Have You Ever Had Problems With Getting Paid By An Auction Firm

Climber - pick up the phone and call them. You will either get your answer or know you are being blown off.

"buyer usually magically turns up with the payment before the next auction that has something they want" SO true.

"As for obtaining a loan to pay customers on time, on what basis does a bank offer credit terms to an stamp or other auctioneer unless its owner is personally wealthy? An auction house typically has no assets to speak of." Many auction houses have a stock of stamps that they include in their auctions.

"Even if a stamp auction house has a retail arm or their own stamp purchases, bankers usually have no experience with little pieces of paper or the stamp business and therefore have no confidence in loaning money or giving credit based on that, particularly in recessionary times.:
If they have been doing it for any length of time they should be able to provide an accounting of their profitability (wheher it is the profits they make from selling consignments or their own stock).

"Sotheby's had been up for sale for decades, but there are no takers because its only moneymaker is its commissions that are used to pay staff, advertising, etc., like any auction house, with little left over. The owner gets prestige and a decent personal income, but that's about it." Or perhaps they were just asking too much for their business. As to how much of the profits the house retain vs how much it pays out to its owner, those are just 2 sides of the same coin. If the house retains little, then the owner gets a lot. One way or the other, one side of the coin should be able to show an income flow to a bank.

Still waiting ?????????

Who is it? the longer you wait to name them, the more consignors are going to be put at risk

Maybe he got paid and slapped with a gag order to boot ???

Very shortly I will be finishing organizing my paperwork related to the sales and payments and will share the following:

1) The auction firm
2) The sales dates
3) Exact dates when payments, partial and otherwise, were actually issued and received

I am having a time finding documents from 2018 but am confident that I will.

With that information people can make their own decisions and draw their own conclusions.

There will be only one auction firm listed because I have never had this happen with any other.

Your reply appears to be as delinquent as the auction firm was to you.

We deserve an explanation.