Have any of you who have consigned coins to auctions houses.....................
SanctionII
Posts: 12,273 ✭✭✭✭✭
.................... ended up having a problem arise with the consignment that resulted in a bad outcome for you as a result of the one sided [in favor of the auction house], draconian language contained in the auction house's consignment agreements?
For example your consigned coins were lost, damaged or stolen while in the possession of the auction house and your compensation is limited to 20% back of wholesale, sight unseen valuation based upon grades assigned to the coins by a slabbed by a first tier TPG [PCGS or NGC only] or alternatively for raw coins or non first tier slabs, based upon grades assigned by a third person designated in advance by the auction house.
For example your consigned coins were lost, damaged or stolen while in the possession of the auction house and your compensation is limited to 20% back of wholesale, sight unseen valuation based upon grades assigned to the coins by a slabbed by a first tier TPG [PCGS or NGC only] or alternatively for raw coins or non first tier slabs, based upon grades assigned by a third person designated in advance by the auction house.
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Everything sold cheap. Got a check for half the stuff. Called to find out what's up and they said someone defaulted or did not pay. They agreed to return the items, Legend agreed to buy them for more than SG originally sold them for then SG said they can't return them because they sold them to someone else after the fact for the original auction price. I then had to call Legend and say sorry.
Last time I ever deal with them.
Hi does anyone know anyway what compensation the auction house will pay if they lose my coin?
Read the entire auction agreement carefully. They are written to protect the auction house. If you don't like the terms don't consign.
Who is SG?
Thanks for the reply! They said they will pay me compensation, but they are waiting for the insurers to determine. They told me to send with their free return label that the shipment is insured with.But the very coin for which we agreed for a lot of money, do they insure at the price that was agreed?
Who is SG?
Probably Superior Galleries.
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I would also like to know, "who is SG?"
My worst experience was that I had a number of lower-value coins sell at GreatCollections. One of my MS66 Roosevelt dimes sold for $3. As the auction house's fees were attributed, it turned out that I owed something like 25 or 50 cents. So a lot that I thought I'd make $12 or $15 on, I ended up paying for someone to take the coin off my hands.
To be clear: I'm not blaming GC for this. In fact, as a buyer, this is the kind of cherrypick that I love to find! And for this to have been my "worst" experience, I recognize that I've been lucky! (Oh, I've lost or made money according to the market and the bidders, so I'm not counting other experiences where I lost more than I paid... that's just something that happens to collectors on occasion!)
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The only way you can get an answer to that is to contact the auction house and ask them directly.
I let GC talk me into a 60% starting price on a few coins. Lost a grand on an 09svdb ms65rb on a slow auction night. A lot to consider when consigning coins with anyone.
The original reference to SG was made in 2008, when the thread was started. @BECOKA hasn't been on since 2016.
I sold off a bunch of foreign on GC about a year ago. It turned out to be a mixed bag. Some went for less than expected, others more. Overall the results were alright.
I sold a bunch of high grade Lincolns through GC, kinda got killed overall. Similarly, I sent an Auctioneer friend a run of nice raw Washington's that should have been $25 and up, I specifically asked for them to sell early in the auction. They were first and went for peanuts. These are the kind of experiences that make you want to attend auctions, so I can't complain. Some days just aren't your day.