Robert Edwards Auction

[Rob D.]

Originally Posted by glchen

How do people pay and receive their winnings so fast? I mailed my personal check on Thursday (had to transfer money from my brokerage account first), and since I'm from California, the check probably won't arrive until late next week. Then it'll probably need 1-2 weeks to clear before REA can ship. Are most people paying by money order or cashier's check and sending payment via Priority Mail or something similar?

REA is known for, in many cases, shipping items before receiving payment.

[slidekellyslide]

Originally Posted by Rob D.

REA is known for, in many cases, shipping items before receiving payment.

Mastro did that too....and it bit them in the ass.

[iggyman]

Originally Posted by slidekellyslide

Mastro did that too....and it bit them in the ass.

Correct me if I am wrong but Silk Road Equity (aka: Mastro) would send winning lots before payment only to the "Great Guys" in the hobby. If you weren't part of that VIP club, you got nothing until the check cleared. That policy is what bit them in the arse.

Lovely Day...

[slidekellyslide]

Originally Posted by iggyman

Correct me if I am wrong but Silk Road Equity (aka: Mastro) would send winning lots before payment only to the "Great Guys" in the hobby. If you weren't part of that VIP club, you got nothing until the check cleared. That policy is what bit them in the arse.

Lovely Day...

You'll have to refresh my memory on who the "Great Guys" are in this hobby...The two people who I've heard of who didn't pay for their items, but still received them were not connected to auction companies.

[calvindog]

Mastro had plenty of money to pay consignors regardless of what they claim was the reason for their inability to pay. They just chose not to pay consignors; unless, of course, you had your dogs bark on the phone at them or called the press (or had an ol' friend call on your behalf). Then suddenly the money appeared.

[slidekellyslide]

Originally Posted by calvindog

Mastro had plenty of money to pay consignors regardless of what they claim was the reason for their inability to pay. They just chose not to pay consignors; unless, of course, you had your dogs bark on the phone at them or called the press. Then suddenly the money appeared.

I'm sure that's entirely true...however sending out items that are not yet paid for is IMO not a good business practice.

[calvindog]

I hear you. But Rob seems to do ok. There's just a different level of trust between Rob and the great majority of his customer base. Rob has said that he's been stiffed by like 1 winner in the past few years. Imagine what Legendary, Mastro, Goodwin would claim during the same time period.

[iggyman]

Originally Posted by slidekellyslide

You'll have to refresh my memory on who the "Great Guys" are in this hobby...

Dan,

I guess my definition of who belongs as a "great guy" in the hobby is a little bit more broader then just auction owners. With that said, I have no first-hand knowledge of what is an old discussion and would prefer not to get "calvindog" all riled-up .

I was just trying to draw a distinction between what Mastro might have done to keep a couple of bidders in the fold and what REA does as a matter of customer service.

Lovely Day...