Goldin income verification

[x2drich2000]

Originally Posted by calvindog

What are you talking about? To be a bidder you meed to prove income? Or to get a much higher bidding limit?

I feel the same way as the OP. Last I checked you could have up to $10k in total bids at any time before they wanted fund verifications. Not exactly a difficult amount to reach if you're putting in several placeholder bids.

[DeanH3]

Same experience for me as well. I was interested in an item in the last Premiere Auction. I was asked to prove income with bank statements. I've bid in their other auctions, so I was a bit surprised. I believe it's a Premier Auction thing. Yeah, no thanks.

[Casey2296]

Hard Pass on the Goldin "experience" for me.

[prestigecollectibles]

Not sure why my limit is $10,000,000

[doug.goodman]

I guess I'll be bidding via you Robert.

Doug

[Peter_Spaeth]

From the site and I am quoting: Bid limit request of $100K or more require purchase references and financial documentation,

Is that completely unreasonable?

[Rhotchkiss]

I don’t know what the initial bid limit is, but $100k without additional verification certainly sounds reasonable. At the same time, $10k is definitely too low, especially for people with a history.

Frankly, I don’t understand why people get so upset about having to verify ability to pay, especially is no credit card is posted as collateral. It’s nothing personal, just prudent business

[Peter_Spaeth]

Could be reading it wrong but looks like you can get more than 10 and up to 100 with just auction history.

[Casey2296]

Originally Posted by Rhotchkiss

I don’t know what the initial bid limit is, but $100k without additional verification certainly sounds reasonable. At the same time, $10k is definitely too low, especially for people with a history.

Frankly, I don’t understand why people get so upset about having to verify ability to pay, especially is no credit card is posted as collateral. It’s nothing personal, just prudent business

100k yes, 10k no. As with many things in life people get pissed when their integrity is questioned. Old school way of thinking but if Goldins baseline is a couple of no pays and they make old school collectors uncomfortable with "access" etc. that's their decision, insulting folks < zero tolerance, it's just a mathematical equation overlayed on emotion.

[calvindog]

It’s annoying for sure. But so many people who win lots don’t have the cash to pay for them and instead send in cards for collateral until they’re sold in the next auction. I can see both sides if the auction house doesn’t have a history with you.

[Peter_Spaeth]

Originally Posted by Casey2296

100k yes, 10k no. As with many things in life people get pissed when their integrity is questioned. Old school way of thinking but if Goldins baseline is a couple of no pays and they make old school collectors uncomfortable with "access" etc. that's their decision, insulting folks < zero tolerance, it's just a mathematical equation overlayed on emotion.

Nobody is questioning your integrity, you're just choosing to take it personally. And best I can tell they aren't insisting on financial records at 10K, only at 100K.

[Casey2296]

Originally Posted by Peter_Spaeth

Nobody is questioning your integrity, you're just choosing to take it personally. And best I can tell they aren't insisting on financial records at 10K, only at 100K.

Refer to post #3 in this thread.
Of course I take it personally, that's why they call it personal integrity. I'm just a small time collector, I think the most I ever spent in one auction is 30k and that's far and above my usual. REA never asked for my ability to pay, nor does Heritage, LOTG, or any of the other pre war auction houses. I don't care to be vetted by Goldin because a bunch of modern collectors scammed them. I'll pass.

[Snowman]

Originally Posted by Peter_Spaeth

Bid limit request of $100K or more require purchase references and financial documentation,

Is that completely unreasonable?

It's not a $100k threshold though. I had to provide proof of funds to raise mine above $10k as well.

I have an even bigger gripe though. If you want to pay your invoice using your bank account, you'll get a cute little pop-up that says you must agree to giving Goldin access to your bank details including your entire transaction history. LOL

[Peter_Spaeth]

Originally Posted by Snowman

It's not a $100k threshold though. I had to provide proof of funds to raise mine above $10k as well.

I have an even bigger gripe though. If you want to pay your invoice using your bank account, you'll get a cute little pop-up that says you must agree to giving Goldin access to your bank details including your entire transaction history. LOL

I cut and paste that from the site, was not my interpretation.