2009 REA Collection of Auction Proceeds Report

Published by Robert Lifson on Tagged Uncategorized

Adjustments to consignor proceeds for the $10.1 million dollar REA spring 2009 auction were ZERO cents on 1559 of the 1560 lots. (The one exception involves a single lot for which no payment was received, eventually requiring legal action on our part. The lot was sold to the underbidder. We are extremely confident that the incremental amount lost due to this one non-paying winning bidder will be collected, along with our legal fees, allowing us to ensure that the seller receives the full amount that he should have, even if he is very happy with the payment he has already received from the sale to the second high bidder).

So, for the past $47 million dollars in auction sales at Robert Edward Auctions, we have an unresolved collection problem affecting only one consignor with one single lot. And we are working diligently to resolve even that. This is unheard of in the auction world. Year after year Robert Edward Auctions has set a standard of perfection for the collection of auction proceeds. Many auctions report sales that for one reason or another are not executed, or have to be adjusted down due to nonpaying winning bidders, costing consignors money. We take the integrity of the auction process very seriously. Bidders appreciate knowing that when they top a bid at Robert Edward Auctions, they are topping a REAL bid. Consignors appreciate getting paid 100 cents on the dollar. This is a very big deal to bidders and, naturally, to consignors as well.

Consignors also appreciate being paid in a timely manner. All REA consignors were paid within thirty days. Consignment checks started going out literally the day following the auction. REA does not rely on a line of credit. (We don’t even have one. We don’t need it). Consignors are never at risk of nonpayment at REA. There is no leverage at REA, no borrowing, no paying one consignor with another consignor’s auction proceeds. Nothing fancy. Just simple common sense good business practices. This peace of mind offered by REA is rarely emphasized by us and often not even factored in by consignors. We take it for granted too. But in these difficult economic times, it can be a big deal, so we think we should point it out every once in a while. 

REA has been actively collecting an extraordinary selection of exciting material for our next auction, which will feature many remarkable discoveries and extraordinary rarities in all areas: pre-1900 baseball cards and memorabilia, display pieces, original art, autographs, nonsport rarities, graded cards, tobacco cards, 1930s gum cards, caramel cards, Topps and Bowman sets, regionals, bats, uniforms, etc.

We won’t be at the National Convention because, as an all-consignment auction house, it doesn’t make sense for us to do so, but we are, as always, available to provide valuable feedback regarding all potential consignments. The week of the National Convention is always a big week for us. We’re not exactly sure why this is. Collectors always send us items right before the show, send us items directly from the show, call us from the show to see if we would be interested in specific pieces, to request feedback and interest on items, and even drop off items on the way home. This week so far we have already received over $400,000 in consignments and the show hasn’t even started. So even though we won’t be at the show, we sort of feel a part of it, and are having a very busy week ourselves.

Please remember the following…as always…  

GENEROUS CASH ADVANCES ARE AVAILABLE IMMEDIATELY!!!

Robert Edward Auctions offers both lower commission rates to sellers AND lower buyer’s premiums, while at the same time delivering:
. The largest catalog circulation
. Reasonable reserves
. The most trusted and detailed descriptions
. The fastest post-auction payment of consignor proceeds
. The fastest post-auction shipment of auction items to buyers
. The most advanced authentication processes
. The most secure and trusted bidding processes and auction policies

If you have quality material you think may be of interest, please call or write! We can provide special terms for early consignors. It would be impossible for us (or anyone!) to process the entire auction with REA-quality care and detail in just the last few weeks before going to press, so it makes sense for us to offer the best deals to early consignors so we can keep busy all year long. We work all year to bring you the best auction possible and to provide the finest auction service possible for consignors.

For more information about why, if you are even THINKING of selling your quality material, you should contact Robert Edward Auctions, please visit:

http://www.robertedwardauctions.com/about/criteria.html

We hope to hear from you soon. Thank you!

Sincerely,

Robert Edward Auctions LLC

908-226-9900

http://www.robertedwardauctions.com/



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