Biggest deal that fell through

[chriskim]

We rarely hear Auction houses have deals fell through for big items.... they just don't happen or they just don't announce them since they are shameful?

What was the Biggest deal that fell through and publicly announced?

[hcv123]

or small for that matter. I would suggest this is 1 - likely something we never would hear about unless a disgruntled consignor "went public" and 2 - I would hope/believe it doesn't happen too often.
We have a bunch of auction house owner/members - perhaps they could weigh in at least in a general way - does it happen? How frequently? How do they handle it with their consignors? Bidder?

[Aquarian Sports Cards]

I have a couple of nonpaying bidders each auction. Obviously we block them. Oddly it is almost always on low value items. In our contract it states there are three ways of dealing with this to be used at our discretion.

1. We pay you as if the sale was completed and take possession of the item for a future sale.

2. We inform you the item wasn't paid for and deduct that sale from settlement, but will sell in a future sale.

3. The same as 2 except we return the item.

To date, since the no-pays have been small we have only used option #1. If it was a big item we would definitely discuss the situation with the consignor before a decision was made.

[steve B]

One of the big stamp auctions that usually focuses on very high end collections had an auction that wasn't. What was it?

I'll let their explanation from the cover of the auction catalog say it for them...

"Lots from Sales 1084, 1085, 1089 and 1090 are being reoffered on behalf of 38 consignors, in accordance with Conditions of Sale paragraph 7, which gives Siegel Auction Galleries the right to resell lots in the event a buyer fails to pay for purchases. Clear title will pass to all new buyers in this resale. Siegel Auction Galleries will continue its pending legal action to seek damages from the defaulting buyer."

They must have been pretty mad with a whole bunch of people. The auction of unpaid lots had 250 lots.

https://siegelauctions.com/sale/1100

[chriskim]

Originally Posted by steve B

One of the big stamp auctions that usually focuses on very high end collections had an auction that wasn't. What was it?

I'll let their explanation from the cover of the auction catalog say it for them...

"Lots from Sales 1084, 1085, 1089 and 1090 are being reoffered on behalf of 38 consignors, in accordance with Conditions of Sale paragraph 7, which gives Siegel Auction Galleries the right to resell lots in the event a buyer fails to pay for purchases. Clear title will pass to all new buyers in this resale. Siegel Auction Galleries will continue its pending legal action to seek damages from the defaulting buyer."

They must have been pretty mad with a whole bunch of people. The auction of unpaid lots had 250 lots.

https://siegelauctions.com/sale/1100

Wow.. 250 lots, 38 consignors. It sounds like a setup or a revenge from their competitors.

[Casey2296]

I'd have to say that beach house I bought my ex-wife just before our divorce...