Official Gass 2023 Auctioneer - Kewriga Auctions

You're correct; this is the first auction run under his name. Given his history with two other auction firms that had good standing with the APS and his other positions of responsibility in the hobby, he's met the criteria.

Scott

I have never heard of them but that is not saying much.

IMHO the criteria to run a large auction has as much or more to do with financial resources and stability than reputation. So long as an auctioneer can demonstrate that they are capable of obtaining a bond (even if a bond is not required), paying their bills and consignors on time and generally fulfilling their obligations things should be OK. Of course, we can assume that due diligence was undertaken.

I bring this perspective having been a consignor to Regency Superior when they imploded.

Edited for grammar.

In my opinion, whenever you hook your wagon to another party financial due diligence is required. This can be especially true if taking a reputation hit at a particular time can cause significant damage or if your own financial situation is marginal. (Risk = Likelihood x Impact)

Part of the issue can be that, like Regency, gleaning a good understanding of a private company's financial health is challenging. If this is the situation, do you just roll the dice with a 'less than ideal' financial understanding? Read the tea leaves or listen to hearsay? Even then, I do not recall anyone sending up warning signals before Regency crapped out.
Don

I am not sure the relationship between the show and auctioneer other than being the only aucton allowed at the show. The question is if the consignments and revenue could ne segregated from the auction house other business so if anything happened the show auction aspects are protected from the overall business.

I am sure Regency knew their problems well in advance as they had more liability than assets to cover it . Who knew is another question.

I assume that at a time when stamp shows and their legacy philatelic organization sponsors are driving to increase memberships and hobby participation, the last thing they would want to happen is to be associated (named as "official show auctioneer") with a Regency type situation.
Don

I started this thread because I have some material that I am considering consigning to an auction house. GASS 23 looks to be a good show, given the number of dealers that have signed up and how fast the hotels sold out. So I was curious whether there would be an auction and who would be running it. Kelleher did a nice job of disposing of my U.S. collection, although actually getting paid involved a bit of banging heads. Fortunately, I was only a buyer with Regency, but when lots that I bought started showing up with key items mysteriously missing, that was a signal to me to avoid them. They imploded soon after. So I'll have to think about whether to give it a shot with Kewriga. I've sent them a note asking for more info.

As a side note, many of the bond requirements of the various States are ridiculously low. Ohio for instance requires auctioneers to post a $25,000 bond against injuries and damages. I cannot think of any philatelic auctions other than the very smallest where $25,000 would begin to cover potential liability.

If I were to make a major consignment now to an auction firm, I would insist upon a dedicated bond or policy for myself. I bet Bill Gross had one.




Yes, indeed.

Well maybe Hugh Wood could offer auction insurance or APS could work with auction houses to prevent another Regency.

That would a very good thing. It offers several positives. It would be a strong selling point for consignors to have protection. It brings a sense of solidity to the auctions. And it goes a long way toward easing the discomfort some people such as myself have after bad experiences.

Probably pie-in-the-sky though because the auctioneers would have to give the underwriters complete financial transparency and I have a strong suspicion that a lot of firms want that as much as wool underwear in August in Miami.

Financial transparency would be easy to comply with. But a sensible carrier also would require the auction house to fully describe, in writing, its loss prevention procedures. After receiving lots from consignors, where are they stored, with what physical security measures, and who has access? What is the process for determining when lots can be removed from that storage, who is authorized to move them, where they reside during description or sale, etc.? After sale, how does the packing and shipping process work, who are the carriers, what is the insurance policy? Do any of these steps have redundancy or backup systems? What is the process for vetting employees? I would guess that many auction houses do not have this documented, have security holes, or vary from standard procedures on occasion. I can only speak from somewhat unrelated experience—when law firms apply for malpractice insurance, they have to do all the foregoing; fundamentally, insurance carriers don't want to pay claims and are looking for firms likely to have zero to low loss rates.

Chris - Agree with all said. I was thinking more along the lines of a performance or completion bond aside from loss policies which I HOPE these firms have. A bond or policy specific to ensuring that consignors are made whole after material disposition.

My background being large construction projects we had a menu of bonds and insurance to cover all contingencies from fire to a contractor going belly-up.

The two most dangerous auctions for a consignor:

The last auction held.
The first auction held.

As to the implosion of Regency, it was well expected to a core group, but did not reach into the general philatelic community.
Lowell S. Newman & Co. Auctions, New Jersey was another such collapse in the late 1990's.

Other considerations aside, temporarily, a key part of being successful at running an auction house these days is philatelic knowledge -- of the material & the marketplace for it.

Clearly more than just this, is required to run a successful business, but Matt, I believe has such knowledge, and I wish him the best.

I know it is possible to get a rider to an insurance policy to cover doing an auction off site.