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Thread Title: Auction Buyers premiums
Created On Monday November 13, 2006 10:09 AM


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robr1967
Senior Member

Posts: 289
Joined: Feb 2002

Monday November 13, 2006 10:09 AM

Wow.

I just got an email from Mastro before their latest installment of their auction.

I am assuming they emailed everyone that ever bid and informed up that their buyer premimum is now being raised from a paltry 17.5% to 20%.

UNREAL ! ! !

I can imagine that the bidding will probably drop now a little bit for everyone now having to factor 20% into their total bids.

Does anything think this will affect the consignments anymore? People will have to assume that since they will be bidding less they might not get the prices on the lots anymore.

What are everyone elses thoughts here?

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Griffins
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Posts: 4957
Joined: Jul 2002

Monday November 13, 2006 10:19 AM

there are threads about this on every board in the hobby this morning. It's going to effect the bidding on at least this auction, and really screws consignors that didn't know they were the guinea pigs for this new level of greed.
REA stands out as the best more and more as time goes on.

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RayBShotz
Collector

Posts: 1358
Joined: Sep 2001

Monday November 13, 2006 10:38 AM

Grif - Do you know when is the next REA Auction?
RayB

-------------------------
Never met a Vintage card I didn't like!

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robr1967
Senior Member

Posts: 289
Joined: Feb 2002

Monday November 13, 2006 10:41 AM

REA??

Greed? That is an understatement. If I am not mistaken they were the 1st to push the limit taking it up to 17.5% and now they really out do themselves literally by taking it up to 20%.

I guess someone there needs a new Mercedes this year, huh?

I honestly am not sure about this, I want to say that up front, but do they big boys....I.e....Christies or Sithebys even charge 20%?

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Griffins
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Posts: 4957
Joined: Jul 2002

Monday November 13, 2006 10:48 AM

Ray- I think it's the same time as last year, April I believe. The last one was so huge I was hoping he'd start running 2 a year, but it doesn't sound like it's going to happen.

Posts: 1622
Joined: May 2002

Monday November 13, 2006 11:30 AM

I got the email and was completely sick about it. Majority of the consignors are going to suffer this time around because the common buyer will most likely sit out or not bid aggressively. I have spoken to four guys this morning and all have basically said they were not going to participate in heavy bidding this time around. One of those guys is a pretty big player in their auction too. My ticket with Mastro over the past 12 months has been $92,000. Some of those items were not mine, but it definately changes my bidding philosophy. In past auctions I would bid on things that sparked my interests just to follow the item on the last night. Some of those items I have ended up winning because I wanted to win something and the other items were past my final offer. These are some of the items that will go cheaper when you don't have others as the underbidder.
Doug Allen- Here is a note to you.
I complained about this to you last time you did this. If Mastro HAS to bump up the buyers premium to make ends meet then why don't you tier the commission structure for the buyer just like you do the consignor? If the buyer purchases more than $20,000 the commission is 15%. If the purchaser exceeds $50,000 he pays 10%. I believe this would create an INCENTIVE for the buyer to go to the next level in order to get the reduction of commission fees in addition to adding more competitive bidding for the consignor.

Shane Leonard

-------------------------
Looking for 1948 Leaf and 1947 Tip Top Bread cards.

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diamondman
Collector

Posts: 1238
Joined: May 2006

Monday November 13, 2006 12:10 PM

my question is what do they charge the sellers??? 12-25%???
Seems like only one making real profit is Mastro"s!
Master Stroke

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Griffins
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Posts: 4957
Joined: Jul 2002

Monday November 13, 2006 12:14 PM

sellers fees range from 0% (or less, getting back some of the buyers premium) to 15%. Most of the people I know that have consigned pay 0-5%, with an occasional 10% for a low dollar item.

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koby
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Monday November 13, 2006 12:48 PM

ezyshooter
Veteran

Posts: 550
Joined: Aug 2003

Monday November 13, 2006 3:43 PM

I think it's greed as well but 20 percent is alot easier to work out in your head then 17.5 percent.
Also if you check out some of the sets and singles there is a ton of MOSH stuff in this auction. I was right when i seen that MOSH had changed some of the sets over to MASTRO that they would be in the next auctions !!
Some really nice sets that are going to go very high !! People are going to pay top dollar just to be either #1 or close to #1 in the registry.
I am really going to be looking to see what alot of the basketball is going to go for. I will be bidding on it but doubt i will win any of it.
All of MOSH's stuff probably is being put up for zero percent for the consignor. They know there stuff is going to attract alot of buyers.
Steve

-------------------------
Die Hard Toronto Maple Leafs Fan !!

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ctsoxfan
Master Collector

Posts: 9995
Joined: Dec 2003

Monday November 13, 2006 5:34 PM

Lots of negative publicity for Mastro today. I wonder if they expected it to this extent?

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benderbroeth
Collector

Posts: 1297
Joined: Jan 2006

Monday November 13, 2006 5:55 PM

so let me get this strait if i win the wagner for $200,000 i will have to pay an additional $20,000 to the auction house correct?

i am new to the auction house buying but have an invester interested in the wagner so i need to know this and i am correct it applies to this auction?

-------------------------
my t-205's

I DEDICATE THE REST OF MY SIGLINE IN LOVING MEMORY OF ODETTA---1930-2008--and teddy kennedy 1932-2009

Posts: 582
Joined: Jul 2006

Monday November 13, 2006 6:23 PM

20% of $200,000 is $40,000....so a $200,000 bid is $240,000.

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benderbroeth
Collector

Posts: 1297
Joined: Jan 2006

Monday November 13, 2006 7:01 PM

thanks sorry my math is bad tonight..lol but don't worry on bidding night i will use a calculator, and i was wondering if the consigner knew about this when they listed the items or if this happend after the items were listed because if they were i would reconsider pulling a card i originally put up for auction.

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my t-205's

I DEDICATE THE REST OF MY SIGLINE IN LOVING MEMORY OF ODETTA---1930-2008--and teddy kennedy 1932-2009

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CDC4
Senior Member

Posts: 278
Joined: Jan 2002

Monday November 13, 2006 7:51 PM

not the best business move.

-------------------------
Buying 1957 Baseball PSA 8 or higher. Especially Checklists, and Contest Cards. Topps1957psa8set@aol.com

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cardbender
Collector

Posts: 1039
Joined: Oct 2006

Monday November 13, 2006 9:07 PM

I agree with Shane's post. They (Mastro) always have some truly outstanding items in all their offerings, but a tiered juice system would seem to bring on larger bids on the higher ticket items as they would approach certain bidding levels.

The consignors may lose on this change.

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Griffins
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Posts: 4957
Joined: Jul 2002

Monday November 13, 2006 11:49 PM

the consignors did not know, and the contract stated that the buyers premium would be "at least 15%". As such they can't pull their lots. I know a few consignors that are really po'd and have vowed to never consign with Mastro again. I'm sure this has been planned for a while, and the announcement was timed with the auction going online today.

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benderbroeth
Collector

Posts: 1297
Joined: Jan 2006

Tuesday November 14, 2006 12:29 AM

wow that is a bad move. i mean i think it is a sneaky way of doing business and will make them lose future business i for one when i finish my T205 will never sell it through them.

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my t-205's

I DEDICATE THE REST OF MY SIGLINE IN LOVING MEMORY OF ODETTA---1930-2008--and teddy kennedy 1932-2009

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koby
Expert Collector

Posts: 3008
Joined: Nov 2001

Tuesday November 14, 2006 8:16 AM

That was a very deceptive move by Mastro. Many large collectors are now saying that they will never sell through Mastro again.

Posts: 1622
Joined: May 2002

Tuesday November 14, 2006 8:28 AM

I have heard rumors that some of the auction houses including Mastro want to eventually go to 25% buyers premium. I guess their plan is to hike up the commission 2.5% until they reach this number. After recieving the email from Robert Edwards with regards to "other" auction houses selling fake autographs and altered cards. This makes me feel more comfortable towards REA. I appreciate what REA is trying to do in this hobby of ours and perhaps Mastro is making this an easier transition to go with REA by increasing their commission structure. For those of you who did not receive this email from REA, it was very informative and I feel a strong stance towards some of the games being played in the industry. I deleted the email but I am sure someone received it and can copy it here for the rest of the board.

Shane

-------------------------
Looking for 1948 Leaf and 1947 Tip Top Bread cards.

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