Pay before I win anything?????????????????

cosmicdebris

Is this SOP or what. I inquired about Stack's mail bid and they said since I never bid with them before they want 2-3 dealers references and a check for 25% deposit on my bids???????????

How can they ask for money if I have not won anything yet???????????

cherrypickincoin

A check for 25%? Why wouldn't they ask for a money order or something? Seems almost pointless to me. Are they going to deposit this check prior to you winning anything? This stuff is getting ridiculous.

MadMarty

I guess if they have the coins you want they can do anything they want!!! or maybe they know your really poor!

Conder101

Are you sure that isn't references OR a 25% deposit? The request for references or a 25% deposit by first time bidders is pretty much an industry standard and has been for at least 30 years.

They will apply the deposit towards any winning bids that you have and if there is money left over (or if you don't win anything) it will be promptly returned. This deposit is requested in order to weed out people who just want to have fun bidding but who don't intend to pay. Because if they don't pay they lose the deposit and the auction house sells the coins again.

kranky

ANR let me bid in their auctions and I only provided references.

abuell

Per paragraph 5 of their standard terms of sale:

"Any prospective bidder may be required to establish credit references or submit a deposit of 25% of their bids."

As Conder correctly pointed out, this has been a standard term of sale for at least 30 years in the auction industry - and with good reason!

cherrypickincoin

Just provide them with references. Shouldn't be that difficult to come up with a few.

Dabigkahuna

I have seen auction houses request one or the other for new bidders but to ask for both seems a bit much. Of course I have never tried mail order bidding and don't much about how that works. I would clarify it with them again.


Larry
Dabigkahuna

cosmicdebris

From their email:



<< <i> If you have never bid in our sales before, you would have to mail in your signed bidsheet to us along with a 25% deposit check representing the total amount of your bids. Also, we would need 2-3 coin dealer references.

>>