Matthew Boley - CS PR1 C617

Cherrystone Auctions, a stamp auction house that has been doing business in New York City for fifty years, has announced that it will be purchasing stamps through consignment sales. Cherrystone began by making an announcement regarding the convenience of sales to auction houses, stating that: “Sale by auction has consistently proven to be the most convenient and profitable method of philatelic sale—particularly for vendors with little or no market knowledge.”

Cherrystone went on to state that the fact that auctioneers are able to sell to thousands of interested buyers at once saves them from having to “shop around” for buyers of consigned stamps. According to Cherrystone, this method also allows for maximum profit on a given stamp or cover. Cherrystone also stated that the commission an auctioneer receives depends on the actual realization of the sale. Thus, according to Cherrystone, auctioneers work hard to sell each stamp that they purchase.

Cherrystone went on to announce that they are a licensed, bonded, and insured auction house. Cherrystone subsequently stated that they have a reputation for integrity and stability. Cherrystone also announced that it has a strong customer base, and its customers include active auction houses, as well as the “big” international buyers. According to Cherrystone, this is the result of its frequent, high-profile stamp auctions, as well as its twenty-five years of successful marketing. Cherrystone Auctions also made a statement regarding the security of the stamps that they hold: “[They are] kept in fireproof vaults that are protected by modern alarm systems and have full insurance coverage.”

Cherrystone went on to state that one of the disadvantages of selling on consignment is that payment is not rendered immediately. Cherrystone stated that, to compensate for this, they offer advance payment when material is submitted and/or on-account payment about fourteen days after the auction.

Cherrystone concluded by highlighting some of the procedures of consignment sale. According to Cherrystone, total consignment value should be at least $5,000—with a minimum of $200 per lot. Cherrystone also announced that vendors are charged a 10% commission on the hammer price at auctions, with no commission on unsold lots. Cherrystone further clarified that this commission fee includes such services as lotting, photography, insurance, and worldwide advertising.

Company: Cherrystone Auctions
Address: 119 West 57t St, Suite 316, New York, NY 10019
Phone: (212)977-7734

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