Consignor's check

MVSNYC · #1 04-29-2024, 12:14 AM

Al (LOTG) is as solid as it gets.

sonnyu2 · #2 04-29-2024, 08:08 AM

To echo others - Al runs a great honest auction company at LOTG.

Consigner payout terms are typically specified in the consigner contract and would be known to any consigner before submitting a consignment.

The most common payout terms in the auction industry are 30 to 45 days after an auction -some pay quicker, some take longer. Again, payout terms are typically specified in the contract and known before a consigner agrees to the contract. And sometimes there are caveats to the terms - non-paying bidders, delayed payment from buyers, and other unforeseen "issues" could alter the payout schedule.

And sometimes clerical errors can be made in a payout as most are automated, and any errors are typically cleared up quickly once an auction house is notified of the error.

brunswickreeves · #3 05-01-2024, 11:41 AM

Something to keep in mind is card receipt by the buyer, which depending on coast, could be several days to work through the mail system and held up over weekends sometimes.

jayshum · #4 05-01-2024, 12:33 PM

Quote:

Originally Posted by brunswickreeves

Something to keep in mind is card receipt by the buyer, which depending on coast, could be several days to work through the mail system and held up over weekends sometimes.

I wouldn't think an AH would have to wait until the buyer receives something before they pay the consigner. Once the item is paid for by the buyer, if it gets lost during shipment to the buyer, that's between the AH and the buyer not the consigner.

Yoda · #5 05-01-2024, 02:10 PM

I received my LOTG consignment check yesterday. Everything adds up.

gabrinus · #6 05-01-2024, 06:44 PM

Some auction houses issue e-checks now which means the check should get to consignors quicker...not slower...Jerry

philliesfan · #7 05-01-2024, 08:32 PM

I got an email today for REA for the March Encore auction. It was an echeck. I will look at it tomorrow to see what I need to do.
Bob

LEHR · #8 05-02-2024, 06:16 AM

Quote:

Originally Posted by gabrinus

Some auction houses issue e-checks now which means the check should get to consignors quicker...not slower...Jerry

I love the e-checks from REA. I can print, sign, and deposit to my credit union with mobile banking right from my desk. It doesn't get any easier than that.

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