Post by TrapperRon on Jun 24, 2015 22:19:46 GMT -6
Once again answers to a few frequently asked questions at auction time
Question: When will we see lotting letters?
Answer: Lotting letters cannot be produced until grading and lotting is completed. The scan tags for each skin in each lot must be scanned and entered into the system. This is not completed until the last skin has been graded and lotted, quite often the evening before the goods go on show to the buyers. Some species may show up on your lotting letter sooner than others. Please wait until the day of the sale before you get excited that you have missing fur. It is probably just not data entered yet.
Question: What does the * in my grade mean
Answer: These are “labeled” skins. Labeled skins are Super Select, Select, and 1st Quality. The buyer Receives a label with these furs when he purchases the fur lot with an *. They are to be sewn into garments and represent the best furs on the auction for that species.
The two labels for wild fur are NAFA Northern and Northern Lights.
NAFA Northern: From Beaver, Raccoon, Muskrat and Coyote – NAFA Northern is about style, class and elegance. Top international designers like Zac Posen, Oscar de la Renta and Michael Kors, as well as upcoming new designers like Prabal Gurung, have produced exclusive and innovative designs for NAFA. Their opulent, luxurious and sought-after creations are only available at select international boutiques.
Northern Lights: The Northern Lights collection is a new and fresh take on fur. Designed for the fashion conscious consumer, the chic and trendy styles are attracting young generations worldwide. This group of independent thinkers and environmentally aware individuals want something that suits their lifestyle. At NAFA, fur is our legacy and our future. The goal of Northern Lights is to make it exciting.
Northern Lights is a designer program and not a sewn in label
Another Label of note is the NAFA Accessories. The NAFA Accessory label represents NAFA ranch and wild fur products used in the creation of fashionable fur accessories. This can include everything from hats, earmuffs, scarves, handbags, boots, gloves, vests to shrugs and even leggings!
www.nafa.ca/campaigns
Every label has an “Authenticity” built into it:
Luxury label counterfeiting is a concern to consumers who want to assure themselves of the authenticity of the labels used. All of NAFA’s garment labels have integrated a special security fiber, which is woven into the label itself. Access to this material is much regulated and is being used by the finest brand names to reassure consumers and retailers that only authentic labels are being used. This unique fiber can be easily seen with the use of a small portable black light and reputable retailers will be pleased to demonstrate this feature.
Question: I have a skin in Lot 50000 range, but it does not show any grade and it is not in the catalog. What is this?
Answer: From time to time there may be a very small buyer who just needs a few skins or one lot of a string lot. Occasionally skins are pulled from a specific lot for demonstration, promotional or education purposes. They are assigned a lot number in the 50000’s. After the sale they are matched up with the lot or grade they were taken from and the shipper (trapper) receives the same price as that lot sold for at auction.
This is a fair and equitable method to ensure the shipper gets exactly the same price as if they were in the actual auction lots. It is a method to satisfy very small users, individuals who could not otherwise economically justify attending the sale for a very small quantity of skins. There are no lots small enough in the auction to cater to these important customers.
These lot numbers may be used where graded lots are not going to be offered until the next sale. (such as some of the section III goods last February sale.)
Question: What does this Grade mean?
Answer: Grading descriptions can be found here:
www.nafa.ca/wp-content/uploads/NAFA-WF-description-EN-2012.pdf
www.nafa.ca/wp-content/uploads/NAFA-2012-WF-Grading-symbols.pdf
From time to time there may be a new grading description added. The grading descriptions are not always updated until time permits. If you have a different grade not listed please post it and we will try to find out as soon as possible.
Question: What is a Private Treaty Sale?
Answer: If there are unsold goods they are offered by Private Treaty in the price range that the auctioneer was asking on the stand. As soon as a catalog sheet is finished on the auction stand it goes to the private treaty room where buyers can ask to buy the unsold lots. Unsold goods are available up until the next sale. Unless offers are at present market conditions or in line with what the Auctioneer was asking they are held until next sale.
All goods are offered at auction prior to any Private Treaty Sales. Exception: Sometimes they will watch a special pelt that a customer is looking for like a wolf, wolverine, or bear as a special order, offer it to the customer at a price agreed upon by the shipper.
Here is a good posting by wissmiss about Private Treaty sales. (No sense reinventing the wheel here):
In a nut shell, buying private treaty is like walking into a store to buy an item. The item has a price on it, you pick out the item you want, you pay the price on the tag and you own the item. That might be a bit simplified, but that is sort of it.
So at NAFA, they have an auction and sell goods to the highest bidder, assuming that someone in the auction room wants that item at the price the auction stand is asking. Sometimes there is competition for an item and you have multiple people bidding and sometimes only one person wants that item and he pays the price the auctioneer is asking.
And sometimes no one in the auction room wants to pay the price the auction stand wants for the item and it is "bought back". Basically not sold. And that item goes to the private treaty catalog, where anyone can come along and buy it. The price tag on it is the price the auctioneer was asking for in the auction room. Or sometimes it is a few dollars higher.
Now you ask, why anyone would want to buy it now when they didn't want to buy it in the auction room. Couple of reasons.
Broker A had an order for 35,000 raccoon, certain size, colour, price, etc. He bought 30,000 of those pelts in the auction room. He tried to buy the other 5,000 in the auction room but couldn't. So he calls his customer and explains the situation. His customer says he needs those other 5,000 coon and tells him to pay a few bucks more if he has to. So he looks in his catalog and sees that there were some coon that were exactly what he needed that had been bought back for a few bucks more. So he goes to the private treaty room and buys those coon for the new price. Everybody is happy. The customer has his 35,000 coon. NAFA has sold 35,000 coon. The broker filled his order and thus got paid his commission. Win win win all the way around.
Another case, a broker has a customer that doesn't usually buy coon. After the coon have all been suctioned off, this customer calls his broker and says he needs 500 coon for a special order he just got. The broker looks in his catalog to see what coon get bought back and tries to find something that will work for his customer. He finds the perfect lot and the customer doesn’t complain about the price. More coon sold. Win win win
The auction was held in May and the customer bought all the coon he thought he would need. It is now august and the customer needs more coon. He checks out the private treaty catalog to see what is available. He finds pelts that will work. More coon sold. Win win win.
Question: What is an advance on shipped furs?
Answer: In a nutshell an advance is a loan against your fur and you pay interest on it up until sale time. We base the advance on approx. 50 % of the estimated value of the fur taking into account current market trends and conditions. Interest is charged out at 3 % over Prime.
Question: When do I get my check?
Answer: Checks are mailed out by “Prompt Date”. This is 15 business days after the sale. On that date all buyers must have their accounts paid and checks to the shippers are mailed out. Checks are mailed out prior to prompt date and often received by prompt date.
Question: What is the order of sale
Answer: www.nafa.ca/wp-content/uploads/2012/01/NAFA-PSO-2015-06-09-ENG.pdf
There could be some changes to this as the auction progresses.
Question: When will we see lotting letters?
Answer: Lotting letters cannot be produced until grading and lotting is completed. The scan tags for each skin in each lot must be scanned and entered into the system. This is not completed until the last skin has been graded and lotted, quite often the evening before the goods go on show to the buyers. Some species may show up on your lotting letter sooner than others. Please wait until the day of the sale before you get excited that you have missing fur. It is probably just not data entered yet.
Question: What does the * in my grade mean
Answer: These are “labeled” skins. Labeled skins are Super Select, Select, and 1st Quality. The buyer Receives a label with these furs when he purchases the fur lot with an *. They are to be sewn into garments and represent the best furs on the auction for that species.
The two labels for wild fur are NAFA Northern and Northern Lights.
NAFA Northern: From Beaver, Raccoon, Muskrat and Coyote – NAFA Northern is about style, class and elegance. Top international designers like Zac Posen, Oscar de la Renta and Michael Kors, as well as upcoming new designers like Prabal Gurung, have produced exclusive and innovative designs for NAFA. Their opulent, luxurious and sought-after creations are only available at select international boutiques.
Northern Lights: The Northern Lights collection is a new and fresh take on fur. Designed for the fashion conscious consumer, the chic and trendy styles are attracting young generations worldwide. This group of independent thinkers and environmentally aware individuals want something that suits their lifestyle. At NAFA, fur is our legacy and our future. The goal of Northern Lights is to make it exciting.
Northern Lights is a designer program and not a sewn in label
Another Label of note is the NAFA Accessories. The NAFA Accessory label represents NAFA ranch and wild fur products used in the creation of fashionable fur accessories. This can include everything from hats, earmuffs, scarves, handbags, boots, gloves, vests to shrugs and even leggings!
www.nafa.ca/campaigns
Every label has an “Authenticity” built into it:
Luxury label counterfeiting is a concern to consumers who want to assure themselves of the authenticity of the labels used. All of NAFA’s garment labels have integrated a special security fiber, which is woven into the label itself. Access to this material is much regulated and is being used by the finest brand names to reassure consumers and retailers that only authentic labels are being used. This unique fiber can be easily seen with the use of a small portable black light and reputable retailers will be pleased to demonstrate this feature.
Question: I have a skin in Lot 50000 range, but it does not show any grade and it is not in the catalog. What is this?
Answer: From time to time there may be a very small buyer who just needs a few skins or one lot of a string lot. Occasionally skins are pulled from a specific lot for demonstration, promotional or education purposes. They are assigned a lot number in the 50000’s. After the sale they are matched up with the lot or grade they were taken from and the shipper (trapper) receives the same price as that lot sold for at auction.
This is a fair and equitable method to ensure the shipper gets exactly the same price as if they were in the actual auction lots. It is a method to satisfy very small users, individuals who could not otherwise economically justify attending the sale for a very small quantity of skins. There are no lots small enough in the auction to cater to these important customers.
These lot numbers may be used where graded lots are not going to be offered until the next sale. (such as some of the section III goods last February sale.)
Question: What does this Grade mean?
Answer: Grading descriptions can be found here:
www.nafa.ca/wp-content/uploads/NAFA-WF-description-EN-2012.pdf
www.nafa.ca/wp-content/uploads/NAFA-2012-WF-Grading-symbols.pdf
From time to time there may be a new grading description added. The grading descriptions are not always updated until time permits. If you have a different grade not listed please post it and we will try to find out as soon as possible.
Question: What is a Private Treaty Sale?
Answer: If there are unsold goods they are offered by Private Treaty in the price range that the auctioneer was asking on the stand. As soon as a catalog sheet is finished on the auction stand it goes to the private treaty room where buyers can ask to buy the unsold lots. Unsold goods are available up until the next sale. Unless offers are at present market conditions or in line with what the Auctioneer was asking they are held until next sale.
All goods are offered at auction prior to any Private Treaty Sales. Exception: Sometimes they will watch a special pelt that a customer is looking for like a wolf, wolverine, or bear as a special order, offer it to the customer at a price agreed upon by the shipper.
Here is a good posting by wissmiss about Private Treaty sales. (No sense reinventing the wheel here):
In a nut shell, buying private treaty is like walking into a store to buy an item. The item has a price on it, you pick out the item you want, you pay the price on the tag and you own the item. That might be a bit simplified, but that is sort of it.
So at NAFA, they have an auction and sell goods to the highest bidder, assuming that someone in the auction room wants that item at the price the auction stand is asking. Sometimes there is competition for an item and you have multiple people bidding and sometimes only one person wants that item and he pays the price the auctioneer is asking.
And sometimes no one in the auction room wants to pay the price the auction stand wants for the item and it is "bought back". Basically not sold. And that item goes to the private treaty catalog, where anyone can come along and buy it. The price tag on it is the price the auctioneer was asking for in the auction room. Or sometimes it is a few dollars higher.
Now you ask, why anyone would want to buy it now when they didn't want to buy it in the auction room. Couple of reasons.
Broker A had an order for 35,000 raccoon, certain size, colour, price, etc. He bought 30,000 of those pelts in the auction room. He tried to buy the other 5,000 in the auction room but couldn't. So he calls his customer and explains the situation. His customer says he needs those other 5,000 coon and tells him to pay a few bucks more if he has to. So he looks in his catalog and sees that there were some coon that were exactly what he needed that had been bought back for a few bucks more. So he goes to the private treaty room and buys those coon for the new price. Everybody is happy. The customer has his 35,000 coon. NAFA has sold 35,000 coon. The broker filled his order and thus got paid his commission. Win win win all the way around.
Another case, a broker has a customer that doesn't usually buy coon. After the coon have all been suctioned off, this customer calls his broker and says he needs 500 coon for a special order he just got. The broker looks in his catalog to see what coon get bought back and tries to find something that will work for his customer. He finds the perfect lot and the customer doesn’t complain about the price. More coon sold. Win win win
The auction was held in May and the customer bought all the coon he thought he would need. It is now august and the customer needs more coon. He checks out the private treaty catalog to see what is available. He finds pelts that will work. More coon sold. Win win win.
Question: What is an advance on shipped furs?
Answer: In a nutshell an advance is a loan against your fur and you pay interest on it up until sale time. We base the advance on approx. 50 % of the estimated value of the fur taking into account current market trends and conditions. Interest is charged out at 3 % over Prime.
Question: When do I get my check?
Answer: Checks are mailed out by “Prompt Date”. This is 15 business days after the sale. On that date all buyers must have their accounts paid and checks to the shippers are mailed out. Checks are mailed out prior to prompt date and often received by prompt date.
Question: What is the order of sale
Answer: www.nafa.ca/wp-content/uploads/2012/01/NAFA-PSO-2015-06-09-ENG.pdf
There could be some changes to this as the auction progresses.
