Posted 04/15/2024 1:09 pm
I think you are not a lawyer - I'm not either - and you are emotionally interpreting what is said, not what the laws of the several states say.
To understand what you agreed to, you need to get your hands on the consignment T&C you agreed to. You might find you retained title until the coins were delivered to the seller and that the auction house never "owned" them, simply acting as a facilitator.
If an auction house wishes to extend a lifetime guarantee, that may be between them and the purchaser. They cannot unilaterally make you a party to another contract. Emphasis on unilateral. What does your consignment T&C say?
The first thing you need to understand is the contract YOU have is with the auction house - that plus the laws of whatever state is identified in the contract are what controls.
For reference, the Uniform Commercial Code (https://www.law.cornell.edu/ucc/2) is a model law used as the basis for the laws of the various states. But every state (especially Louisianna) has its twists...
Auction houses don't make these terms & conditions easy to find, but when you do review them you will learn that you probably gave up the right to sue in favor of arbitration, and there is a specific set of laws, e.g. the laws of the state of Xyzzy.
Now these are the buyer's terms, but you'll get the idea...
Oh, and they might tell you it's a lifetime guarantee to the buyer, but the T&C says differently:
and
The large print giveth and the small print taketh away...
Your point is well said "Make sure you understand the rules of each auction house regarding returns before consigning to them." I'll expand it to saying make sure you understand the rules period.
Selling your precious coins is emotional, but more importantly contractual.
To understand what you agreed to, you need to get your hands on the consignment T&C you agreed to. You might find you retained title until the coins were delivered to the seller and that the auction house never "owned" them, simply acting as a facilitator.
If an auction house wishes to extend a lifetime guarantee, that may be between them and the purchaser. They cannot unilaterally make you a party to another contract. Emphasis on unilateral. What does your consignment T&C say?
The first thing you need to understand is the contract YOU have is with the auction house - that plus the laws of whatever state is identified in the contract are what controls.
For reference, the Uniform Commercial Code (https://www.law.cornell.edu/ucc/2) is a model law used as the basis for the laws of the various states. But every state (especially Louisianna) has its twists...
Auction houses don't make these terms & conditions easy to find, but when you do review them you will learn that you probably gave up the right to sue in favor of arbitration, and there is a specific set of laws, e.g. the laws of the state of Xyzzy.
Now these are the buyer's terms, but you'll get the idea...
Oh, and they might tell you it's a lifetime guarantee to the buyer, but the T&C says differently:
and
The large print giveth and the small print taketh away...
Your point is well said "Make sure you understand the rules of each auction house regarding returns before consigning to them." I'll expand it to saying make sure you understand the rules period.
Selling your precious coins is emotional, but more importantly contractual.
-----Burton
Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/
50+ year / Life / Emeritus ANA member (joined 12/1/1973)
Life member: Numismatics International, CONECA
Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club
Owned by three cats and a wife of 40+ years (joined 1983)
Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/
