Just a heads up

In case you haven't heard or seen it, to me, it looks like heritage is upping the BP to 17.5%. Anybody else noticed this or missed an email informing the public?

 

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That will generally cause lower bidding

 

Well it just needs to be adjusted when making a bid. More importantly, I wonder if this could send more buyers towards Teletrade and Stacks/Bowers. Also, if it sends buyers, it will also send sellers, because if the bidding is lower, but the BP commission is higher, there isn't any extra money going in the hands of the seller.

 

If anything, it'll send 'em to Great Collections, where the B.P. is only 10%.

Although, they're inventory isn't exactly of the highest quality.

-Brian

 

Stacks is already 17.5%

 

Looks like the devil we's gonna be buyin' retail and sellin' 'retail'.......

Collectors hunker down for a spell. Choose wisely.......

 

Which is why coins are so much cheaper now than thirty years ago when the BP was 0%

 

Stacks is not an on line auction.

 

Nonsense.

 

Guess I should return the coin I just won in their internet only auction last week.

 

+1

-Brian

 

You could always return it to me

No big deal that Heritage is going up to 17.5% since people will just adjust their bids accordingly and consigners will just ask for a larger percentage of the hammer price when selling. The end result is probably very little difference in prices realized for sellers and prices paid for buyers. At least Heritage appears to be charging 17.5% to all buyers which is fair. Stacks/Bowers, on the other hand, only charges 15% to those spending over $50k in an auction which gives those bidders a clear advantage in winning coins. Those bidders can bid a higher increment, but actually pay less than the underbidder would have been charged!!

 

This "buyer's premium" racket is pure baloney. The Seller should pay ALL the fees, and when Sellers in general realize that they are really paying 30% or 32.5%, they will go elsewhere, and await restructuring and "reform" in the industry.

Wouldn't hurt a bit for consignors to boycott the big auction houses for a few months and see what happens. IMHO, half that commission pays for ego strokes and puffing rights, not real expenses.

 

So it's really only a bummer for those who consign to them...

Good thing I don't sell $1000+ coins from my personal collection (not that I have any).

-Brian

 

Not really. Most consigners who made deals to get paid 100% of the hammer price of their lots will now just try to make deals for 102.5% of the hammer price. If they were getting 105% before, now they'll ask for 107.5%. What consigners get paid has always been a negotiation and the actual percentage paid is based on who you are and/or what you're selling. That doesn't change with the buyers premium going up or down.

 

Ha, I guess technically it is yours anyway. You were right about how nice it is in hand.

 

A cataloger for a major auction house (which I won't name but everyone knows) once told me they charge such high buyer's premiums to weed out the riff raff and non-serious bidders. Thats what separates places like Heritage from places like Ebay. That alone makes it worth it for me.
Guy

 

That makes NO sense

 

That makes NO sense

 

In what way, Reuben? Compare Ebay to any reputable auction house and it's easy to see how inexperienced and unserious bidding can, and has ruined auction venues. People that are serious aren't going to mind paying a fee for professional service.
Guy