Full Glossary
Legal & Compliance

Consignor

The person or entity who provides items to an auction house for sale. The consignor retains ownership until the item sells. In estate auctions, the consignor is typically the estate executor, family member, or attorney managing the decedent's property.

How It Works in Practice

Managing consignor relationships is a core business skill for auctioneers. Clear consignment agreements should specify: commission rate, payment timeline (typically 15–30 days after sale), responsibility for unsold items, insurance coverage during the auction house's possession, and minimum lot values. Professional auctioneers provide consignors with detailed settlement statements showing each lot's hammer price, commission deducted, and net proceeds.

Frequently Asked Questions

What rights does a consignor have?
Consignors retain ownership of their items until sold. They have the right to: set reserve prices (if the agreement allows), withdraw items before the sale (subject to any cancellation fees), receive a detailed settlement statement, and be paid within the agreed timeline. The consignment agreement should spell out all rights and obligations clearly.
What should a consignment agreement include?
Essential clauses: commission rate, payment timeline, what happens to unsold items (return, donate, or re-auction), insurance coverage, minimum lot value threshold, exclusivity period, cancellation terms, and liability limitations. A clear agreement prevents disputes — most consignor conflicts stem from ambiguous terms about unsold items.

Related Terms

Consignment AuctionCommissionEstate Auction
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