Auction glossaryConsignor: Meaning and Role at an Auction
A consignor is the person or business that owns items and places them with an auction house to be sold on their behalf. The consignor keeps ownership until each lot sells, agrees to a commission and any reserve, and is paid the hammer price minus that commission after buyers pay.
What does a consignor agree to?
Before a consignment sale, the consignor and the house sign an agreement. It usually covers:
- The commission rate
- Any reserve price on individual lots
- Fees for hauling, cleaning or photos
- What happens to lots that don't sell
- When and how the consignor gets paid
What does a consignor's settlement look like?
Say three lots sell for $400, $250 and $150, a total of $800, at a 20% commission. The house keeps $160 and the consignor receives $640, minus any agreed fees, on a statement listing each lot. Our guide to selling items at auction covers the rest.
Questions people ask
Can a consignor bid on their own items?
No. Bidding on your own lots, or having someone do it for you, is shill bidding. Auktia prohibits it and blocks accounts tied to the seller (auction house) running the auction.
What's the difference between a consignor and a consignee?
The consignor owns and sends the goods; the consignee, here the auction house, receives and sells them.
When does a consignor get paid?
After the sale closes and buyers pay, on the schedule in the agreement. Ask up front, since it varies by house.