A preliminary consignor letter is sent out stating which items sold and the hammer price. An additional consignor letter is also sent if any items didn't sell review the current and future estimates of the items.
Settlement checks are sent to consignors 30 business days after the date of the auction. The amount of payment is the hammer price of each lot sold, less the sellers commission and 1.5% insurance.
If a lot does not sell you have the option of re-offering the property or it can be returned to you. Unlike other auction houses, we do not charge insurance on unsold lots and we do not charge you a "buy-in" fee, which can be up to 5% of the low estimate.