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Siegel Changing Auction Platforms

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Posted 10/20/2020   11:20 am  Show Profile Bookmark this reply Add floortrader to your friends list  Get a Link to this Reply
You do know these "BIG BOYS " are in hock to the stamp auction houses from three or four auctions ago . They all have extended their credit limits and the auction houses control them by not giving them a bid card unless they can reduce their balances . I had this discussion with Greg of the Greg Manning Auctions back around 1994. Gregg said "floortrader we give you a extended line of credit because your buying for enjoyment and not depended on you selling something for us to get paid "

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Posted 10/20/2020   12:31 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
Floortrader - You speak the truth my friend. There are "big" buyers that owe a LOT of cash on a constant basis. I know because I have waited for my consignment payment at one East Coast auction house multiple times because one "big" buyer was taking their time paying and they did it every time. It is a symbiotic relationship though because the House needs these buyers as well. It always makes me nervous to see one particular paddle number scoop up all of my lots because I KNOW that they will be late paying. Bank on it.
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Posted 10/20/2020   2:22 pm  Show Profile Check eyeonwall's eBay Listings Bookmark this reply Add eyeonwall to your friends list  Get a Link to this Reply
Is the house holding onto your lots until they are paid, or are they sending them out on credit?
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Posted 10/20/2020   2:45 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
They say that they are holding onto them and it would VERY risky on their part to not have them given that you could ask for their return if you have not been paid.
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Posted 10/20/2020   3:10 pm  Show Profile Bookmark this reply Add rismoney to your friends list  Get a Link to this Reply
So wait a sec. So in this scenario so called big boys, "buy stamps", don't take possession, don't pay, but promote them with the hopes of unloading them over a time period defined by negotiating with the piper?

If they don't sell they work out a deal to relist and the dealer may lose some juice plus some percentage of principal?

Seriously?

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Posted 10/20/2020   3:37 pm  Show Profile Check eyeonwall's eBay Listings Bookmark this reply Add eyeonwall to your friends list  Get a Link to this Reply
Do their terms say you are supposed to get paid x days after the sale?
Do they charge late payers a late interest fee? If so, do you get paid interest for waiting for your payment of the house does not pay you on time?
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Posted 10/20/2020   4:28 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
The terms are that you are supposed to be paid within 45 business days. As to whether or not they enforce the late payment penalties only they and God really know.

Contract terms are great but if you are the House you hold all of the cards really.
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Posted 10/20/2020   4:44 pm  Show Profile Check 51studebaker's eBay Listings Bookmark this reply Add 51studebaker to your friends list  Get a Link to this Reply
aka Regency...
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Posted 10/20/2020   5:15 pm  Show Profile Bookmark this reply Add floortrader to your friends list  Get a Link to this Reply
Many of the auction houses extend credit but deliver the stamps to the buyer right after the auction . How the heck does the "BIG BOY" get the money to pay the auction house ?

Do you think they got the money ? Your wrong! not like me or you who pay our bills . they live in this world of floating other people's money .......as Don said look at Regency living on other people's money but a big shot in the business.
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Edited by floortrader - 10/20/2020 5:21 pm
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Posted 10/20/2020   7:36 pm  Show Profile Bookmark this reply Add BobInRye to your friends list  Get a Link to this Reply
While Siegel is intent on changing their auction platform, from what Scott Trepel has been saying during this week's sales, they are going to take some time to do so, running floor, telephone, SAN and the new platform all in parallel. So far, it seems to be working. Unclear how long this will last, but Siegel does seem to be aware of the issues mentioned in this thread - no pass button, no ability to "bid ahead" skipping multiple increments, no ability to message "the floor", no ability to see a log / list of previous closing prices / bidder numbers, and NO SOUND on the mobile version of Auction Mobility. I'll continue to bid through SAN until the above issues are fixed OR SAN is removed as an option.
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Posted 10/20/2020   7:59 pm  Show Profile Check rlsny's eBay Listings Bookmark this reply Add rlsny to your friends list  Get a Link to this Reply
BobInRye, were you successful in getting to the live auction on mobile? What platform did you use and any hints?
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Posted 10/20/2020   9:38 pm  Show Profile Check eyeonwall's eBay Listings Bookmark this reply Add eyeonwall to your friends list  Get a Link to this Reply
"The terms are that you are supposed to be paid within 45 business days... Contract terms are great but if you are the House you hold all of the cards really."

So you are supposed to get paid within 45 days. Full stop. Does not matter if they made an error in judgement and sold it to someone who doesn't pay on time. Why continue to feed them consignments?
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Posted 10/21/2020   12:28 am  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
I don't.
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Posted 10/21/2020   02:37 am  Show Profile Check eyeonwall's eBay Listings Bookmark this reply Add eyeonwall to your friends list  Get a Link to this Reply
Did you not say " I know because I have waited for my consignment payment at one East Coast auction house multiple times because one "big" buyer was taking their time paying and they did it every time"
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Edited by eyeonwall - 10/21/2020 02:38 am
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Posted 10/21/2020   07:50 am  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
Yes, I did. Let me clarify. I no longer do. Geez.
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