Great Collections returns

JoeLewis

Hi all. This may be a stupid question, but I’ve sold my first coins through GC auctions, and I was wondering what happens if the buyer returns a coin. Does the coin get relisted for another auction? What if the consigner already got paid from GC? Thanks.

oldabeintx

Don’t have an answer for you but I’ve sold quite a few coins on GC without a subsequent adjustment or other indication of a return. Interested in their answer.

AZDAVY

In my many consignments with gc there never has been a deduct because of a return or non payment.
Now with stacks bowers I have had 2 chargebacks to my consignment proceeds because someone has not paid. Very surprised they did that. We were only talking a couple hundred dollars.

logger7

No auction company likes returns, I heard that HA does not permit them. I'd think they'd look at the reason for it and sharpen their business practice accordingly. If there is an outsized result, a coin goes for moon money then the buyer gets remorse and returns it, the question is what is it worth? Then they try to re-auction it, probably for substantially less.

messydesk

See #12: https://www.greatcollections.com/main-terms

I imagine that your account isn't credited until enough time has passed for the buyer to have had 24 hours to contact GC for a return.

skier07

GC allows returns so if your coin is returned your account isn’t credited and you have the option of relisting the coin again.

I had a coin in the most recent HA FUN auction that sold but the winning bidder never paid for the coin. He claimed that he accidentally bid on the coin. The coin was relisted in an HA auction two months later and it sold for $500 less.

TrickleCharge

Even months or years outside of the return window, a winning buyer can ask an auction house for a return. If the auction house accepts the return, they could in turn try to take back your proceeds.

jmlanzaf

@TrickleCharge said:
Even months or years outside of the return window, a winning buyer can ask an auction house for a return. If the auction house accepts the return, they could in turn try to take back your proceeds.

Highly doubtful unless there was a crime involved.

messydesk

@TrickleCharge said:
Even months or years outside of the return window, a winning buyer can ask an auction house for a return.

We call that a consignment.

If the auction house accepts the return, they could in turn try to take back your proceeds.

Only if you buy it again.

ianrussell

It's extremely rare that a return would affect a consignor's account. I think the last time this happened, it was actually a mechanical error - but to me that was a different situation. But setting that aside, our return rate is so tiny, you might have a higher chance of winning the lottery tonight.

• Ian

JoeLewis

@ianrussell said:
It's extremely rare that a return would affect a consignor's account. I think the last time this happened, it was actually a mechanical error - but to me that was a different situation. But setting that aside, our return rate is so tiny, you might have a higher chance of winning the lottery tonight.

• Ian

Thanks!

lcoopie

@ianrussell said:
It's extremely rare that a return would affect a consignor's account. I think the last time this happened, it was actually a mechanical error - but to me that was a different situation. But setting that aside, our return rate is so tiny, you might have a higher chance of winning the lottery tonight.

• Ian

Compare to eBay

jt88

I hope all the auction houses block all the non- pay account.s

oih82w8

@ianrussell said:
It's extremely rare that a return would affect a consignor's account. I think the last time this happened, it was actually a mechanical error - but to me that was a different situation. But setting that aside, our return rate is so tiny, you might have a higher chance of winning the lottery tonight.

• Ian

...to win the lottery!

jdimmick

Thanks for the answer, i have wondered that myself, never had it happened to me thru GC, but based on ian's explanation, i can see why.

JIm

Ebay is a whole another ballgame, I dont get that many returns, but a few times I had a buyer wait till 29 days , then return, cause he couldnt resell it. What a sham

jmlanzaf

@lcoopie said:

@ianrussell said:
It's extremely rare that a return would affect a consignor's account. I think the last time this happened, it was actually a mechanical error - but to me that was a different situation. But setting that aside, our return rate is so tiny, you might have a higher chance of winning the lottery tonight.

• Ian

Compare to eBay

You can't. Who is the consignor on ebay?

retirednow

I was offered a lot at Heritage as the winning bidder did not come through with payment as being the last out bid ... I declined because it the timing and now I see it back on the block

TrickleCharge

@ianrussell said:
It's extremely rare that a return would affect a consignor's account. I think the last time this happened, it was actually a mechanical error - but to me that was a different situation. But setting that aside, our return rate is so tiny, you might have a higher chance of winning the lottery tonight.

• Ian

Well, "mechanical errors" and what constitutes them is a whole different topic.

So what you are saying is that you can take back payment made to a consigner at any time as nothing in the contract prevents that, but you won't except on very rare occasions. I appreciate the transparency and honest reply. As rare as it is, you have to admit that someone will eventually win (lose) that lottery.

wondercoin

‘’It's extremely rare that a return would affect a consignor's account. I think the last time this happened, it was actually a mechanical error - but to me that was a different situation. But setting that aside, our return rate is so tiny, you might have a higher chance of winning the lottery tonight.’’

That has been my experience.

I can not comment on whether HA might accept a return for things like a bidder changing his mind, but I think they would not tolerate that. On the other hand, I’ve been faced with a few non-paying bidder problems at HA over the years, including a very painful $100,000+ canceled sale. But, to be fair, that was about 7 or so years ago and HA’s track record since then has been along the lines of GC.

Wondercoin.