Is there anything in an auction consignement contract that protects against BP changes.
Coinstartled
Posts: 10,135 ✭✭✭✭✭
Let's say that you consign a significant lot of coins to a future auction. At the time of consignment the buyers fee is 17.5%. Four months later on the eve of the sale the auctioneer announces that the buyers fee will be 25%. Of course that higher fee would significantly impact the proceeds realized by the consignor.
Are you SOL or is there any protection to the seller?
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With the trend toward ever higher buyer's fees this is something that MAJOR consignors will have to address in their formal written contract with the auction house. For minor consignors ... once they have signed the standard contract they are probably at the mercy of the auction house.
Who would consign coins to an auction house without a written contract laying out all of the terms? That would be incredibly stupid.
Read your contract. If it says what the BP is, then they have to honor it. Otherwise, if you agreed to "their standard terms and conditions" or some such nonsense, they moved the standards. SOL.
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