Quick Question For Someone Familiar With Siegel Auctions

Agree #128523;

The note I got from the auction house asked me to provide three references from recognized stamp dealers, which I really don't have handy. The alternative was to put cash as a up front deposit, equal to the total amount of all of your bids combined, plus the 18% buyers premium. This would need to be wired or provided by bank check prior to the auction.

This strikes me as a bit of a catch 22, you can't do business with the auction house without references, but you can't build up a business relationship to gain the reference without the $ up front. I understand they feel they need to protect their sellers and themselves, but I'll look elsewhere, it just shouldn't be that difficult to buy a few stamps.

Which firm requested this? It's very unusual. If it's Siegel, you can phone one of their account reps in New York and see if there is some special issue that they haven't disclosed to you yet.

Siegel, Cherrystone, Kelleher and Schuyler all accepted me with no prior customer relationship. I enrolled with all of them via SAN over the past 5 years.

Perhaps it's because you're not an APS member? If you are, the auction firms usually waive all credit requirements.

agree with cjpalermo's post that such a request is very unusual. Was there something unusual about your bids? A large number of bids or a high dollar amount? I have run into firms that would not ship lots in advance of payment, but have never been asked for a deposit on a bid.

One tip for live bidding on SAN. If you are bidding from your ipad and own a cat make certain to close the window while you go to the restroom.

"The cat bought it". I will have to try that one with my wife. According to her, the cats can never do any wrong.

cjpalermo1964 - it WAS Siegel who sent me the note, so perhaps their policies have evolved. I'd cut and paste it, but it had this huge long disclaimer across the bottom claiming the contents of the memo are privledged and confidential.

APS is a good tip though, I'll try that.

Siegel is a top of the line auction house and it is almost impossible for me to buy from them and resell on ebay for a profit. However this week there is a lot that I thought was mildly interesting, but I've noticed that Siegel hasn't posted opening bids. Without opening bids I would have to watch the auction for the item and probably find out the opening is too high for me anyway so I'm just going to pass. They should post opening bids.

They generally open unreserved lots without bids at about 50-75% of the low estimates.

Rather than worrying about what others are bidding, why don't you just put in your maximum bid regardless of whether or not you know the opening bid amount?

When I first signed up with various auction firms through SAN about four years ago, Siegel was the only one that did not approve me right away. They weren't satisfied with names I provided at first but eventually approved me after I had done some business with a firm or two that they considered acceptable. At the time I was a bit miffed but when I became more aware of the type of material they typically auction and the amounts that could be due from winners in their auctions, I guess I don't blame them for making sure that only serious collectors bid on their stuff.

It would be irresponsible for Siegel to not practice due diligence for bidders ability to pay. You can place your finger on an Ipad "button" and purchase an inverted jenny!

Siegel had a problem with a non-paying bidder a few years back and held an entire sale (Sale 1100 - June 2015), re-offering the lots won by the non-paying bidder. The sale had a notice on the cover "Lots from Sales 1084, 1085, 1089 and 1090 are being reoffered on behalf of 38 consignors, in accordance with Conditions of Sale paragraph 7, which gives Siegel Auction Galleries the right to resell lots in the event a buyer fails to pay for purchases. Clear title will pass to all new buyers in this resale. Siegel Auction Galleries will continue its pending legal action to seek damages from the defaulting buyer."
Perhaps they have tightened their approval of new bidders since then. When I first started bidding in auctions I was amazed at how trusting many auction houses were in sending lots before payment.

I have been registered to bid since I was 24 so that was 1999... I suppose my father having been a long time customer of theirs (And Scott sold his collection when he was at Sotheby's) helped.

They have always been incredible to deal with IMO, in fact, my wins from last week's sale arrived today.