Consignor's check

[anchorednw]

Does anyone know what is the norm or standard for most AH's on issuing consignor checks? Then specifically any knowledge about LOTG?

I ask because one promised assumed date has led to another and then emails don't get answered regarding the subject.

I won't say all is bad or good, but my first major consignment to an AH has led me to feel the need to post an in-depth review here soon. Maybe it's common knowledge among old heads and those who have worked the AH's on consignments plenty in the past, however I think something could be gained from an in-depth review or review thread.

[bnorth]

Originally Posted by anchorednw

Does anyone know what is the norm or standard for most AH's on issuing consignor checks? Then specifically any knowledge about LOTG?

I ask because one promised date has led to another and then emails don't get answered regarding the subject.

I won't say all is bad or good, but my first major consignment to an AH has led me to feel the need to post an in-depth review here soon. Maybe it's common knowledge among old heads and those who have worked the AH's on consignments plenty in the past, however I think something could be gained from an in-depth review or review thread.

I will say a persons first major consignment to an AH is a learning experience.

[perezfan]

Typically takes about 30 days for most auction houses. Some a bit less; some more. With regard to LOTG, I head that their consignor checks should go out next week. Patience is a virtue.

[Lucas00]

Currently waiting on my first auction consignment check ever as well. It's been nearly 7 weeks but I was told in advance they generally took a while. So if anything I'm only very slightly annoyed at this point.

[Snapolit1]

30 days about customary.

7 weeks?????

[calvindog]

7 weeks seems nuts.

[sb1]

I pay in 2 weeks can't, speak for others...

https://www.brockelmanauctions.com

[Musashi]

What does your contract say?

[Lorewalker]

I think 30 days is a reasonable amount of time. It also can depend on the liquidity of the house. Most of us pay asap so we can get our stuff as fast as possible however I would imagine that some people may not be as great at paying their bills timely as others. Bidding under the influence (of stupidity, giddiness, or their drink of choice) does compromise one's ability to pay timely. I think the US has over 1 trillion in consumer credit card debt so spending beyond our means seems acceptable...I am not part of that group, thankfully.

[anchorednw]

Please let me clarify that no explicit promises were made by LOTG, but simply implications from LOTG as to when checks would go out that sort of evolved into being later than what was originally told. Again, my aim is not giving a negative review of LOTG, but to ask others their experiences, the norms, an what to expect as this was my first larger consignment. A full review of my first consignment will be coming following the completion of this, my first consignment.

[robinsonmantle]

My experience with Heritage has been to get paid 4-6 weeks later. In the co-signer section of both the website and app it says when the check should arrive by, when the close-out happens by, etc.

Good luck


Sent from my iPhone using Tapatalk

[cgjackson222]

The most recent LOTG consigner agreement I have (from June 2023) states "Providing LOTG has received payment from the buyer, you will be paid within forty-fve (45) days afer the closing date of the auction in which your item(s) sell."

Their last auction closed on 3/30, which was 27 days ago. Am I missing something?

[gabrinus]

I think 30 days should be reasonable...I've had some take longer...I recently consigned a few that took a while longer for the first auction but the second check came much quicker...doesn't hurt to call sometimes...if people are posting your cards on Net54 that is a sign the auction house needs to pay...Jerry

[Fred]

What is the normal time that an AH requires payments for winning lots? If it's two weeks then 30 days would seem like a reasonable amount of time for a consignors payment.

What happens if an AH gets stiffed on the winning bid or the bidder is just really late in paying? I'm guessing that could lead to delays in consignor payment.

I've never looked, but do the AHs post consignor payment information on their websites for people looking to consign with them?

[anchorednw]

LOTG has reached out to help clarify. Special thanks to those who reached out to Al to help speed along the response

My understanding was that checks would be sent out 2 weeks after the invoice date (days following auction close). That would have been last week. When in fact, what I have been told is they begin issuing checks then, but it can last up to 30 days after auction closes...so 2+ weeks of consistently sending checks, of which yours could be 1st in line, last in line or anywhere in between apparently.

My guess is that this staggered approach is largely due to a cash flow issue and not wanting hundreds of thousands of dollars in checks cashing at once in conjunction with a variety of payment that has been collected.

The "30 days" after auction close seems appropriate enough. I suppose a little more transparency in the difference between "checks going out 2 weeks after auction close/invoice date" and "checks starting to go out and continuing on as late as 30 days of auction close/invoice date." was what I was after.

Being this was my first time submitting a sizeable ($25-50K) consignment, I was eager to understand how it would all unfold.

Again, a review of my first experience will be forthcoming upon completion of this one. I am already looking toward my next consignment, where I might consign and using initial experiences to shape my future choices. More to come.

[cgjackson222]

The question has been posed about what your consignment agreement states.

[Aquarian Sports Cards]

never mind, asked an answered