Still Haven't Received Full Payments From My Consignment With Zurich Asia Hk046 Auction

No. I should have finished the story. So, after almost a year has passed, I call the owner yet again and am told that the bidder was coming into the office the next day to floor bid in the auction and the owner would press him for payment and tell him that he could not bid unless he paid his bills. He paid. At least this is what I was told. Was it the truth? No way of knowing. You can bet that that bidder had bid in all of the other sales throughout the year and that many other consignors were being made to wait. Needless to say, the experience soured me a great deal on auctions and along with other issues really tested my enthusiasm for the hobby in general.

What kind of business extends hundreds of thousands of dollars in credit to deadbeats and allows them to keep participating in sales?

I guess one question is: Is extending that kind of credit really necessary in order for their business to succeed? And a follow-up, is that really what it takes in order to be a "successful" auction house in the stamp world? I would hope not.

edit: I guess you at least partially answered my question already :

There is two parts that have not been talked about .

First ------ There are people who get paid right away and your not one of them . Every auction has consignors who feed material for every auction the firm puts on ,these "FEEDERS " are running a business of being able to deliver lots ,they are buddies of the owners or top managers .They get paid quickly were as small lots and new people wait in line to get paid .

Second --- The auction houses needs your money for them to buy material ,my guess is the house owns close to 25% to as much as 50% of all material in their own public auctions . This is where REGENCY got into trouble ,their buyers were paying for material than was higher than what the firm was selling it for at auction .Purchase cost plus expenses of running the auction was higher than prices realized .

Regency's auctions always felt like net-price sales to me.

one more thing...

They charge the late payers interest, but do they pay the consignor interest for paying late? Nope.

Is Kelleher really a new member here? If so, maybe one of their reps can join in the discussion and explain an auction house's perspective on all this, rather than just having the rest of us throwing out our theories and anecdotal experiences.

On 1 November (2023) a new member appeared under the name kelleherauction (see members list under 'K'). The account was created just after the deleted thread about Kelleher Auctions was posted.