I have never consigned to auction. I know there are buyer's premiums but what are the sellers' fees / premiums? And how do sellers receive payment after? Can it come direct via Zelle etc?
And when an auction is ticking down and a reserve isn't quite met or whatever, are you on conference calls with the owners trying to get a deal done? Or is that kind of drama just stuff they show on TV? : ) I know reserves aren't super popular or common in regular sports cards listings but you see them sometimes on really high-end stuff.
Hi there! Thanks for the great questions.
Most auction houses charge seller's fees in addition to the buyer's premium, but based on the quality of the material you're consigning, those fees can generally be negotiated down to zero or even better (where a consignor receives a share of the buyer's premium). In our case, we ask for seller's fees when there's an inordinate amount of work involved in preparing the consignment for auction - if it's disorganized, if it has a lot of lower-value items that need to be grouped together, if there are a lot of items that require research and lengthy descriptions. You can really do yourself a favor and save yourself some money if your collection is organized and if you keep detailed lists of what you're consigning.
In our case, we pay consignors by check or e-check, but we're always working on adding methods to both make and receive payments. Many auction houses can pay by PayPal, Zelle, ACH or wire transfer.
In terms of auction night drama, I generally don't like/watch television shows about auctions, because most of it is overdramatized and unrealistic. As such, I don't know the scene(s) to which you're referring. But I can tell you that we work constantly throughout the auction to encourage bidders to place bids, and are generally working right up til the auction closes!
-Al
Al Crisafulli
www.lotgauctions.com
@al-crisafulli I'll vouch for Al's (hey, Al!) willingness to work with you. He's a stand-up guy and runs a stand-up auction!
-Burl (Justin Burleson)
@al-crisafulli You bet! You can find me in Booth 403/502, or I'll come find you 🙂
