Generally how long does AMI take to pay?

[33bird]

I've heard all the horror stories on here. I sold a big money item with them that ended on Sept.18th, so I'm going on 3.5 months with no check in hand. I've emailed them numerous times and I get the usuall were working on them-very busy, etc. So, I'm not asking to hear the horror stories again but just went to know about how long it will probably be? Was happy with the price my jersey fetched, but thought I'd be paid before Christmas. Thanks,
Greg
biggamebird@yahoo.com

[mfsquirrelmaster]

Re: Generally how long does AMI take to pay?

3.5 months who've waited!! In that time they probably had 3 different auctions. If they're so busy maybe they should have less auctions.

[trsent]

Re: Generally how long does AMI take to pay?

I've heard all the horror stories on here. I sold a big money item with them that ended on Sept.18th, so I'm going on 3.5 months with no check in hand. I've emailed them numerous times and I get the usuall were working on them-very busy, etc. So, I'm not asking to hear the horror stories again but just went to know about how long it will probably be? Was happy with the price my jersey fetched, but thought I'd be paid before Christmas. Thanks,
Greg
biggamebird@yahoo.com

Greg, wow - That seems like a really long time and you sound very patient.

[ifirocked]

Re: Generally how long does AMI take to pay?

Horrible payout times. I sent them a ton of items. They then split them up into 5 different auctions with payout times of 3, 4 1/2, 5 and even 6 months. I may buy from them but i will never consign to them again. They say they pay 60-90 days from auction but then tell you the winner has not paid yet or we'll ship then check next week.

[mfsquirrelmaster]

Re: Generally how long does AMI take to pay?

Just curious what percentage of the selling price AMI takes?

[sammy]

Re: Generally how long does AMI take to pay?

Ever hear of a Ponzi scheme?

[mvandor]

Re: Generally how long does AMI take to pay?

Ever hear of a Ponzi scheme?

No kidding.

I'd never consign anything without a contract with a strict payout period written in I could accept, and liquidated damages for their failure to comply.

[jdr3]

Re: Generally how long does AMI take to pay?

DO NOT EVER CONSIGN WITH AMI. They take forever to pay, I had to call at lesast 4 times to ask where my money was after I saw an item I consigned on ebay listed twice and then they sent me a check they "forgot" to sign. They are by far the worst in this hobby.

[Trublubrucru]

Re: Generally how long does AMI take to pay?

Sold an item at their July 2007 auction, Heard all their excuses, after contacting them four times, I finally got a check in April 2008. I signed a contract for fifteen percent, they took twenty. Plus they charged the buyer another fifteen percent buyers premium. Eight months to get paid, Id never use them again.

[both-teams-played-hard]

Re: Generally how long does AMI take to pay?

Ever hear of a Ponzi scheme?

You mean like that scheme he had about jumping a shark tank in water skis? I agree. AMI is done. They jumped the shark when they let "models" wear gamers.

[kingjammy24]

Re: Generally how long does AMI take to pay?

Ever hear of a Ponzi scheme?

this has been suggested before by others but i'm confused as to why an auction house would need to run a ponzi. they operate on consignments. they only owe a person money if an item sells. if it sells, then they have the money to pay the bidder. unless they're doing massive guaranteed advances or actually buying items outright, then i fail to see how or why they wouldn't have the money to pay consigners promptly. they only owe money if they've sold the lot and whatever a lot may sell for, AMI would always owe less than than they take in because of the premiums.

when any potential bidder signs up, they must place a valid credit card. when an auction ends, AMI's own contract stipulates "Payment is expected within seven (7) days after notification. Unclaimed Lots will be offered by AMI to the next highest bidder." within 2 weeks then, AMI would have payments for all lots. keep in mind they have the credit cards on file so i don't know what this nonsense is about a bidder not paying or being late. if a bidder won an item and hasn't paid within 7 days, run the card! therefore if AMI has all of the funds within 2 weeks after an auction ending, there's no need to pay consigners from previous auction receipts. there are consigners on here talking about being paid 4-6 months after consigning. the notion that AMI has bidders that simply haven't paid up for 3-5 months is insane. AMI wouldn't wait 5 months for someone to pay for a lot.

of course, all bets are off if the auction house is using the receipts for personal expenses and the consigners can't be paid because the bidder payments are being blown on personal items.

to me, it'd be more plausible to stuff the auction receipts into an interest-bearing vehicle for 4-6 months and juice the interest off it before giving the proceeds back out. it's another source of revenue. if someone gives you a million dollars and you can possibly keep it for 5 months, are you going to stick it in a checking account or some interest bearing account? you could make a nice little chunk of change doing that all year round.

anyway, 2009 should be something. any wagers as to which auction houses will go belly up? i don't even know how some of them survive at this point. if an auction house declares bankruptcy, i've been told that the consigners may not be considered secured creditors. if that's true then the consigners may lose everything in the event of a bankruptcy. something to think about when you're deciding where to consign next.

rudy.

[kaseyk85]

Re: Generally how long does AMI take to pay?

ya i consigned a couple giants jerseys in febuary 08 and i havent gotten my payment yet... im about ready to threaten them with a lawyer beacause it has been more then 180 days... i will never do any kind of biussness with them EVER that was the first and last time!!!

[maccamania]

Re: Generally how long does AMI take to pay?

this has been suggested before by others but i'm confused as to why an auction house would need to run a ponzi. they operate on consignments. they only owe a person money if an item sells. if it sells, then they have the money to pay the bidder. unless they're doing massive guaranteed advances or actually buying items outright, then i fail to see how or why they wouldn't have the money to pay consigners promptly. they only owe money if they've sold the lot and whatever a lot may sell for, AMI would always owe less than than they take in because of the premiums.

when any potential bidder signs up, they must place a valid credit card. when an auction ends, AMI's own contract stipulates "Payment is expected within seven (7) days after notification. Unclaimed Lots will be offered by AMI to the next highest bidder." within 2 weeks then, AMI would have payments for all lots. keep in mind they have the credit cards on file so i don't know what this nonsense is about a bidder not paying or being late. if a bidder won an item and hasn't paid within 7 days, run the card! therefore if AMI has all of the funds within 2 weeks after an auction ending, there's no need to pay consigners from previous auction receipts. there are consigners on here talking about being paid 4-6 months after consigning. the notion that AMI has bidders that simply haven't paid up for 3-5 months is insane. AMI wouldn't wait 5 months for someone to pay for a lot.

of course, all bets are off if the auction house is using the receipts for personal expenses and the consigners can't be paid because the bidder payments are being blown on personal items.

to me, it'd be more plausible to stuff the auction receipts into an interest-bearing vehicle for 4-6 months and juice the interest off it before giving the proceeds back out. it's another source of revenue. if someone gives you a million dollars and you can possibly keep it for 5 months, are you going to stick it in a checking account or some interest bearing account? you could make a nice little chunk of change doing that all year round.

anyway, 2009 should be something. any wagers as to which auction houses will go belly up? i don't even know how some of them survive at this point. if an auction house declares bankruptcy, i've been told that the consigners may not be considered secured creditors. if that's true then the consigners may lose everything in the event of a bankruptcy. something to think about when you're deciding where to consign next.

rudy.

Well Said Rudy, as the saying goes "You Just Broke The Code"

[lund6771]

Re: Generally how long does AMI take to pay?

of course, all bets are off if the auction house is using the receipts for personal expenses and the consigners can't be paid because the bidder payments are being blown on personal items.

rudy.

After reading these posts, I sure would never consign with them...and judging by the qaulity level of their recent auctions obviously I'm not the only one

has any forum member consigned anything to their superbowl auction?...and if so, are you nervous about getting paid or set up some sort of an arangement so that you can't get burned?

[ChrisCavalier]

Re: Generally how long does AMI take to pay?

they operate on consignments. they only owe a person money if an item sells. if it sells, then they have the money to pay the bidder. unless they're doing massive guaranteed advances or actually buying items outright, then i fail to see how or why they wouldn't have the money to pay consigners promptly. they only owe money if they've sold the lot and whatever a lot may sell for, [auction house] would always owe less than than they take in because of the premiums.

Hello Rudy,

In accordance with GUU's operating tenets, which those that speak with me directly can verify, I prefer to abstain from making comments about others in the space where GUU participates. While I will not comment on any specific auction house (and I ask that anyone posting on this thread reserve their comments to only those things that can be verified), I think the problem with your assessment above is that it assumes there are no costs involved with running an auction. However, there are a number of costs involved with running an auction that many people often overlook. They include, but are not limited to, advertising and promotion, trade show costs and associated travel, employee salaries, photography, catalog design, authentication costs, etc. When all the costs are factored in, it is possible that certain entities can lose money.

Again, while I have no comment regarding any specific entity in the hobby, I just wanted to provide some clarification to your comment above.