CONSIGNMENT FAQs

 

Why would I consign and not just sell my items or collection myself?

 

While that is certainly an option, consider the following:

  • VIP has established a 20+ year reputation in the entertainment and collectibles arena.
  • VIP’s large customer base and marketing channels provide access to millions of collectibles’ buyers worldwide.
  • VIP takes away the stress that can accompany cataloging, listing, marketing, selling, and shipping an item.

 

I am interested in consigning, what do I do?

STEP 1: Request a VIP consignment specialist to evaluate your item(s).  Please contact VIP by filling out a VIP Consignment Form including uploading photos of your item(s) and any provenance.

STEP 2: Work with the VIP consignment team to discuss auction timing, pricing, marketing strategy, answer any questions you may have, and complete a consignment agreement.  This dialogue takes place primarily in an email format so that there is a transcript of the dialogue between the seller and VIP.

STEP 3: Ship your item(s) to VIP for photographing, cataloging, marketing, and selling of your item.

 

How often do you run consignment auctions and how far in advance does VIP need the item?

VIP’s collectibles events (“Events”) will typically be offered multiple times each year. VIP prefers to have the items “in house” at least 60 days prior to the scheduled auction date for cataloging, photography and marketing purposes.

 

How does VIP determine the item value and prices?

VIP experts work with you in providing an estimated value range (EVR) for your item(s).  While the goal is to maximize the sales price for each item (“Hammer Price”), it is important to be realistic when setting a value for your item.  Our estimates are generated based on a number of factors including an analysis of comparable item sales data, market trends/timing, as well as the documentation and condition of each item.  Both the seller and VIP must agree on a starting bid price and applicable reserve price. We will work with you to determine a reserve price that is appropriate for your item(s).  Remember, in the end, the market will determine the final value of your item.

 

Are my items safe/insured?

We encourage consignors to insure the shipment of their item to VIP with their carrier    of choice.  Once your item has arrived safely at VIP, all items are insured up to the low- end of the EVR or “hammer price” until the item is received by the purchaser.

 

When will I get paid and how much will I actually get?

VIP pays its consignors no later than 45 days after the successful sale and receipt of payment for each item.  Consignors receive up to 85% of the item’s Hammer Price (winning bid at auction close).  Any additional fees are the responsibility of the buyer.  For example, if your item sells for $2000, then the seller would receive $1,700.

 

Are there any other seller fees?

  • The only additional cost to the seller is the cost of shipping the item to the VIP where the item is processed and prepared for listing in the Event.
  • Buyer’s are responsible for paying the Hammer Price, shipping cost, Buyer’s Premium and any associated taxes for each item.

 

Is there anything you won’t sell?

 Yes.  Each submitted item is reviewed for potential inclusion in an upcoming Event based on the item’s estimated value, the associated provenance/paperwork and the item’s overall “fit” for the applicable Event.  Among other factors, any items that are sexually explicit, illegal or are otherwise deemed by VIP to be inappropriate or unverifiable will not be offered for sale in the Event.

 

How do you market and promote the items?

VIP’s marketing team creates a customized marketing and advertising plan for each Event to maximize exposure of the Event and the Event items.  VIP’s marketing includes email blasts to our worldwide customer database built over the past 20 years and targeted promotions across multiple social media channels.  VIP provides extensive marketing reach and awareness for each Event.

 

What if my item doesn’t sell?

In the unfortunate situation that an item does not sell, the Seller will be contacted with the following options for their item:

Option 1 – Broker the sale of the item with the high bidders on the seller’s behalf;

Option 2 – Re-list the item in our Collectibles Store;

Option 3  – Re-list in our next Event; or

Option 4 – Arrange for the item to be shipped back to you.

Additional details about each option will be included in the communication to each Seller.

 

 

X