can someone explain this to me:

"We don’t make a point of disclosing them because we didn’t buy them to sell for profit, we pay the consignors whether their items are paid for or not (as long as the item sells for reasonable market value) and just re-run the items that don’t get paid for"

as i understand this then; someone consigns an item to vintage, the item technically receives a bid above the reserve and eventually the auction closes. if the buyer does not actually end up sending payment to vintage, vintage will still pay the consigner?

if an item is not paid for, vintage still pays the consigner and keeps the item. the item is then re-run, but the original consigner has already received payment? is this is the case, then it seems the vintage has bought the item from the consigner and becomes the new owner. if they are the owner and they re-run the item, then they're offering items in their auction that they own.

do most auction houses pay consigners if payment on their item is not received?

do most keep the items and re-run them?

thanks,

rudy.