Goldin income verification

[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.

[Peter_Spaeth]

Originally Posted by Casey2296

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.

I don't understand taking it personally. It's just a different business model, there is nothing personal about it. Do you take it personally if you apply for a loan or mortgage or credit card and they ask for financial information or credit scores? Or are baseball cards supposed to be some different thing because it's just among friends?

[pawpawdiv9]

It’s not that hard
I did it over a year ago
There’s a old thread about the premiere auction
I questioned it myself
But gave limited info
I explained my experience
Now this was Pwcc which is now Fanatics
I also bid in Goldin and not had a issue
Not had this problem come up

[Snapolit1]

Originally Posted by Peter_Spaeth

I don't understand taking it personally. It's just a different business model, there is nothing personal about it. Do you take it personally if you apply for a loan or mortgage or credit card and they ask for financial information or credit scores? Or are baseball cards supposed to be some different thing because it's just among friends?

Maybe you look at someone’s track record dealing with you before you ask them to provide their bank statements to you to review. Would that make more sense? If I bought 15-20 cars from the same place, and gave them business in the past, yeah I would prob be upset if I walked in and they acted like they had no idea who I was.

[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.