Goldin income verification

[MVSNYC]

Originally Posted by calvindog

As I said above, I was previously unaware until recently as to how many winning bidders pay for their winnings with cards they then consign for future auctions, after winning their lots. Getting basically interest-free loans from the auction houses. So I can better understand the houses' concern that winning bidders can't pay for their lots.

Jeff, I've found that if you consign prior to an auction that you're also buying in, you (obviously) are working with 100% of your consigned value for auction purchases...but if you propose to "consign to pay" after the auction ends, most auction houses allow this at 50% value of your "new" consignment, thus you need to lay out 50% cash for winnings up front. Everything then gets settled after your item(s) sell.