Local news story: consigment deal doesn't go smoothly 1 1

[MetaHuman]

I saw this story on the local news yesterday (story and video in the link below). In April the collector consigned his CBCS 9.8 ASM #129 to a store in Toronto to sell for $14,750, with the store getting 10% of the price. The sale was made to a US buyer in mid-June, but the collector hadn't received his money for awhile, so he sicced a TV consumer reported on the store to put on the pressure. The store said the funds were held up by Canada Revenue Agency since the buyer was from the US. The store eventually paid him the entire amount sans commission.

https://toronto.ctvnews.ca/toronto-comic-book-collector-left-in-limbo-for-two-months-after-selling-prized-issue-1.4531979

Is the store's explanation plausible for the delay in sending the funds? Or was the collector too paranoid?

What documentation should be drawn up when you do this type of deal to avoid any misunderstanding and shenanigans?

It's funny they never mention the store's name. I wonder who it was . This reporter usually name the business that is behaving badly in the past reports I've seen.

 

 

[shadroch]

The book sold in mid June. At most, that is 45 days ago. Sadly, I've waited longer. A check that size drawn on a.foreign bank can take time to settle and after that, the shop needs to wait to make sure the book arrives safe and the buyer is satisfied. It's bad form but not an unreasonable length of time. The mid April part is meaningless. The book sold in mid June.

[theCapraAegagrus]

Sounds like it went smoothly to me.

[tdotcbc84]

I know the book (saw it in person), I know the store, I've talked to the collector (he posted on FB asking for help): it's a situation, but happy the collector got his money at the end.  I have heard of MUCH worse situations in comic book transactions.

A little bit of personal experience to relate to this story;

I once consigned a book to a dealer, and took 4-5 months to actually get money, even though it was basically sold the day I offered the book.  But here is what I think everyone needs to understand, just like any other business transaction, trust and having a relationship with someone you do business with, goes a long way.

The dealer I was dealing with, is A++, and explained to me the whole time, where the money was, why I didn't have it, and when I should be expecting it.  I have a good relationship with him, it is why I consigned with him, and didn't worry once I wouldn't get my money.

 

 

[Wall-Crawler]

SHOCKING

[Artboy99]

If the sale was paid by check, it then was likely mailed to the store. So add in time to receive by mail. In Canada, checks drawn on a US bank are automatically held for 15 days to ensure they clear. I can see all of that taking at least a month. 45 days is definitely not unreasonable. 2 Months sounds about right to be honest.

Both sides in this agreement are terrible at communication.

Sick a TV reporter on the business was extremely vindictive.

 

Edited August 2, 2019 by Artboy99

[Hollywood1892]

15 hours ago, MetaHuman said:

I saw this story on the local news yesterday (story and video in the link below). In April the collector consigned his CBCS 9.8 ASM #129 to a store in Toronto to sell for $14,750, with the store getting 10% of the price. The sale was made to a US buyer in mid-June, but the collector hadn't received his money for awhile, so he sicced a TV consumer reported on the store to put on the pressure. The store said the funds were held up by Canada Revenue Agency since the buyer was from the US. The store eventually paid him the entire amount sans commission.

https://toronto.ctvnews.ca/toronto-comic-book-collector-left-in-limbo-for-two-months-after-selling-prized-issue-1.4531979

Is the store's explanation plausible for the delay in sending the funds? Or was the collector too paranoid?

What documentation should be drawn up when you do this type of deal to avoid any misunderstanding and shenanigans?

It's funny they never mention the store's name. I wonder who it was . This reporter usually name the business that is behaving badly in the past reports I've seen.

 

 

Hahahahahaha 

Paradise comics

I saw the book in the store

Oh God

Seems like a reasonable yet very annoying explanation 

Because if I was making $1400 for doing leg work that someone could have done themselves, there would be no hold up.

Edited August 2, 2019 by Hollywood1892

[GACollectibles]

1 hour ago, Hollywood1892 said:

Because if I was making $1400 for doing leg work that someone could have done themselves, there would be no hold up.

I'm venturing a guess that's a situation you are not likely to find yourself in anytime soon.

[F For Fake]

5 hours ago, tdotcbc84 said:

I know the book (saw it in person), I know the store, I've talked to the collector (he posted on FB asking for help): it's a situation, but happy the collector got his money at the end.  I have heard of MUCH worse situations in comic book transactions.

A little bit of personal experience to relate to this story;

I once consigned a book to a dealer, and took 4-5 months to actually get money, even though it was basically sold the day I offered the book.  But here is what I think everyone needs to understand, just like any other business transaction, trust and having a relationship with someone you do business with, goes a long way.

The dealer I was dealing with, is A++, and explained to me the whole time, where the money was, why I didn't have it, and when I should be expecting it.  I have a good relationship with him, it is why I consigned with him, and didn't worry once I wouldn't get my money.

 

 

Communication is absolutely the key. I don't really do consignments per se, but I do occasionally sell things for friends. I put everything into a nice Excel spreadsheet explaining what the item sold for, what I received after eBay and Paypal fees, how much shipping cost, etc. Of course, nowadays it doesn't take long for money to clear, you can have money deposited from Paypal to your bank account in seconds, but back in the day you could expect a few days for a transfer to clear, or weeks for a check. As long as I kept my pals updated, everyone was happy.

[shadroch]

A large check drawn on a foreign bank still takes a good deal of time. 

[porcupine48]

8 hours ago, Artboy99 said:

 

Sick a TV reporter on the business was extremely vindictive.

 

As I was watching the report last night that really struck me as,ah...rude.

He got the entire amount,they didn't make any cut.Likely just wanted to completely wash their hands of it and wont deal with that person ever again.

[Wall-Crawler]

43 minutes ago, porcupine48 said:

As I was watching the report last night that really struck me as,ah...rude.

He got the entire amount,they didn't make any cut.Likely just wanted to completely wash their hands of it and wont deal with that person ever again.

Why is everyone so quick to jump on the guy who put the book up for consignment? It is not like the store in question does not have a history of stringing customers along and not communicating clearly and/or in a timely manner - There was a whole other thread about it.

https://www.ripoffreport.com/reports/specific_search/Paradise Comics

From the complaint review: 

"I consigned the comic book in March 2019. The book was bought April 18, 2019. The book was fully paid off June 13, 2019. Since then, Paradise Comics has had one excuse after another."

"...They've used excuses such as moving money from Paypal, moving money from the stock broker, they blamed the Canada Revenue Agency."

And can someone clarify for me under what circumstances would a "stock broker" or the CRA even need to be involved?

If it was your $14,000 USD on the line and you were not getting a clear answer about payment, you may be a little worried too.

[porcupine48]

Well,I see a report on the store,but only the one that's already mentioned.There's also a complaint about Lonestar Comics who I believe are in fairly good standing with people?Just looks like a yelp style review site to me.

I've never visited the store.I wonder what they have to say?

[Hollywood1892]

15 hours ago, GACollectibles said:

I'm venturing a guess that's a situation you are not likely to find yourself in anytime soon.

Yes

Sadly

[Hollywood1892]

11 hours ago, porcupine48 said:

As I was watching the report last night that really struck me as,ah...rude.

He got the entire amount,they didn't make any cut.Likely just wanted to completely wash their hands of it and wont deal with that person ever again.

Obviously 

Granted they take awhile and that can be frustrating 

Buddy should have just been patient.

[Hollywood1892]

4 hours ago, porcupine48 said:

Well,I see a report on the store,but only the one that's already mentioned.There's also a complaint about Lonestar Comics who I believe are in fairly good standing with people?Just looks like a yelp style review site to me.

I've never visited the store.I wonder what they have to say?

I've spoke to the owner regarding stuff back from CGC

Hes always been friendly with me.

[Artboy99]

On 8/2/2019 at 8:51 PM, Wall-Crawler said:

Why is everyone so quick to jump on the guy who put the book up for consignment? It is not like the store in question does not have a history of stringing customers along and not communicating clearly and/or in a timely manner - There was a whole other thread about it.

https://www.ripoffreport.com/reports/specific_search/Paradise Comics

From the complaint review: 

"I consigned the comic book in March 2019. The book was bought April 18, 2019. The book was fully paid off June 13, 2019. Since then, Paradise Comics has had one excuse after another."

"...They've used excuses such as moving money from Paypal, moving money from the stock broker, they blamed the Canada Revenue Agency."

And can someone clarify for me under what circumstances would a "stock broker" or the CRA even need to be involved?

If it was your $14,000 USD on the line and you were not getting a clear answer about payment, you may be a little worried too.

in defense of us all the actual store is not mentioned in the article so history is not known.

If the buyer used funds from investments to make the purchase the buyer may require a broker to get the money.

CRA can be involved through PayPal as Paradise is in Canada: new rule enforced on Paypal by CRA for Canadian users is strict identification. Paradise may have had to provide CRA documents to Paypal before Paradise could use the paypal account. ( happened to me in April 2019 and took me nearly a month to resolve. I sold over $10,000 in comics and the buyer paid me via Paypal but my account was locked until I was able to satisfy the account identification requirements ).

The key here is communication between both sides which clearly did not go well. I can imagine Paradise trying to tell the seller these "excuses" and the seller thinking it is BS

I am definitely sympathetic to the seller, in the end he got all of the money.

Edited August 4, 2019 by Artboy99

[oakman29]

On 8/2/2019 at 4:50 PM, shadroch said:

A large check drawn on a foreign bank still takes a good deal of time. 

Doesn't the government check payments over 10,000.00, to make sure no laundering,  or shenanigans? I may be wrong , just what I heard.

[shadroch]

I don't know Canadian banking at all. The U.S. tracks cash transactions of $10,000, not so much checks unless someone sees something suspicious.

[lou_fine]

5 hours ago, oakman29 said:

On 8/2/2019 at 4:50 PM, shadroch said:

A large check drawn on a foreign bank still takes a good deal of time. 

Doesn't the government check payments over 10,000.00, to make sure no laundering,  or shenanigans? I may be wrong , just what I heard.

Yes indeed, any form of payment over $10K has to to be fully documented with an anti-money laundering form and submitted in for review.  

Not sure if this particular transaction would have been flagged and pulled for a more detailed review, as opposed to the norm of simply being waived right through.  A foreign amount of over $10K and detailing a comic book transaction might indeed raised some red flags as it would definitely be out of the norm for them, but not for the boardies here of course.