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Let me first of all thank everyone who participated in the inaugural Game Used Universe consignment auction. Now that the auction and post-auction activities are pretty much over (payments made, items shipped, etc.), I think it’s hard to say it was anything but a tremendous success. In this post, I will provide updated information about this past auction as well as plans for our future GUU consignment auctions:
Winning Bidder Payments: There were a total of 117 winning bidders in the auction (many won multiple items). At the time of this post, we have received payment from all but 8 winning bidders. Of the remaining 8 winning bidders, we have been assured by four of them that we will receive payment within the next few days. Notably, most of the remaining bidders owe nominal amounts with only one owing over $1,000. This translates so far to a 98% collection rate and 99% once the four who contacted us make payment.
As stated in the GUU Auction Terms and Conditions, we consider non-payment of winning items a serious matter. In fairness to other bidders, consignors and GUU, those who do not pay will be banned from future GUU auctions and their names will be posted on the forum. The names of non-paying bidders from the October auction will be posted by Friday, December 14th. In future auctions, names will be posted earlier as we will more strictly enforce the 14 day from invoice date payment requirement (we were a little lenient with this auction given it was our first one).
Consignor Payouts: We sent out payment to ALL the consignors for winning items paid (98% paid as mentioned above) within 30 days of the close of the auction. To provide proof of that statement, I welcome any consignor that was not paid for their consignments to post here. Game Used Universe’s goal is to pay within 30 days for all auctions and we believe the banning and posting policy will help prevent any late or non-payments in the future. Additionally, we will be paying all consignors of the remaining items still to be paid from the October auction (mentioned above) as soon as those payments are received and cleared.
Game Used Universe Documentation: In addition to any existing documentation at the time of consignment, all winning bidders in Game Used Universe’s consignment auctions will receive an official GUU auction document bearing: a) a description of the item signed by the appropriate GUU representative to verify the accuracy of the description, and b) the GUU site URLs for the item description as well as for the thread created for questions and answers regarding the item. This will allow anyone interested in information about the item in the future to have access to it on the GUU site. These documents will be printed on GUU letterhead and will be embossed with the GUU logo to prevent attempts to copy or reproduce the document.
We will be working to send out these documents for items won in the October GUU auction within the coming weeks.
The Next GUU Consignment Auction: We have been overwhelmed with requests from both potential consignors as well as bidders wanting to know when we will be having the next GUU auction. As it stands now, we will be looking to have the next auction in March 2008. Once again, we plan to heavily promote the auction through, among other things, industry media as well as trade shows. In fact, we will be one of the few auction houses that will be set up at the NFL Experience at this year’s Super Bowl in Arizona.
We will be announcing the official consignment deadline shortly for the next auction but please feel free to email us at auctions@gameuseduniverse.com or call us at 925.552.8023 if you are interested in consigning any items to us. Based on the verbal consignment commitments we already have, I think it is fair to say the next GUU auction will likely be bigger (potentially much bigger) than our first.
Sincerely,
Christopher Cavalier
CEO - Game Used Universe
Winning Bidder Payments: There were a total of 117 winning bidders in the auction (many won multiple items). At the time of this post, we have received payment from all but 8 winning bidders. Of the remaining 8 winning bidders, we have been assured by four of them that we will receive payment within the next few days. Notably, most of the remaining bidders owe nominal amounts with only one owing over $1,000. This translates so far to a 98% collection rate and 99% once the four who contacted us make payment.
As stated in the GUU Auction Terms and Conditions, we consider non-payment of winning items a serious matter. In fairness to other bidders, consignors and GUU, those who do not pay will be banned from future GUU auctions and their names will be posted on the forum. The names of non-paying bidders from the October auction will be posted by Friday, December 14th. In future auctions, names will be posted earlier as we will more strictly enforce the 14 day from invoice date payment requirement (we were a little lenient with this auction given it was our first one).
Consignor Payouts: We sent out payment to ALL the consignors for winning items paid (98% paid as mentioned above) within 30 days of the close of the auction. To provide proof of that statement, I welcome any consignor that was not paid for their consignments to post here. Game Used Universe’s goal is to pay within 30 days for all auctions and we believe the banning and posting policy will help prevent any late or non-payments in the future. Additionally, we will be paying all consignors of the remaining items still to be paid from the October auction (mentioned above) as soon as those payments are received and cleared.
Game Used Universe Documentation: In addition to any existing documentation at the time of consignment, all winning bidders in Game Used Universe’s consignment auctions will receive an official GUU auction document bearing: a) a description of the item signed by the appropriate GUU representative to verify the accuracy of the description, and b) the GUU site URLs for the item description as well as for the thread created for questions and answers regarding the item. This will allow anyone interested in information about the item in the future to have access to it on the GUU site. These documents will be printed on GUU letterhead and will be embossed with the GUU logo to prevent attempts to copy or reproduce the document.
We will be working to send out these documents for items won in the October GUU auction within the coming weeks.
The Next GUU Consignment Auction: We have been overwhelmed with requests from both potential consignors as well as bidders wanting to know when we will be having the next GUU auction. As it stands now, we will be looking to have the next auction in March 2008. Once again, we plan to heavily promote the auction through, among other things, industry media as well as trade shows. In fact, we will be one of the few auction houses that will be set up at the NFL Experience at this year’s Super Bowl in Arizona.
We will be announcing the official consignment deadline shortly for the next auction but please feel free to email us at auctions@gameuseduniverse.com or call us at 925.552.8023 if you are interested in consigning any items to us. Based on the verbal consignment commitments we already have, I think it is fair to say the next GUU auction will likely be bigger (potentially much bigger) than our first.
Sincerely,
Christopher Cavalier
CEO - Game Used Universe