Goldin income verification

[Snapolit1]

Originally Posted by OhioLawyerF5

A car dealership is still verifying your creditworthiness, even if you've bought 15 cars in the past. Am I living in a bizarro world in this thread? I can't believe how sensitive people are.

If you don't like it, take your business elsewhere, but we need to stop pretending it's an unreasonable business practice.

I think it’s unreasonable and plan to.

I have an aversion showing strangers my 401k statement. Would Ken send his to me you think? For an $11,000 credit line?

[calvindog]

I thought the default credit limit is 10K? Other than Doug who is stuck at $10. ))))

[Snapolit1]

Yes it’s 10k, I tried to bid a few ticks above that and was not able to.

I feel the same way about income verification as I do about workplace drug testing …. If you have no basis to suspect it’s a problem….. fuck off.

Realize we have zero privacy left in this country at this point but I will make believe we still do.

[Snapolit1]

And if you want to run a credit check on me, knock yourself out. That’s your issue, not mine.

My equifax statement doesn’t list my assets. It lists my credit history.

[Fred]

How does someone know if they hit their bid limit? I guess if you have to ask, you'll never know until you hit your limit, unless Goldin prevents you from bidding until "verifying your ability to pay" before an auction begins (assuming you haven't done it already).

Wouldn't it suck if you didn't know your bid limit and were bidding on an item and found out in the extended bidding that you reached your limit and could no longer bid on an item.

[Peter_Spaeth]

Originally Posted by Fred

How does someone know if they hit their bid limit? I guess if you have to ask, you'll never know until you hit your limit, unless Goldin prevents you from bidding until "verifying your ability to pay" before an auction begins (assuming you haven't done it already).

Wouldn't it suck if you didn't know your bid limit and were bidding on an item and found out in the extended bidding that you reached your limit and could no longer bid on an item.

If you look under my account or the equivalent it shows you. If you haven't asked to raise it, it's 10.

[Rhotchkiss]

Originally Posted by Fred

Wouldn't it suck if you didn't know your bid limit and were bidding on an item and found out in the extended bidding that you reached your limit and could no longer bid on an item.

Several years ago, Christie's had an auction with some W600s I wanted, specifically and most importantly was a Type 1 Plank, but I also wanted the Type 2 Cy Young and the Type 3 Bender. I signed up for Christie's and they gave me an initial credit limit that was insufficient to buy all 3. I called there and explained that I wanted all 3, but hade to have the Plank, which, alone, certain to go for more than my initial limit. They had me provide some financial info, which I did, and I was told my limit was increased. I called 3 days before the auction to confirm my limit had been increased and I was told it was.

This auction was a traditional format where lots come up and close one by one after one another.

Auction day comes and first up is the Bender, which I win. Next up is the Cy Young, which I win. Then comes the Plank, and I am going back and forth until I get to $50k+/- at which point it says I have exceeded my credit limit. I flipped out!!! Not only had they not increased my limit, but now in the moment I am frozen out of the card I really wanted.

I ended up getting a Plank elsewhere. Needless to say, I do not bid in Christie's auctions anymore.

[OhioLawyerF5]

Originally Posted by Snapolit1

Yes it’s 10k, I tried to bid a few ticks above that and was not able to.

I feel the same way about income verification as I do about workplace drug testing …. If you have no basis to suspect it’s a problem….. fuck off.

Realize we have zero privacy left in this country at this point but I will make believe we still do.

It has nothing to do with having privacy. You can have all the privacy you want. But you can't expect anything from someone else and not have to give some of it up. THAT is unreasonable. You don't want to take a drug test? Not a problem. But a company also has the right not to employ you. They will survive without you. You don't want to verify income to bid with a particular auction house? Great, take your business elsewhere.

The problem isn't our losing our privacy, it's everyone's sense of entitlement thinking they get to make the rules in how others do business.

Verifying income for an auction house is one of the most reasonable things I can think of for them to remove one of the biggest problems an auction house faces. The fact that it literally offends people tells me all I need to know about how entitled our society has become. We no longer just take our business elsewhere, we think we should tell people what is reasonable for their business to do, as if they hired you for your opinion.

[Johnny630]

Originally Posted by OhioLawyerF5

It has nothing to do with having privacy. You can have all the privacy you want. But you can't expect anything from someone else and not have to give some of it up. THAT is unreasonable. You don't want to take a drug test? Not a problem. But a company also has the right not to employ you. They will survive without you. You don't want to verify income to bid with a particular auction house? Great, take your business elsewhere.

The problem isn't our losing our privacy, it's everyone's sense of entitlement thinking they get to make the rules in how others do business.

Verifying income for an auction house is one of the most reasonable things I can think of for them to remove one of the biggest problems an auction house faces. The fact that it literally offends people tells me all I need to know about how entitled our society has become. We no longer just take our business elsewhere, we think we should tell people what is reasonable for their business to do, as if they hired you for your opinion.

+1 agree

[FrankWakefield]

I'd be annoyed with a business where I'd always paid in a timely manner, and then one day they want proof of financial wherewithal. But that's not what started this thread.

As a consignor, I recall waiting a few weeks for payment; which annoyed me. The high bidder hadn't paid yet, I got the feeling he was a whale and he didn't want to pay until his funds had stayed in some account until an interest payment had been paid. And the auction house didn't want to pressure him for payment because they didn't want to lose his as a future bidder.

And then there's the auction house that was taking bids on cards that had recently been stolen without timely disclosure about the cards being gone. So AH's can want financial disclosure on bidders, but bidders don't get proof that the AH really had the cards.

I can see that if I had a high value card out there, I'd be annoyed if they accepted a huge bid from an unknown bidder early in an auction driven up by another colluding bidder that discouraged other bidders from bidding, then the two colluders don't pay, and my card goes unsold.

All in all, I don't see a bright line rule that would protect buyers from AH's, AH's from buyers, consignors from buyers, consignors from AH's.... tis a mess.

[frankbmd]

Goldin, oh Goldin

He'll never know how much cash I'm holdin'.

[Peter_Spaeth]

Originally Posted by Snapolit1

Yes it’s 10k, I tried to bid a few ticks above that and was not able to.

I feel the same way about income verification as I do about workplace drug testing …. If you have no basis to suspect it’s a problem….. fuck off.

Realize we have zero privacy left in this country at this point but I will make believe we still do.

Should a mortgage lender inquire as to income and assets or is that insulting too?

[Snapolit1]

Originally Posted by Peter_Spaeth

Should a mortgage lender inquire as to income and assets or is that insulting too?

I have purchased 4 homes. In not one case was I asked for a copy of my investment account reports.

And none of those homes cost $11,000.

[OhioLawyerF5]

Originally Posted by Snapolit1

I have purchased 4 homes. In not one case was I asked for a copy of my investment account reports.

And none of those homes cost $11,000.

Did you specifically ask for an $11k limit at Goldin? And if you truly did, did they specifically ask for your investment accounts?

I've purchased several homes as well. For non-residential houses( i.e. investment properties), I've absolutely had them verify total wealth. I think you are just complaining to complain.

[Peter_Spaeth]

Originally Posted by Snapolit1

I have purchased 4 homes. In not one case was I asked for a copy of my investment account reports.

And none of those homes cost $11,000.

Would you have taken it personally and walked away if you had been asked?

In any case, surely you were asked for some financial information, no?

[gabrinus]

I agree with the guys on here who take this personal especially the ones who have bid on Goldin auctions many times before...it's like a bank you have done business with for many years suddenly wanting to put a hold on a deposit even though you have never written a bad check or deposited a bad one...of course it's personal if you conduct yourself with integrity...unfortunately it seems to be too common today...Jerry

[Peter_Spaeth]

Originally Posted by gabrinus

I agree with the guys on here who take this personal especially the ones who have bid on Goldin auctions many times before...it's like a bank you have done business with for many years suddenly wanting to put a hold on a deposit even though you have never written a bad check or deposited a bad one...of course it's personal if you conduct yourself with integrity...unfortunately it seems to be too common today...Jerry

But up to 100K, the site specifically says you can get an increase based on bidding history.

[OhioLawyerF5]

Originally Posted by gabrinus

I agree with the guys on here who take this personal especially the ones who have bid on Goldin auctions many times before...it's like a bank you have done business with for many years suddenly wanting to put a hold on a deposit even though you have never written a bad check or deposited a bad one...of course it's personal if you conduct yourself with integrity...unfortunately it seems to be too common today...Jerry

No reason to take that situation personally either. You people are so sensitive. Things change, economic landscapes change, businesses change, as does their corporate risk tolerance. Life's too short to take it personally when policies change that affect everyone equally. That is, by definition, NOT personal. It's not like they are only asking a specific long-time customer for financial info. :doh:

[raulus]

Seems like there's a missing middle ground here.

I'm guessing that a big part of the issue is probably just the challenge of being flexible and specific for the AH as it assesses its buyers/bidders, rather than painting with a wide brush. I suspect some recent mandate came down from on high at this AH, possibly because the AH was burned by someone, it cost the AH in reputation and probably lost commission, and now it's time to tighten things up to avoid a similar problem going forward.

Certainly every AH can and should verify that their bidders are capable of honoring their bids. How they go about that process, however, doesn't have to require that they need access to everything about me.

In situations where we have an existing relationship, particularly one where I've been a solid customer for many years, it shouldn't be that difficult for the AH to get comfortable with my credit without the need for additional support. Unless, of course, I'm looking to substantially expand my bidding patterns from 4 figures to 6 figures, in which case the AH has every right to ask for some documentation showing that I can handle that new and substantially elevated level of bidding.

And if I don't like the process from the AH, then I have every right to walk away. As an added bonus, if I'm feeling particularly vexed by the entire situation, then I might just come here and broadcast to the world my utter dissatisfaction with the whole business.