Question Regarding Local Auction House

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.

Some information regarding NOBLE NUMISMATICS PTY LTD

https://connectonline.asic.gov.au/R...xt=001352969

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.

Yes,more sad news.