Has Teletrade turned into an expensive eBay?

Teletrade must be going through some serious financial difficulties if they made such a major change to their auction site. I've looked at the listings for this week and it reminds me of eBay.

A week long auction ending on Sunday night.
This week I see most listings starting with a bid placed by the seller, and most of these are unreasonably high, surpassing the average market price by a wide margin. I have the same experience on eBay.
The big difference is that instead of the seller paying the costs, like on eBay, the buyer pays a stiff buyer's fee.

I suppose Teletrade wants to make their site a "high end" auction site, with listings of coins that have some attribute, like rarity or eye appeal, that would sell above market prices. But the then the sellers put in an opening bid that seems too high. I'll follow the auction this week and see how many lots are actually sold.

I feel a bit sad at the passing of the old Teletrade. I don't think they have much to offer me anymore with this new format, but perhaps the occasional large purchase of a select item. But we'll see how the change goes.

What are other's opinion of the "new" Teletrade?

 

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Teletrade is way worse that eBay, IMO. So bad is the venue (and the coins amongst my collecting area) that I haven't bid on a coin in years.

On eBay, you have a real auction.

On Teletrade, you have a small percentage of consigned coins, and lots of "house" coins. Furthermore, you were not able to distinguish between phantom bidding up to the reserve and real bidding. TT is, IMO, nothing more than a retail outlet cleverly disguised as an auction.

I know TT has announced some changes to their procedures, and I am unclear if that changes any of the above observations.

Ian Russel was the best feature of TT, IMO, and he moved to Great Collections. You might want to check out that site.

Good luck & happy hunting...Mike

 

Wonderfully explained! I will just say, +1 to what Mike said. There is an occasional "gem in the rough", but for the most part, I think the selection on eBay is far better if you know what you're looking for.

 

Since their new system, i'm not impressed with the coins they're putting out.

 

I've noticed a pleasant change as far as my series goes. I checked in yesterday and all of the registry-level Kennedys had opening bids of $6 - that's definitely a change for the better since they've become true auctions. In the past, the opening bids on anything in the MS69, PR70 range were at least half of the PCGS list price, which is clearly over-inflated.

With this format, the market can decide the value of those coins, and it allows us buyers to adjust to the 17.5% fee. I'm keeping a close eye on things, because when a company goes through a period of experimentation and transition, it's possible to come away with some great bargains.

 

John, I noticed that with the Kennedys too, so that is reassuring.

I also noticed a subtle change in policy about opening bids. The seller cannot place the opening bid directly. Only a Teletrade representative can do that. They base it on the declared value the seller claims on the consignment form. So that means that all of those high opening bids were placed by a Teletrade rep based on declared value.

Hmmm. I wonder how this will pan out.

 

Unfortunately... JustHavingFUn has decided to sell his US Philippine coins through teletrade so I have to use there site to bid on those coins. I consider almost everything else they sell as items I would not be interested in nor would I want to sell them to someone else.

 

You used to get some decent coins on TT , 1st their Tuesday no premiums went to all problem coins , now they are low end coins . I have found a couple of nice CWTs in the last few months , but they are far in the minority . Still it doesn't hurt to look . Even their once great delivery times have turned into a long wait . I still look at it hoping to find a rare gem but I think they will fold soon if they don't drastically change , and soon .

 

After bidding on a few items on Teletrade and getting delayed results. I no longer bid there, can't remember the last time I checked Teletrade.

 

What kills Teletrade for me, is the California sales tax they add on.

 

I also live in CA and they figure the sales tax after shipping charges have been included. That always irked me.

 

I bought quite a few coins from TT but nothing in the past year. They were getting close to my
level of discomfort. But now I think I'm done for good with them.

 

The hammer prices this Sunday will make or break my participation at TT. I don't feel like I can get a good deal there between the buyer's fee and shipping. When a big dealer like L&C puts 20 PR70s up for auction with 99-cent starting bids and free shipping on eBay, well...then you've got my attention.

But a lot of people have way more disposable income than I do, and perhaps they don't need to hunt down bargains, and perhaps that's exactly what TT wants - to weed out us little guys and play in Stack's league.

 

Not to pile on, and I must first say I've bought some NICE coins through teletrade in the past, but.....

Two a years ago or I consigned some coins directly to Teletrade at FUN and agreed on an auction date and all the details....The coins sold and I got an emailed invoice for the total of sales and the amount I was due, great! Then browsing I noticed some coins that looked like the ones I had sold listed again. They were the coins I had just sold! I called them and asked them why they were relisting my coins and they said they weren't. The man I spoke to said they had sold and the person who bought them didn't like them and reconsigned them again. OK? That may be the case, but I suggested that they should pay me for them before they get to sell them again. I got my check 6 weeks later. Nuff said. Up to something, didn't pass the smell test.

I still look, and I may buy again, but I'll never sell again.
Matt

 

Emailed them and closed my account a few weeks ago. The fee increase was the nail in the teletrade coffin. Ebay is getting worse lately, but it is still way better than teletrade.

 

That's a strange experience. If the buyer didn't like the coins, the buyer should simply return the coins within the timeframe specified.

 

It's obvious TT took up the stock and immediately tried to turn it over for more profit - which is fine, if you pay off the consignor first.

 

As long as the consignor got paid what was due him, and within the agreed on time frame, I don't see where he has any complaint.

 

It just underscores the earlier comment about TT becoming more of a retail store than an auction house, that's all.

 

The buyers fee always irritated me, then toss in the the $8 minimum buyer fee, which pretty much rules out anything $50 and under unless it is a great deal. Then they pull increase the buyer fee yet again?

To me, they take care of the seller, which is fine; then they (more than ) take care of themselves with a high buyer fee. That only leaves one place to make it up: the buyer....and as a buy, I have too many other options than to get ripped off.

I spent around $2k on TT this year, and cancelled my account after this garbage came out, and have'nt been back since.