Chrisites Impelements New Payment Procedure

The Antiques Trade Gazette is reporting that Christie's is now requiring payment in full prior to collection of purchases by dealers. In the past the dealers could collect the works and pay in full several weeks later.

The November issue of Maine Antique Digest also discusses Christies and credit card purchases using an American Express Card. "Before this agreement between Christie's and American Express, buyers have paid for objects bought at auction through checks and wire transfers. Credit or charge cards had been accepted only for the purchase of auction catalogs." Perhaps the two new policy and procedures work together for cash flow purposes.

The ATG reports states As the US and European governments infused billions into their banking systems, Christie’s have changed their approach to credit. Dealers who were previously allowed several weeks to pay for items after collection have now been informed they must pay before receipt of their goods.

ATG understands that at Christie’s sale of antiquities at King Street on October 13, long-time trade clients were asked for the first time to produce a credit or debit card when registering to bid and, after the sale, were told it would not be possible to pick up any purchases without full payment.

While this is general policy for most clients, it is not unusual for regular trade buyers to be offered a grace period of perhaps a month before settling a bill."

To read the Antique Trade Gazette article, click HERE. To read the Maine Antique Digest article, click HERE.