Consignor's check

[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.