Consignment refers to the process of authorizing a third party - usually an auction house - to sell your item in exchange for a commission, or percentage of the final, price, also known as the hammer price. The benefit of consigning with a reputable third party is that your item is advertised to a large group of prospective buyers and you may get a much higher price than if you tried to sell the item on your own.
In addition to specifying the commission rate and relevant fees for the auction house, the consignment agreement might also establish a reserve or minimum price that you want to set for the item. It will also spell out terms for the transport and storage of your item.
It depends on the auction house, but typically... yes. You assume responsibility for the transportation of your item, which means that you also have to purchase adequate insurance. Be sure to ask if the auction house insures the item while it's in their possession and if you are responsible for return shipping if the item does not sell.
Again, this depends on the auction house. Most wait until the buyer's payment has cleared, so you may receive your check 30 or 45 days after the sale. This should also be specified in the consignment agreement.
This can vary from 0% to 50%, based on the reputation of the auction house and the quality and value of your item. To get the best offer, we advise contacting more than one auction house. If you consign through Mearto, our partners compete for your item. We are happy to help you consider various offers and choose one that makes the most sense for you.
For our customers who have purchased an online appraisal from Mearto, consignment services are completely free! You pay the commission rate and fees set by the auction house of your choice and - if your item sells - we receive a small percentage of the sale price from the auction house.
In a word? Convenience. We can send your item to multiple auction houses with the click of just one button. In this way, you can compare offers side-by-side and choose the auction house with the best consignment terms. Our online appraisal gives our partners confidence in your item's value and we provide support throughout the process, so that you have a helping hand - whether this is your first time selling at auction, or you are a seasoned professional.
If your item could be sold at auction, whether it's a work of art, antique or collectible, you can consign it through Mearto. Send us some photographs and a short description. We'll take it from there!
We use the images and information that you provided to assess your item's potential value. If it passes our quality control standards, it enters our database and becomes available to our partners for consignment.
With the click of just one button, we notify a curated list of auction houses that your item is available for consignment. We save you the time and headache of contacting each auction house individually.
When one (or more!) of our auction house partners express interest in your item, we forward you their consignment offer and contact information by email, so that you can get in touch.
Pick the auction house that offers the best terms for your item. Our specialists are on-hand to answer your questions about the consignment process and are happy to provide advice and support, as needed.
The auction house handles all the details of the transaction, from advertising the sale to managing the bidding to collecting payment from and shipping your item to the buyer.
Once the sale is complete and the buyer's payment is approved, the auction house removes a commission from the final hammer price and sends the rest to you. Congratulations!!