SUBJECT: BEWARE Steve Verkman, Keith Vari, Leland’s, Clean Sweep & Paragon auctions

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#11

02-05-2025, 06:21 PM

rand1com

R@ndy Hart.soe

Join Date: Nov 2019

Posts: 1,531

Quote:

Originally Posted by jayshum

Is it standard practice to charge interest on an advance from an auction house?

Advances are popular for big ticket items as they may help bring in the consignment with all other things being equal.

I have gotten them in the past from multiple auction houses and have never paid any interest.

The advance is simply deducted from the consignor's final earnings at auction end.

Obviously, if the proceeds do not cover the advance, the uncovered advance must be returned to the auction house which rarely happens.

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