Auction glossary
Consignor settlement statement
Also known as · Settlement statement · Consignor statement · Vendor statement
- Definition
- The statement sent to a consignor after the sale showing each lot's result, the hammer prices, the deductions (seller's commission, fees, insurance) and the net amount payable.
Settlement usually follows once the buyer has paid, and the statement serves as the consignor's invoice and remittance advice. It is the document consignors check most closely, so it must be exact.
In Selloff, consignment statements are generated per sale from the consignments screen, with an interim information version to review before issuing. Payment for a lot stays blocked while a buyer's authenticity extension is open, and payouts can be exported as a pain.001 file for e-banking.
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