More issues with Stacks. Anyone else?

tmot99

Ok, as I've said before, I still have issues with Stacks. And they are not getting any better. First round of consignments last year didn't go so well and I had kind of written them off. Christine smoothed things over so I gave them a second chance in January's Americana auction. There were a couple of minor things that didn't go my way (listing issues), but I dealt with it. But now I find out that one of my lots is being returned as not sold. I had no reserve on the piece so it seems strange that NO ONE would even put a bid in on it. As I remember watching the lot sell, I think Stacks put a bid on it and won it, but when it didn't sell in the post-Americana sale, I guess I am getting it back. Strange, but I guess I can deal with it.

But now, as I see everyone that seems to be getting their winnings, I still have not received mine. I called on Monday after the auction and asked to pay my invoice against my consignments. No problem, they should ship out soon. Again, I think, "Great!". This is all normal. More than a week goes by and I get the invoice but still no box. Also normal, but I call to be sure they know what's going on with my payment. They person on the other end seemed confused by my call and wanted to check some paperwork and call me back. A couple hours later, I get a call and am assured that everything is good and they will make sure my lots go out right away. Ok. Fine. No issue. Now a week and a half after that, still no box. I call to get the tracking number, but am told that it still hasn't shipped out. Apparently, everything is in California. I am told that maybe they don't know that I am paying against my consignments in California. I am also told that there are "a lot of people that are having issues" getting their winning lots.

Has everyone here received their winning lots?

coinguy1

As a buyer from and consignor to a number of auctions, I have always written a check for my purchases, and never expected to be able to offset my purchases with my expected/future consignment proceeds.

That is largely because payment for items I purchase is due to the auction house before payment for my sold items is due to me, from the auction house. And, until my consignment has been officially settled, there is always the possibility that one or more of my sold items might be returned (or not paid for) by the winning bidder. So, the amount of consignment proceeds is unknown until the settlement date.

AnkurJ

I got mine about 2 weeks after paying.

tmot99

<< <i>As a buyer from and consignor to a number of auctions, I have always written a check for my purchases, and never expected to be able to offset my purchases with my expected/future consignment proceeds. That is largely because payment for items I purchase is due to the auction house before payment for my sold items is due to me, from the auction house. And, until my consignment has been officially settled, there is always the possibility that one or more of my sold items might be returned (or not paid for) by the winning bidder. So, the amount of consignment proceeds is unknown until the settlement date. >>



And that's fine if that's their policy, but that's not what I've been told. They have agreed to take payment against my consignment. They have never said that they need to wait until everything is settled before they would ship. And if that is what the issue is, shouldn't they people in accounting and/or CS agents answering the phone know their procedures and be able to answer this question?

lakeshore

Still waiting for my Americana winnings......

coindeuce

My recommendation: If there ever is a future opportunity for consignment to Stack's, offer to pay the sellers fee on your lots if they will offer you an interest free advance against the expected hammer price of your consignments. If they balk at that, or can't come up with a reasonable estimate, or don't forward an advance check on those terms before the sale date, then it is time to cut your ties with them.

shorecoll

I got mine about a week after paying, but I waited awhile to pay. I paid on the 7th and got the items around the 15th.

coinguy1

<< <i>My recommendation: If there ever is a future opportunity for consignment to Stack's, offer to pay the sellers fee on your lots if they will offer you an interest free advance against the expected hammer price of your consignments. If they balk at that, or can't come up with a reasonable estimate, or don't forward an advance check on those terms before the sale date, then it is time to cut your ties with them. >>

My recommendation is to try to get a consignment deal under which you don't have a seller's fee to pay, period.

coindeuce

<< <i>

<< <i>My recommendation: If there ever is a future opportunity for consignment to Stack's, offer to pay the sellers fee on your lots if they will offer you an interest free advance against the expected hammer price of your consignments. If they balk at that, or can't come up with a reasonable estimate, or don't forward an advance check on those terms before the sale date, then it is time to cut your ties with them. >>

My recommendation is to try to get a consignment deal under which you don't have a seller's fee to pay, period. >>



I offered the suggestion on the premise that tmot99 has been consigning lots valued at under $10K. Most of the auction houses I have dealt with will scoff at you for making the suggestion that they waive the seller's fee for consignments estimated at less then the aforementioned minimum. Maybe you have an inside track on better terms.

WTCG

<< <i>As a buyer from and consignor to a number of auctions, I have always written a check for my purchases, and never expected to be able to offset my purchases with my expected/future consignment proceeds.

That is largely because payment for items I purchase is due to the auction house before payment for my sold items is due to me, from the auction house. And, until my consignment has been officially settled, there is always the possibility that one or more of my sold items might be returned (or not paid for) by the winning bidder. So, the amount of consignment proceeds is unknown until the settlement date. >>



I agree with Mark. Complications always leads to confusion and confusion is bad in any business transaction. When consigning or buying from an auction it's always best to keep the terms as simple and straight forward as possible.

SaorAlba

In the past couple of years I have watched them descent into an abysmal state with customer service. A couple of years ago one of the lots I purchased didn't make it into the shipping package and was "lost" and they at least did find it and express mail it to me. I would have gone ballistic if they had really lost it, as it is a PCGS MS-67 Texas Half that is quite possibly one of the nicest around.

Then about two years ago I made a significant purchase in one of their foreign coin auctions, and I got antsy about it because they took their dear sweet time sending the lots even though I had wired them the funds - but if it didn't arrive soon I was not going to be able to receive it in the USA because I was going back overseas. The prospect of a decent sized five figure purchase floating around in the mails was unbecoming. It finally did arrive, slowly but surely the day before I was leaving the USA for a couple of months. Which meant I didn't really get a chance to even see or image my purchases because I had to rush them into the SDB.

Then continues, the veritable litany of very very slow shipping. And with the recent "Americana" auction, I paid for and expected "registered" mail because of the size of the purchase. Yet the fargers just sent it regular old non-insured priority but still stuck me with the more expensive shipping option.

Yes, I think I will be avoiding them for future purchases and just sticking to Spink and Heritage.

ColonelJessup

Anyone willing to consider that the new S-B regime is aware of these issues and trying to integrate not only staff but computer systems?

I've had long-established six-figure credit with Heritage. I get 14 days from the first day of the sale to pay. If I want more time I must pay for it. If I'm not at the venue to pick up lots then the earliest Brinks gets the coins back to Dallas is 7 days from auction start, and only then does the shipping process begins.

I've had long-established six-figure credit with Stacks and Bowers. I get 30 days from the first day of the sale to pay. If I'm not at the venue to pick up lots then the earliest Brinks gets them back to NYC/Wolfeboro/Irvine (a couple of corporate transitions included here) is 7 days from auction start.

Suggestions:

1) You can, with a couple of good references and little effort, establish credit. Get your customer number if they assign one. It might be of more help than your name.

2) You can USPS Express Mail to get them their check if bidding credit has been established but shipping credit has not.

3) You can look in the catalog to see whom to ask for. Don't explain your problem to the receptionist. Ask for the that person directly. Follow up your conversation with an email with all your shipping information. Sorry if you are repeating your info. It's not really that outrageous.

I've had experiences with all 3 (now 2) firms where someone was given bidding credit and failed to pay. In the meanwhile the lot showed up as sold in consignor reports because the auction company was waiting 30 days for a check that never came. Then I got my coin back.

Sometimes a firm will bid what they see as 50% of value to protect a consignor's interest even with no reserve. They are not trying to screw you. They are doing you a favor you didn't ask for and may not even have been aware was being done. The bad-pay bidder scenario seems much more likely in this instance.

And sometimes things just get screwed up.

Expect several big and many many small incremental changes to take place at the blended S-B over the next several months.