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 Replies: 22 / Views: 4,153 |
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New Member
 Australia
6 Posts |
Fair to say that didn't work. Haven't had a reply from ANDA either. I do note Noble aren't listed on their dealer directory, so maybe not much they can do. Just an acknowledgment would be nice though. Anyway, I'll keep trying.
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New Member
Australia
1 Posts |
Hi Corinthian I signed up too for the same reason. I am waiting on proceeds from sale 135 and ended up offsetting what they owed me from 134 against my 135 purchases. When I enquired about 134 proceeds (only $500-600) Jim said he been "caught short". When I emailed about 135 today the reply said I would be paid in August. Since the next Auction 136 ends at the start of August a cynic might conclude that the proceeds from 136 will be needed to settle the outstanding vendors from 135. Now, there is word I want to use for a system where new business is need to pay existing clients but I will refrain here but leave you to draw your own conclusions. Suffice to say I will not be trusting anymore of my coins preferring to dispose of them overseas or via ebay etc. Personally I wouldn't hold back if you continue to get the run around - depending upon the amount you could consider the small claims court - usually receipt of the demand letter is enough. I certainly will be escalating the matter - and by that I mean via ASIC - if I'm still getting the run around come September. I don't doubt the integrity of Noble but a back of the envelope calculation based on 15% commissions on roughly $18m in sales, if it's their only income stream (I make that $2.7m), doesn't seem to be enough to rent that floor space in the Sydney CBD, pay staff, insurance, keep the lights on and produce the hard copy auction catalogue each time - and that's just the obvious expenses - it just doesn't add up (and I run a business with similar turnover). |
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Moderator
 United States
22644 Posts |
You make so very valid points - sorry this is happening, but grateful that you are continuing to keep our members updated
rggoodie
aka Richard
"catch em doing something right"
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Pillar of the Community
Australia
1020 Posts |
Quote:
I signed up too for the same reason. I am waiting on proceeds from sale 135  Sad state of affairs,jungle out there. I've used IAG on the Gold Coast for my more expensive coins the last few years,they don't charge sellers fees and settle about a Month after Auction ends. Hope Noble comes good for both of you..
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Moderator
United States
171034 Posts |
to the Community, bookkkeeper20!
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New Member
Australia
6 Posts |
Hello bookkkeeper20, just read your post, glad I'm not the only one. I was going to use the money to pay for a couple of coins I bid on in their auction today, but prices were crazy and didn't win anything. Not too disappointed with that, they will just have to pay me.
Same as you, nothing by the end of this month, will have to take some serious action. I did wonder if they would use proceeds from current auction to pay consignee's from last auction. But what about consignee's with coins in this auction, when will they get paid? I bet they weren't told of any of these problems. Communication not their strongest suit.
Anyway, let me know how you go. Hopefully we both get our money soon.
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Valued Member
Australia
368 Posts |
Sad to see a long established and well respected organisation in trouble.It's not as if nothing is selling in these auctions and a lot of other auctions. It is easy to over commit in these tight times though I guess. If you can I would try and ride it out, I'm sure he would try and do the right thing.
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Valued Member
Australia
319 Posts |
Don't know if it means anything but payments made for coins purchased at their last auction are being made to a different account than usual. Hope nothing bad is happening. Hope you get the money owing to you. I don't think I will bother sending anything to them to be sold at their auctions. I will look at other auctions.
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Valued Member
Australia
174 Posts |
Interesting SallyG - payments for coin purchases being made to another account.
I've just read Noble's Terms amd Conditions..and this is where Noble's problems could
stem from.
It goes like this : I win a coin at their auction for $100. I then have the option of paying
a minimum of 10% and the balance within 5 days. On top of the $100 I also have to pay
a 20% commission plus a further 2% GST. So the $100 coin I won at auction is now
going to cost me $122 plus if I only pay the initial 10% Noble's can charge me a fee for
storage of the coin until I pay the full balance.
From memory Noble charges the seller of the $100 coin something like a 21% fee.
Someone here could verify this 21% figure but I'm almost certain Noble's charges the
seller a sizeable fee.
On the Noble's website their April 135 auction realised sales of $4.5 million.
There isn't anything on their website as yet for their end of July early August auction
results as it's much too soon to work through the many- 1000's -of sales figures, and how much money has been received and is still owed to Noble's by winning bidders.
Could it be that some winning bidders at Noble's auctions got cold feet and not pay
even the minimum 10% of the sale price ?
There are rightfully alarm bells ringing for some who have been given the run around by
Noble's for money they are owed by Noble's for far too long.
Usually if part/or most of the money being received is being (re)directed into another ( new ) account then that new account could be an untouchable Trust account.
Noble's have a legal obligation to pay sellers the full amount they are owed within a reasonable time after the full amount of the winning bid plus fees is received by Noble's.
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New Member
Australia
6 Posts |
I received payment from Noble today, which is a relief. Hopefully others waiting on money get theirs soon too. Thanks to everyone who replied and offered help.
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Valued Member
Australia
170 Posts |
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Pillar of the Community
Australia
1020 Posts |
Thanks Jen,appoinment of a receiver on the 1st of August seems a worry.
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New Member
Australia
1 Posts |
I signed up for an account just to reply.
I will keep the numbers and details general so I cannot be identified.
I sold over $300K in an auction with Nobles over 2 years ago.
I am still waiting on over $100K in payments.
After having demanded the payments many times, some have been made, but the balance is still outstanding.
I, too, discovered that ASIC document regarding receivership and administration. I don't understand the document. It only refers to collections named NZ A, B and C. Pricewaterhouse Coopers PwC are the administrator. However the business is still a going concern and has a November auction scheduled.
You can imagine that he is robbing Peter to pay Paul.
If I flag that they're trading insolvent, maybe I won't get my money.
I can now see why creditors don't always go immediately to ASIC.
This is so stressful tbh.
Check out another case like this on Google Reviews for their Sydney office location. You can see this person had delayed payments and didn't get paid until a lawyer's letter of demand was sent.
I would recommend this.
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Moderator
United States
171034 Posts |
to the Community, ripped_off!
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Pillar of the Community
Australia
1020 Posts |
Yes,more sad news.
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Replies: 22 / Views: 4,153 |
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First Page
Posted 07/17/2024 03:33 am
