Question Regarding Local Auction House

to the Community!

Sorry to hear that,he's been around a long time so surprised to read that but Coin Dealers going bellyup has been a regular thing over the years at least in Australia.

I got caught back in the early 1980's,consigned a few Coins($200+) to a 2nd Hand Dealer that dabbled in Stamps/Coins on the Central Coast of NSW.
Dropped in one day to see if he had sold any and the shop was empty
Neighbour gave me the phone number of the Owner and she said he had skipped owing rent and didn't know where he was.

Lesson learnt,god bless ebay.

Hope you get your money back or Coins to the same value if he's broke.

Thanks for the replies and welcome everyone.

I don't think they are about to go out of business, they are about to post another major sale on their website. Seems like business as usual. Anyway,

I will live in hope of seeing my money. If anyone else has any info, please let me know. Thanks.

Thanks echidna, that's a good idea. I didn't think of contacting ANDA. Thanks for mentioning it, I'll give it a go.

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).

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..

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.

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.