GC buyers fee

moursund

I haven't yet bought anything on GC.
Buyers fee seems excessive... I guess that's just part of the package.

How do you all come to terms with that?

Edited: For those of you who like to respond without reading the thread... read the thread. It's probably already been said.

ctf_error_coins

Math.

amwldcoin

Figure it in your bid. I take it you've never bought from Heritage or Stacks who's buyers fee is double Great Collection's.

fiftysevener

It's also less than most dealer markup 12.5% I think.

Catbert

It's not hard. I find GC's pics to be a little over exposed so you have to interpret a bit. Otherwise, a great site and, having bought and sold coins via them, they are a nice customer oriented resource.

amwldcoin

@fiftysevener said:
It's also less than most dealer markup 12.5% I think.

It's actually 10% if you pay fee free.

jkrk

@moursund said:
I haven't yet bought anything on GC.
Buyers fee seems excessive... I guess that's just part of the package.

How do you all come to terms with that?

GC has 3 tiers of buyers fees.

1)Pay by CC = 12.5%
2)Pay non CC =10%
3)Outbid by others = 0%

Lately, I try but, I find myself paying 0 fees.

moursund

@jkrk said:

@moursund said:
I haven't yet bought anything on GC.
Buyers fee seems excessive... I guess that's just part of the package.

How do you all come to terms with that?

GC has 3 tiers of buyers fees.

1)Pay by CC = 12.5%
2)Pay non CC =10%
3)Outbid by others = 0%

Lately, I try but, I find myself paying 0 fees.

nice

lermish

@Catbert said:
It's not hard. I find GC's pics to be a little over exposed so you have to interpret a bit. Otherwise, a great site and, having bought and sold coins via them, they are a nice customer oriented resource.

Agreed but I would say the customer service is excellent with lightning fast shipping. And yeah, it's half the premium of Stack's or Heritage.

jdimmick

Really,

you must not buy from the other companies, there way higher. Try somebody like sotheby's, back when they had those EGH morgans up from that estate, few years ago, they charged like 25% BP . One of my customers had me buy the 78-cc and stretched, and like to fell out when he got the final statement.

Project Numismatics

Not sure why you are picking on GC - it’s among the lowest fees of the larger auction firms. Bidders account for fees (incl. shipping) in their bids, so it really doesn’t matter what the fee is on the buy-side. Just adjust your bid accordingly.

Selling is a different matter - sellers should consider all fees and expected bid behavior to calculate their expected net.

ChrisH821

Only 10% buyers fee and 0% sellers fee if the item is over $1000.
What is there to complain about?

One of my first consignments there sold for $979 or something like that. So close to no fee.

moursund

@J2035 said:
Not sure why you are picking on GC - it’s among the lowest fees of the larger auction firms. Bidders account for fees (incl. shipping) in their bids, so it really doesn’t matter what the fee is on the buy-side. Just adjust your bid accordingly.

Selling is a different matter - sellers should consider all fees and expected bid behavior to calculate their expected net.

GC is the first auction site I've been browsing, other than the Bay. Just have to remember to add 10% if I bid on a big-ticket item. At least the math is easy.

golden

Buyers fee excessive. Are you kidding! Check out Heritage or Stacks.

justindan

I've had great customer service at GC. Very pleased with selling on there.

rays

@lermish said:
Agreed but I would say the customer service is excellent with lightning fast shipping. And yeah, it's half the premium of Stack's or Heritage.

However, many sellers recoup at least some of the 20% buyer's fee. For example, 112% of hammer goes to the seller and 08% to the auction house.

jmlanzaf

I've said it before, I'll say it again: as a buyer, I don't care if the buyer's premium is 1000% I can do math.

moursund

@jmlanzaf said:
I've said it before, I'll say it again: as a buyer, I don't care if the buyer's premium is 1000% I can do math.

Carrying this to an extreme, if the buyer's premium were1000000%, that would make each penny of a winning bid cost $100 in buyer's fee, thereby making the smallest possible bid increment effectively $100 (plus a penny). So let's not do that.

No Headlights

Best buyers fee of any major auction house.
Plus, quick shipping and very fair postage.
Great customer service.

Walkerfan

It's only 10% if you pay by check or e-check.

AND your winnings come in 2-3 days NOT 2-3 weeks.

WAYNEAS

My #1 auction house as a buyer.
The buyer’s fee is extremely fair to me.
I too do the math when submitting my bid.
The bonus to me is that I do not have to consider in a state tax which saves me an amount that I can incorporate into my bid.
Have two wins coming in the mail.
Wayne

alaura22

@ChrisH821 said:
Only 10% buyers fee and 0% sellers fee if the item is over $1000.
What is there to complain about?

One of my first consignments there sold for $979 or something like that. So close to no fee.

To be clear, the item has to sell for $1001 or more to be 0$ sellers fee. If it sells for $1000 you pay the 5% sellers fee.

1madman

@alaura22 said:

@ChrisH821 said:
Only 10% buyers fee and 0% sellers fee if the item is over $1000.
What is there to complain about?

One of my first consignments there sold for $979 or something like that. So close to no fee.

To be clear, the item has to sell for $1001 or more to be 0$ sellers fee. If it sells for $1000 you pay the 5% sellers fee.

Correct

winesteven

@moursund , I’d like to clarify for you with an example the point being made by many above when they correctly say “Do the math”:

We should all reduce our hammer bid to adjust for that buyers fee. To keep the math somewhat simpler in this example, let’s use the 10% figure for paying by eCheck instead of 12.5%. Say there’s a coin you’re willing to pay $100 for. Don’t place a max bid of $100, but instead place your max hammer bid of only around $91. If it turns out it takes that full max bid hammer amount to be the winning bid, then you’ll pay right around $100 including that 10% buyers fee (technically, if you want to figure it to the exact penny, take the $100 and divide it by 1.1. You then get the max hammer bid you should place of $90.91).

Here’s the key point: With you being willing to pay $100 in total, but placing a max hammer bid of $90.91 to have it end up costing you $100, the seller will then get only $90.91 minus any seller fees. As such, although it’s called a “buyer’s fee”, in reality it’s a seller’s fee, since bidders reduce their hammer bids, and the sellers then get less as a result.

Steve

BillJones

10% beats the devil out of 25% which the what you pay at Heritage for political items. To top that off, some of the bidders bid like the 25% isn’t even there. Further more you don’t get a break if you pay with something other than a credit card.

jmlanzaf

@winesteven said:
@moursund , I’d like to clarify for you with an example the point being made by many above when they correctly say “Do the math”:

We should all reduce our hammer bid to adjust for that buyers fee. To keep the math somewhat simpler in this example, let’s use the 10% figure for paying by eCheck instead of 12.5%. Say there’s a coin you’re willing to pay $100 for. Don’t place a max bid of $100, but instead place your max hammer bid of only around $91. If it turns out it takes that full max bid hammer amount to be the winning bid, then you’ll pay right around $100 including that 10% buyers fee (technically, if you want to figure it to the exact penny, take the $100 and divide it by 1.1. You then get the max hammer bid you should place of $90.91).

Here’s the key point: With you being willing to pay $100 in total, but placing a max hammer bid of $90.91 to have it end up costing you $100, the seller will then get only $90.91 minus any seller fees. As such, although it’s called a “buyer’s fee”, in reality it’s a seller’s fee, since bidders reduce their hammer bids, and the sellers then get less as a result.

Steve

I also adjust my bid for the shipping. While not usually a huge issue for $1000 coin. It is significant in the $100 and under range.

If appropriate, also adjust for sales tax.

No one should ever be paying more than they want. I suspect, however, that some people simply do not do the math.

jmlanzaf

@BillJones said:
10% beats the devil out of 25% which the what you pay at Heritage for political items. To top that off, some of the bidders bid like the 25% isn’t even there. Further more you don’t get a break if you pay with something other than a credit card.

At one time, they had a 3% CC fee.

jesbroken

If buying for resale inventory, then you must do the math. If buying for a collection or desire, I bid what I feel it will take to get the coin and consider the buyer's fee a finders fee for locating that special coin.
Jim

Pnies20

GC has the lowest of all major auction houses!

Im sure no one has mentioned that yet.

conrad99

@rays said:

However, many sellers recoup at least some of the 20% buyer's fee. For example, 112% of hammer goes to the seller and 08% to the auction house.

My brain hurts. Has anyone mentioned that yet?

Cougar1978

I find the GC buyers fee very reasonable. They are my numismatic auction house of choice.

Any auction buyers fee I simply factor it in and do the math. No big deal to me. Let’s say my goal acquire US coin at 70pct CPG (Retail MV based on CDN Bid). I just factor the buyers fee into the offer equation.

My bid offer is based on a pct of what would be a target selling price. It can vary based on inventory class and market conditions.

Example - CPG 100 x .70 x .875 = $61.25 my highest bid. From my table at show my offer wb $70. (30 pct behind CPG).

Have u tried shopping your stuff around the bourse at a show? I had one guy come up to my table offering nice Classic PCGS Commem, CPG was $280 and I Calc $196 for my offer fudged it up to $200 laying out the green (Cash Money), he was delighted.

So I in summary I just drop my auc bid to acct for the juice. As far as auction shipping I simply expense that just like I would a table fee, show travel, and lodging/meals.

logger7

I'm still missing the 5.5% that Teletrade used to charge on gold coins, where Ian worked before starting GC.

golden

I remember back in the early 1970's there were no buyers fee and commission fees were 10% and only 5% for gold coins.

winesteven

@logger7 said:
I'm still missing the 5.5% that Teletrade used to charge on gold coins, where Ian worked before starting GC.

As a seller, yes! As a buyer, as noted above, it makes absolutely NO difference!

Steve

BillJones

I also adjust my bid for the shipping. While not usually a huge issue for $1000 coin. It is significant in the $100 and under range.

If appropriate, also adjust for sales tax.

Including the sales tax, political items have a 34% over the hammer price for me. I have got to want an item very badly to buy it in a Heritage political items auction.

alaura22

@BillJones said:

I also adjust my bid for the shipping. While not usually a huge issue for $1000 coin. It is significant in the $100 and under range.

If appropriate, also adjust for sales tax.

Including the sales tax, political items have a 34% over the hammer price for me. I have got to want an item very badly to buy it in a Heritage political items auction.

Almost as bad, when I bid, "IF I bid" on a coin in Heritage I just add 26% to my bid. When you add the 20% bp, then the 2.5% CC fee and then the outrageous shipping rates that's about what it will cost you................34% is crazy as is the 26%

jmlanzaf

@alaura22 said:

@BillJones said:

I also adjust my bid for the shipping. While not usually a huge issue for $1000 coin. It is significant in the $100 and under range.

If appropriate, also adjust for sales tax.

Including the sales tax, political items have a 34% over the hammer price for me. I have got to want an item very badly to buy it in a Heritage political items auction.

Almost as bad, when I bid, "IF I bid" on a coin in Heritage I just add 26% to my bid. When you add the 20% bp, then the 2.5% CC fee and then the outrageous shipping rates that's about what it will cost you................34% is crazy as is the 26%

I always pay 0% additional at Heritage because I do the math.

jmlanzaf

Dearest Heritage,

Why don't you use your premium as a hidden reserve and advertise your auctions as 0% buyer's premium? It won't save anyone a nickel, but they'll be singing your praises for having 0% premiums. We, the buyers, prefer that sellers hide their margins so we can feel like we got over on you.

It would also benefit to advertise "free shipping". You can just hide the shipping charges in with the other hidden charges. Did you know that people actually think that Amazon ships free?

Your loyal customer,
Joe

MasonG

If you (not directed at any specific individual) keep getting outbid, perhaps you (again, not directed at any specific individual) are not as in touch with the current market for what you're bidding on as the other bidders are, possibly?

Just a thought...

alaura22

@jmlanzaf said:
Dearest Heritage,

Why don't you use your premium as a hidden reserve and advertise your auctions as 0% buyer's premium? It won't save anyone a nickel, but they'll be singing your praises for having 0% premiums. We, the buyers, prefer that sellers hide their margins so we can feel like we got over on you.

It would also benefit to advertise "free shipping". You can just hide the shipping charges in with the other hidden charges. Did you know that people actually think that Amazon ships free?

Your loyal customer,
Joe

Explain how they would do this?

mavs2583

Great Collections has become my #1 go to coin auction site. Lowest fees of the major companies (you should always figure out what the actual cost is with the fees before bidding anyway), reasonable shipping costs, fastest shipping of the major auction sites, and a selection for everyone.

jmlanzaf

@alaura22 said:

@jmlanzaf said:
Dearest Heritage,

Why don't you use your premium as a hidden reserve and advertise your auctions as 0% buyer's premium? It won't save anyone a nickel, but they'll be singing your praises for having 0% premiums. We, the buyers, prefer that sellers hide their margins so we can feel like we got over on you.

It would also benefit to advertise "free shipping". You can just hide the shipping charges in with the other hidden charges. Did you know that people actually think that Amazon ships free?

Your loyal customer,
Joe

Explain how they would do this?

It's a "$1000 coin", they simply have a hidden $200 reserve on the coin that is their cut. They can use a sliding scale with the sellers of they want to compensate them if the coin sells for $800.

There's probably other ways to do it. You don't care how they do it. You just don't want to know that Heritage got $200 on the $1000 coin.

They could also just increase the bid increments by 20%. Instead of $25 or $100 increments, they would be $30 and $120 increments. $25 (or $100) for the seller and $5 (or $20) to the House. You'll be blissfully unaware of the split because it won't be visible on your invoice.

I don't know if you know this, but Walmart hides their costs, including built in profits, into the price of a loaf of bread. It doesn't bother you if they take a 40% "buyer's premium" from you because it's hidden. But if they cut the price by 20% and then added 20% at the register you'd probably have a fit.

The only one who should care about the BP is the seller. And, if the seller is savvy, they might get half of the BP paid to them...or more for a true trophy. Ironically, if Heritage paid 120% of hammer to the buyer of an 1804 $, you'd be mad at them for cheating l charging you $1 million in BP even though they actually got ZERO!

I don't care about BP at all as a buyer because I can do the math and I don't mind having the fees visible instead of invisible.

jmlanzaf

@mavs2583 said:
Great Collections has become my #1 go to coin auction site. Lowest fees of the major companies (you should always figure out what the actual cost is with the fees before bidding anyway), reasonable shipping costs, fastest shipping of the major auction sites, and a selection for everyone.

That's why I love ebay. No one is cheaper...

MasonG

@mavs2583 said:
Great Collections has become my #1 go to coin auction site. Lowest fees of the major companies (you should always figure out what the actual cost is with the fees before bidding anyway)...

If you figure the cost, the fees are irrelevant.

jmlanzaf

@MasonG said:

@mavs2583 said:
Great Collections has become my #1 go to coin auction site. Lowest fees of the major companies (you should always figure out what the actual cost is with the fees before bidding anyway)...

If you figure the cost, the fees are irrelevant.

As a buyer, of course.

As a seller, you can't beat eBay...despite all the complaining about their "exorbitant fees".

MasonG

@jmlanzaf said:

@MasonG said:

@mavs2583 said:
Great Collections has become my #1 go to coin auction site. Lowest fees of the major companies (you should always figure out what the actual cost is with the fees before bidding anyway)...

If you figure the cost, the fees are irrelevant.

As a buyer, of course.

Yep.

@jmlanzaf said:
As a seller, you can't beat eBay...despite all the complaining about their "exorbitant fees".

Can't argue with that.

alaura22

@MasonG said:

@jmlanzaf said:

@MasonG said:

@mavs2583 said:
Great Collections has become my #1 go to coin auction site. Lowest fees of the major companies (you should always figure out what the actual cost is with the fees before bidding anyway)...

If you figure the cost, the fees are irrelevant.

As a buyer, of course.

Yep.

@jmlanzaf said:
As a seller, you can't beat eBay...despite all the complaining about their "exorbitant fees".

Can't argue with that.

You guys are funny, better than comedy central. You 2 pick a date yet?

daltex

@jmlanzaf said:

@alaura22 said:

@jmlanzaf said:
Dearest Heritage,

Why don't you use your premium as a hidden reserve and advertise your auctions as 0% buyer's premium? It won't save anyone a nickel, but they'll be singing your praises for having 0% premiums. We, the buyers, prefer that sellers hide their margins so we can feel like we got over on you.

It would also benefit to advertise "free shipping". You can just hide the shipping charges in with the other hidden charges. Did you know that people actually think that Amazon ships free?

Your loyal customer,
Joe

Explain how they would do this?

It's a "$1000 coin", they simply have a hidden $200 reserve on the coin that is their cut. They can use a sliding scale with the sellers of they want to compensate them if the coin sells for $800.

There's probably other ways to do it. You don't care how they do it. You just don't want to know that Heritage got $200 on the $1000 coin.

They could also just increase the bid increments by 20%. Instead of $25 or $100 increments, they would be $30 and $120 increments. $25 (or $100) for the seller and $5 (or $20) to the House. You'll be blissfully unaware of the split because it won't be visible on your invoice.

I don't know if you know this, but Walmart hides their costs, including built in profits, into the price of a loaf of bread. It doesn't bother you if they take a 40% "buyer's premium" from you because it's hidden. But if they cut the price by 20% and then added 20% at the register you'd probably have a fit.

The only one who should care about the BP is the seller. And, if the seller is savvy, they might get half of the BP paid to them...or more for a true trophy. Ironically, if Heritage paid 120% of hammer to the buyer of an 1804 $, you'd be mad at them for cheating l charging you $1 million in BP even though they actually got ZERO!

I don't care about BP at all as a buyer because I can do the math and I don't mind having the fees visible instead of invisible.

So you mean only charge seller premia like eBay? Completely plausible, but I don't understand the convoluted method.

daltex

@BillJones said:
10% beats the devil out of 25% which the what you pay at Heritage for political items. To top that off, some of the bidders bid like the 25% isn’t even there. Further more you don’t get a break if you pay with something other than a credit card.

I don't know under what circumstances Heritage allows credit cards (and I've never so much as browsed political items), but can't you look at it like "Heritage doesn't charge extra if you use a credit card."?

Second, again I am unaware of all auction houses, but Heritage (at least in coins) shows you what your bid will be with BP before you bid.

alaura22

Heritage charges you 2.5% EXTRA if you put your purchase on a CC AND it has to be under $2500.00

jmlanzaf

@daltex said:

@jmlanzaf said:

@alaura22 said:

@jmlanzaf said:
Dearest Heritage,

Why don't you use your premium as a hidden reserve and advertise your auctions as 0% buyer's premium? It won't save anyone a nickel, but they'll be singing your praises for having 0% premiums. We, the buyers, prefer that sellers hide their margins so we can feel like we got over on you.

It would also benefit to advertise "free shipping". You can just hide the shipping charges in with the other hidden charges. Did you know that people actually think that Amazon ships free?

Your loyal customer,
Joe

Explain how they would do this?

It's a "$1000 coin", they simply have a hidden $200 reserve on the coin that is their cut. They can use a sliding scale with the sellers of they want to compensate them if the coin sells for $800.

There's probably other ways to do it. You don't care how they do it. You just don't want to know that Heritage got $200 on the $1000 coin.

They could also just increase the bid increments by 20%. Instead of $25 or $100 increments, they would be $30 and $120 increments. $25 (or $100) for the seller and $5 (or $20) to the House. You'll be blissfully unaware of the split because it won't be visible on your invoice.

I don't know if you know this, but Walmart hides their costs, including built in profits, into the price of a loaf of bread. It doesn't bother you if they take a 40% "buyer's premium" from you because it's hidden. But if they cut the price by 20% and then added 20% at the register you'd probably have a fit.

The only one who should care about the BP is the seller. And, if the seller is savvy, they might get half of the BP paid to them...or more for a true trophy. Ironically, if Heritage paid 120% of hammer to the buyer of an 1804 $, you'd be mad at them for cheating l charging you $1 million in BP even though they actually got ZERO!

I don't care about BP at all as a buyer because I can do the math and I don't mind having the fees visible instead of invisible.

So you mean only charge seller premia like eBay? Completely plausible, but I don't understand the convoluted method.

They DO only charge sellers... for anyone who does the math.

The "convoluted method" goes back to my tongue-in-cheek letter that @alaura22 took seriously.