Crypto in Ahs?

[parkplace33]

With the decrease in cryptocurrency values, are any auction house still accepting them as payment?

[bbcard1]

If they believe in the fundamentals, they should be overjoyed. I do not believe in the fundamentals.

[x2drich2000]

This may be stupid question, but can't they just convert it to cash at market price the second they receive it? If so, what's their risk?

[swarmee]

Originally Posted by x2drich2000

This may be stupid question, but can't they just convert it to cash at market price the second they receive it? If so, what's their risk?

Yes, they can sell for cash as soon as they choose to. Or they can hold it as an asset. Minimal transfer fees, unless etherium gas fees are exorbitant when they try.

[Lorewalker]

Originally Posted by parkplace33

With the decrease in cryptocurrency values, are any auction house still accepting them as payment?

I was not aware any of them were accepting crypto. If any of them were I would figure it would be Heritage since they are in the NFT space and their terms do not show they take crypto.

[swarmee]

Originally Posted by Lorewalker

I was not aware any of them were accepting crypto.

Goldin Auctions & Gemini Introduce Crypto to Booming Sports Collectibles Market

[sycks22]

Forget crypto, how about all AH's accepting paypal, credit cards or zelle. Welcome to the 21st century where nobody uses checks anymore. Over 50% of AH's are great, but a lot still need to start accepting different forms of payment.

[Aquarian Sports Cards]

Originally Posted by sycks22

Forget crypto, how about all AH's accepting paypal, credit cards or zelle. Welcome to the 21st century where nobody uses checks anymore. Over 50% of AH's are great, but a lot still need to start accepting different forms of payment.

The reason PP, CC and Zelle aren't accepted isn't technology based it's Chargeback based.

[prestigecollectibles]

I accept Zelle and so does REA and Lelands. You can't do a chargeback.

Originally Posted by Aquarian Sports Cards

The reason PP, CC and Zelle aren't accepted isn't technology based it's Chargeback based.

[BobC]

Originally Posted by sycks22

Forget crypto, how about all AH's accepting paypal, credit cards or zelle. Welcome to the 21st century where nobody uses checks anymore. Over 50% of AH's are great, but a lot still need to start accepting different forms of payment.

You are aware of the new 1099-K reporting threshold starting in 2022 is now $600, right? That reporting requirement is on third-party payment platforms like Paypal, Zelle, Venmo, etc. So if AHs start accepting such payment services, they are going to get hit with 1099s going to them. And since the bulk of that money they will be receiving 1099s for actually belongs to their consignors, to properly get that reported sales income off their taxes returns they're going to have to start giving 1099s to their consignors. That will be a big hit, won't it? Can you imagine being the first AH to start reporting their consignor's sales to the IRS, and what that could do to their future consignments? Especially if other AHs don't follow suit. They won't have to worry about their customers complaining that they can't easily pay with Paypal, Zelle, Venmo, and so on. Their customers will end up bidding with other AHs because the consignments will start going elsewhere.

[Aquarian Sports Cards]

Originally Posted by BobC

You are aware of the new 1099-K reporting threshold starting in 2022 is now $600, right? That reporting requirement is on third-party payment platforms like Paypal, Zelle, Venmo, etc. So if AHs start accepting such payment services, they are going to get hit with 1099s going to them. And since the bulk of that money they will be receiving 1099s for actually belongs to their consignors, to properly get that reported sales income off their taxes returns they're going to have to start giving 1099s to their consignors. That will be a big hit, won't it? Can you imagine being the first AH to start reporting their consignor's sales to the IRS, and what that could do to their future consignments? Especially if other AHs don't follow suit. They won't have to worry about their customers complaining that they can't easily pay with Paypal, Zelle, Venmo, and so on. Their customers will end up bidding with other AHs because the consignments will start going elsewhere.

This seems like a misunderstanding of the statutes, at least according to the PAA. Me taking Paypal has nothing to do with my consignors. If I paid THEM in paypal that would be a completely different issue. The IRS has assured the Pennsylvania Auctioneers Association that as long as an auctioneer is not a payment processor (and no writing checks to a consignor does not make one a payment processor) they are not covered by the new guidelines. We have been told that basically auction status has not changed. That being said, consignors, pay your taxes!!!

[Lorewalker]

Originally Posted by swarmee

Goldin Auctions & Gemini Introduce Crypto to Booming Sports Collectibles Market

Thanks. Stopped looking at Goldin once they launched the new site.

[brianp-beme]

Try dislodging Crypto from your AH...a proctologist's nightmare!

Brian (a mind is a terrible thing to waste)