Any tips for selling higher end items on commission?

[electric_seal]

I have a friend that wants me to sell a piece of art that is estimated around $1,200-$2,000. Does anyone know how long I need to wait after a sale takes place that it is 100% final and safe from chargebacks or buyer scams? My solution to this risk would be to pay them a portion after the item is delivered (something i'm comfortable losing in a rare case) and then pay them the rest after 60-90 days. Any thoughts? They have many more items for me to sell so I want this to go smoothly and professionally. I already told them i'll only be liable for a certain amount if something goes wrong.

[maxine*j]

A buyer who pays with PayPal can open a chargeback up to 180 days after receipt of the item.  Most credit companies allow 120 days, but note that some allow less time and some allow more.

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[onefootflipper]

I suggest you run away from this at top speed.

There is just too much of a chance of this damaging your friendship in some way and a pretty decent chance that the piece of art isn't worth nearly what they think it is worth.

I would not be super concerned about scams, it isn't the sort of item that attracts young men trying to get free stuff.

[johnrj1226]

Suggest to your friend to open up their own  eBay selling account -its free- but a lot to learn - and he can keep all the profit and enjoy the benefit of being a seller and maybe  experience some of the trials and tribulations.

[frommichel]

You'd have to wait 6 months and risk your friendship. Money and friends do not mix well at all. If you insist on doing the listing, get a signed, written agreement between you and your friend specifying liabilities, prices, time till pay-out, commission for you, etc.

[dhbookds]

Another thing you're going to have to do is consider the income tax implications.........the $$ will be reported on your SS and, while it's probably not complicated to give the info of paying the owner, you do want to find out what's involved and how best to keep records, fill out the IRS forms, etc.......

[m60driver]

As others have noted, the only tip is not to sell anything on a commission or consignment basis on Ebay.  After fees and your tax liability there is not much to give to the owner.  Tell them to sell it locally or you just purchase the item outright and then sell it.

[onefootflipper]

I only accept consignment now under the following rules.

Once you give it to me I decide what happens with it. Some of the stuff you give me might be garbage and go in the trash. I sell the rest of the stuff, I pay you when the item sells, I decide how much money you get on a case by case basis. 

I have two people who are totally happy with that arrangement and are quite regular sources of products. 

I just add their name to the custom SKU so I don't forget and decide how much to add to their ledger whenever one of their items sells. 

[rugerskick]

My advice is don't sell it here.  Ebay will not help you if you get scammed. 

Find a good auction house around where you are tuat specializes in what you're selling, or a well respected one that does online auctions.

[soh.maryl]

Have you given any thought to the Federal income tax implications of such a sale? It would be in your name, so the income would be considered to be yours.  Much better to teach the friend how to sell on eBay for themselves and kind of mentor him along the way for the first few sales.  Things like what you are planning can ruin friendships.  

[nocoolnamejane]

Even if it wasn’t about selling on eBay, mixing that kind of money with friendship sounds like a fast way to lose both.