Goldin Auction, thx for the quick check!

[keithsky]

I wouldn't worry about how much it cost Goldin to mail out checks. They generate enough money each auction there not hurting.

[Tabe]

If getting paid in a month is "fast", what is standard for auction houses?

[chriskim]

Originally Posted by Tabe

If getting paid in a month is "fast", what is standard for auction houses?

I have heard people had to wait for months to get their checks but I don't know which AH they referred to. I have only dealt with two AHs and both paid quick.

[Aquarian Sports Cards]

Originally Posted by Tabe

If getting paid in a month is "fast", what is standard for auction houses?

Getting paid in a month is quite fast yes. How long do you think it takes an auction house to collect all the funds that have to be dispersed?

[sb1]

Most AH's pay out in 30 days or less, I would say that is the standard. My small auction pays out the second Monday after the auction(16 days) or before.

[Casey2296]

Originally Posted by Aquarian Sports Cards

Getting paid in a month is quite fast yes. How long do you think it takes an auction house to collect all the funds that have to be dispersed?

The solution is to spend more at the Auction than you receive from your consignments, that way you'll never worry about getting a check...

[chriskim]

Originally Posted by Casey2296

The solution is to spend more at the Auction than you receive from your consignments, that way you'll never worry about getting a check...

I did thought about this might work.... but what about the buyer who won your consignment didn't pay and u rely on that consignment money to pay for what u won?? U will end up in a deep hole even though I am sure you can work out a deal with the AH.

[Aquarian Sports Cards]

Originally Posted by Casey2296

The solution is to spend more at the Auction than you receive from your consignments, that way you'll never worry about getting a check...

You sir, are a genius!

[Tabe]

Originally Posted by Aquarian Sports Cards

Getting paid in a month is quite fast yes. How long do you think it takes an auction house to collect all the funds that have to be dispersed?

I would think 7-14 days, tops, would be a reasonable expectation for you (the AH) to get paid. In this era of electronic transactions, waiting weeks for a paper check to be delivered and then more time for it to clear would seem to be antiquated.

[notfast]

Originally Posted by Tabe

I would think 7-14 days, tops, would be a reasonable expectation for you (the AH) to get paid. In this era of electronic transactions, waiting weeks for a paper check to be delivered and then more time for it to clear would seem to be antiquated.

Agreed.

AH are requiring payments in 10 days. Why should it take two more weeks to issue payments to consignors?

[Orioles1954]

Many many many bidders (dozens, if not hundreds) take over a month to pay. An AH could ban them but what if they are taking over a month to pay and spend well over six figures on several lots? Happens all of the time.

[Tabe]

Originally Posted by Orioles1954

Many many many bidders (dozens, if not hundreds) take over a month to pay. An AH could ban them but what if they are taking over a month to pay and spend well over six figures on several lots? Happens all of the time.

If you require a payment method be on file prior to bidding, this becomes a non-issue.

[Aquarian Sports Cards]

Originally Posted by Tabe

I would think 7-14 days, tops, would be a reasonable expectation for you (the AH) to get paid. In this era of electronic transactions, waiting weeks for a paper check to be delivered and then more time for it to clear would seem to be antiquated.

Sounds great, but trust me there are still people who insist on doing business the old-fashioned way. It's not in my consignor's best interests to turn those people away. It's a balancing act to be sure.

[bigfish]

Originally Posted by Tabe

If getting paid in a month is "fast", what is standard for auction houses?

Robert Edwards pays me in two weeks or less. Same for memory lane and clean sweep.....

[chriskim]

Originally Posted by keithsky

I wouldn't worry about how much it cost Goldin to mail out checks. They generate enough money each auction there not hurting.

I guess you are right. 20% buyer's fee of a million dollar card is $200k and there are plenty of cards sold for million dollar nowaday!