If you have inherited a collection, downsized a hoard, or simply decided to sell, a consignment auction is one of the cleanest ways to turn collectibles into money without becoming a full-time seller yourself. You hand the items over once, and the auction house handles cataloging, marketing, bidding, payment collection, and shipping. In exchange, the house keeps a commission on what each lot sells for.
This post walks through the full lifecycle of a consigned item at US Collectibles NE so you know what to expect at every step. The specifics below reflect our process; other houses vary, but the shape is the same almost everywhere.
Step 1: The agreement and your W-9
Before anything is cataloged, you sign a consignment agreement. It spells out the commission tiers, the payout timing, the holdback reserve, and what happens if a lot does not sell. We also collect a W-9 up front from every consignor, not just high-volume sellers, because settlement is treated as reportable income once you cross the annual threshold. Getting the W-9 on file at the start means your payout is never held up later for paperwork.
You sign digitally in the consignor portal. There is nothing to print or mail.
Step 2: Intake and condition review
When your items arrive, each one is logged into inventory with a unique record. We note the category, the condition, any third-party grading (PCGS, NGC, and similar), and any details that affect value. Slabbed coins are recorded by their certification number so the grade travels with the lot.
This is also where obvious problem items get flagged. If something looks cleaned, altered, or counterfeit, we tell you before it goes any further rather than catalog it and let a buyer discover the issue later.
Step 3: Photography and cataloging
Photography is the single most labor-intensive part of the process and the one that most affects hammer price. Good, honest images that show luster, toning, and any flaws are what let a remote bidder buy with confidence. Each lot gets a title, a description, a starting bid, and an optional reserve (a price below which the lot will not sell).
One item equals one lot. We do not bundle unrelated pieces into a single lot unless you ask, because splitting them almost always realizes more total money.
Step 4: The catalog goes live
Lots are grouped into a weekly auction. Our catalog publishes Friday morning and bidding runs through the following Sunday. That gives buyers several days to research, watchlist, and set proxy bids. A proxy bid lets a buyer enter their maximum once; the system bids on their behalf in small increments and keeps their ceiling private.
Step 5: The Sunday night close
Bidding closes Sunday at 8:00 PM Central. To stop last-second sniping, we use a soft close: if a bid lands in the final minute, that lot extends by another thirty seconds, and it keeps extending until the bidding truly stops. This is better for you as a seller because it lets competing bidders fight it out instead of one bidder stealing the lot with a single timed click.
Step 6: Charging the buyer
When a lot closes, the winning buyer is charged automatically: the hammer price, plus the buyer premium, plus any applicable sales tax. The buyer premium is paid by the buyer on top of the hammer price, so it does not come out of your proceeds. Shipping is charged separately once the item is packed, because the box and weight are not known until then.
Step 7: Settlement and your payout
After the auction settles, you get an itemized statement: each lot, its hammer price, the commission, and your net. Commission follows loyalty tiers, so the more you sell cumulatively, the lower your rate.
Two timing details matter. First, payouts run on a weekly cycle through Stripe Connect, so you are paid by direct deposit rather than a mailed check. Second, a small reserve is held back for a short window after payout to absorb the rare case of a buyer chargeback or return. Once that window passes, the holdback is released to you. None of this requires you to do anything; it happens on a schedule you can watch in the portal.
What if a lot does not sell?
If a lot fails to meet its reserve, it does not sell. Depending on what we agree up front, an unsold lot can be relisted in a later auction, repriced, or returned to you. There is no penalty for a no-sale beyond the time it spent in the catalog.
The short version
You sign once, ship once, and watch the rest happen in the portal: intake, photography, the Friday catalog, the Sunday close, an itemized settlement, and a weekly direct deposit. The commission is the price of not having to photograph, list, answer buyer questions, collect payment, chase non-payers, and ship every item yourself. For most sellers with more than a handful of pieces, that trade is well worth it.
If you are weighing whether to consign, the best next step is a short conversation about what you have. We can give you a realistic read on what it is likely to bring and how to group it before you send anything.