuit
The chain is also coughing up $520,000 in legal fees"

https://www.eater.com/2016/2/29/1113...uit-settlement

I don't have a problem with HA rules as I read them before I consigned my collection. At 45 days I went and picked up my check. No worries.....

.

and how big was that check?

[Leon]

Originally Posted by Shoeless Moe

and how big was that check?

If you are talking about my check it is none of your business. The auction results are public and online. If I were an auction company you might fall into the "all customers are not good customers" category.

[Shoeless Moe]

Originally Posted by Leon

If you are talking about my check it is none of your business. The auction results are public and online. If I were an auction company you might fall into the "all customers are not good customers" category.

Well when you receive a large check form an auction house your opinion isn't exactly neutral.

And what makes me a bad customer?

[Leon]

Originally Posted by Shoeless Moe

Well when you receive a large check form an auction house your opinion isn't exactly neutral.

And what makes me a bad customer?

I received a check based on what the collection sold for. It would have been similar anywhere it sold. They didn't give me anything except exceptional service.

Now if you said they are an advertiser so I am biased, then maybe you could have an argument (but I would feel the same way). However the amount of the check is irrelevant or at least not what you started out griping about. It is the time frame that is stated on their contract which you seem to have an issue with. And if I had a customer bitch publicly about my contract I wouldn't think they would be a good one for me. But everyone has their own opinion.... I am so glad I don't have to deal with people who do something willingly and then bitch and moan about it after the fact....

Oh, as far as what auction house to use, it is up to each person to pick where they want to entrust their collection. Speed of issuing the commission check is a factor. It just wasn't a big one for me. Any of our advertisers would have been good to sell the collection and Heritage did a great job .

[Enfuego]

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


Sent from my iPhone using Tapatalk

[Shoeless Moe]

Originally Posted by Leon

I received a check based on what the collection sold for. It would have been similar anywhere it sold. They didn't give me anything except exceptional service.

Now if you said they are an advertiser so I am biased, then maybe you could have an argument (but I would feel the same way). However the amount of the check is irrelevant or at least not what you started out griping about. It is the time frame that is stated on their contract which you seem to have an issue with. And if I had a customer bitch publicly about my contract I wouldn't think they would be a good one for me. But everyone has their own opinion.... I am so glad I don't have to deal with people who do something willingly and then bitch and moan about it after the fact....

Oh, as far as what auction house to use, it is up to each person to pick where they want to entrust their collection. Speed of issuing the commission check is a factor. It just wasn't a big one for me. Any of our advertisers would have been good to sell the collection and Heritage did a great job .

Again you received a fat check from them so obviously you are happy with them as would I and I'd be defensive as you are. But are you going to censor peoples opinions because you like them or they are a sponsor. Just want to be clear what is ok and not ok to gripe about. And it really isn't an opinion, but a fact you consign with Heritage you as a consignor wait about 2 months for a check, you consign to SCP, MEARS, REA, Goldin its about a month.

[Leon]

Originally Posted by Shoeless Moe

Again you received a fat check from them so obviously you are happy with them as would I and I'd be defensive as you are. But are you going to censor peoples opinions because you like them or they are a sponsor. Just want to be clear what is ok and not ok to gripe about. And it really isn't an opinion, but a fact you consign with Heritage you as a consignor wait about 2 months for a check, you consign to SCP, MEARS, REA, Goldin its about a month.

Complain all you want to. No one is censoring you. You said they "gave" me something and I disputed the term. That is all. They handed me a check after they sold my collection. That is true.

[Shoeless Moe]

and I bid in their auctions so that's all they should really care about, and I pay on time when I win. That's a damn good customer.

and if their customers have an opinion they should listen. Ya gotta take the good with the bad.

[Leon]

Originally Posted by Shoeless Moe

and I bid in their auctions so that's all they should really care about, and I pay on time when I win. That's a damn good customer.

and if their customers have an opinion they should listen. Ya gotta take the good with the bad.

And that my friend is why we are here. I am sure lots of others share your opinion. Maybe they will change their policy, maybe not. You definitely have every right to gripe but if I were them I might not think much of it. Not really a big deal to me. But again, as long as folks know when they will get paid it shouldn't be a big deal. I love knowing exactly when I will get my money. If it is 15 days longer than another venue takes, or 30 days longer, then I take that into account. If you want your money super quick then maybe you could negotiate that with them.

[HRBAKER]

From what I can tell from this enjoyable read, Heritage takes 45 days to pay, always have and have never missed a payment. Others pay quicker. Would it be nice if they paid faster? Sure. Are they going to? No. Make your decision based on the facts at hand, if you think the chances of a greater selling price and hence return is worth the wait then it seems they are an option.

You know what you are buying on the front end here, seems to me.