remember that scene in Indiana Jones where the guy is facing Indy spinning the sword around? Indy looks at him for a minute then pulls out his pistol. Well I've set the stage. Anaconda's in the ring with his shorts hiked to his chest big ol' boxing gloves bouncing around brushing his nose with a glove. bad ass agentjim looks at him with a "what the hell is this" look on his face and pulls out the pistol.
Recently, I've received an email from heritage about their new online auctions and sure enough, it has the 15% buyers fee (can't recall details) . Not long ago, a few here, expressed their anger over Heritages fee increases, I wonder how many got weak knees since then and has bought from them anyway?
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
That is one VERY beautiful Pan Pac and looks like a very high end 63 to say the least from that obv. pic! Look how PCGS stretched that round soft plastic ring around an octagonal coin,,,,,I wonder if NGC has a custom 8 sided insert for these, or also squeezes them into a round holder.
Good eye and good question, dragon. NGC has a custom holder.
The coin was incredibly high end for a 63. Maybe the guy who had it graded didn't realize you have to send it in 10 times to get the grade right.
I've seen 64s that didn't look as good as that 63. I was tempted to re-submit it but then again, I then wouldn't be able to brag about not re-submitting coins.
Here he goes kicking sand in my face again. I show off my little ol' $50 Assay and comes up with this Octagon monster. Anaconda it looks like I've sold my Bust $ now I have the money to take you up on that offer to sell me a coin at cost, is that offer still good ? or "umm, well you see agentjim that offer had a time limit". If you have forgotten I can dig up the post.
The one thing that pisses me off about Heritage is sending in coins to sell in a auction. Then Heritage calls you with a LOW BALL offer instead of listing them in the auction! This has happened to me twice! No thanks... I can get 2 to 3X selling them myself on E-Bay!
Si vis pacem, para bellum
In God We Trust.... all others pay in Gold and Silver!
<< <i>Wasn't there a thread recently that posed the question "Who do you think Monitors these Boards?"....
Me thinks maybe someone at Heritage does. >>
Heritage does. I got an email from Jim Halperin about one of my posts once. He even posted here a few times under his real name. They also have a few other people who post here.
Now if I could only find out why I didn't get my free Redbook from them for the last two years.
Leo, whether Heritage or any auction company charges 15% or 20% buyers fee is of no importance to the buyer. If is of great consequence to the seller because it comes out of their pocket!
Buyers Fees are a true oxymoron as only sellers pay commissions. Buyers back their bid off by 15-20% to arrive at their true buy price. I don't know why any buyer would have a problem with this. But as a seller, I'd be incensed about having to pay a 15% buyers fee on top of my 10-15% consignor's fee. A great example of misdirection by the auction houses. When they decide to go to 25% buyer's fees we'll have to reprogram our computers to back our bids off by 25%.
Zerbe, I have no doubt you got great service at Heritage, especially when you can buy $100,000 coins. Do you really think Heritage will afford the same kind of care and attention to the average guy buying hundred dollar coins?
<< <i>I don't know why any buyer would have a problem with this. But as a seller, I'd be incensed about having to pay a 15% buyers fee on top of my 10-15% consignor's fee. A great example of misdirection by the auction houses. >>
Yep. It's the same type of sleight-of-hand the government uses when it raises taxes and increases regulation on business with the justification that they want to help the "less fortunate". In the end, the consumer - that very same less fortunate - always pays for it, one way or another.
Snake says "Most consignors get over 100% of the hammer at Heritage. At least I always have." I've never consigned to Heritage so I don't know but how do you get more money than it sold for?
Change that we can believe in is that change which is 90% silver.
If an auction coin sells for $1000 hammer price, that means the buyer pays $1150, including the 15% buyer's fee.
The auction company can, for example, pay the consignor 102% of hammer or $1020 and still make $130 (the difference between the $1150 the buyer paid and the $1020 the auctioneer paid the consignor) on the sale. In this particular example, the auction company would be netting 13% of the hammer price.
<< <i>Gereg the only way I got mine this year was by emailing Jim about it. After that I had the free Red Book in my hands 4 days later. >>
It's not worth it for an $8 book. I just wish that if they sent me an email telling them they'd give me one for updating my want list, that they would do it. It's not the book. It's the principle.
<< <i>If an auction coin sells for $1000 hammer price, that means the buyer pays $1150, including the 15% buyer's fee.
The auction company can, for example, pay the consignor 102% of hammer or $1020 and still make $130 (the difference between the $1150 the buyer paid and the $1020 the auctioneer paid the consignor) on the sale. In this particular example, the auction company would be netting 13% of the hammer price. >>
Of course, without the juice the buyer may very well have bid $1150. Thus, in the above scenario, the seller still realizes less money than would theoretically be possible without the buyer's fee. Looks like government accounting, aka fuzzy math. The seller mistakenly assumes that they've actually been given a little "bonus" by the auction house.
That's why after 3 months of getting nowhere with the person that sent me the email that said I get the free Red Book I emailed Jim. I made sure they did what they said they would.
Comments
Back onto coins.
Here - look at this:
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
He gave me glowing feedback. It's probably in a 64 holder now. I sold it for a 3% profit.
anaconda
The coin was incredibly high end for a 63. Maybe the guy who had it graded didn't realize you have to send it in 10 times to get the grade right.
I've seen 64s that didn't look as good as that 63. I was tempted to re-submit it but then again, I then wouldn't be able to brag about not re-submitting coins.
adrian
adrian
In God We Trust.... all others pay in Gold and Silver!
adrian
Me thinks maybe someone at Heritage does.
Carl
<< <i>Wasn't there a thread recently that posed the question "Who do you think Monitors these Boards?"....
Me thinks maybe someone at Heritage does. >>
Heritage does. I got an email from Jim Halperin about one of my posts once. He even posted here a few times under his real name. They also have a few other people who post here.
Now if I could only find out why I didn't get my free Redbook from them for the last two years.
Buyers Fees are a true oxymoron as only sellers pay commissions.
Buyers back their bid off by 15-20% to arrive at their true buy price.
I don't know why any buyer would have a problem with this. But as a seller, I'd be incensed about having to pay a 15% buyers fee on top of my 10-15% consignor's fee. A great example of misdirection
by the auction houses. When they decide to go to 25% buyer's fees
we'll have to reprogram our computers to back our bids off by 25%.
Zerbe, I have no doubt you got great service at Heritage, especially when you can buy $100,000 coins. Do you really think Heritage will afford the same kind of care and attention to the average guy buying hundred dollar coins?
roadrunner
<< <i>I don't know why any buyer would have a problem with this. But as a seller, I'd be incensed about having to pay a 15% buyers fee on top of my 10-15% consignor's fee. A great example of misdirection by the auction houses. >>
Yep. It's the same type of sleight-of-hand the government uses when it raises taxes and increases regulation on business with the justification that they want to help the "less fortunate". In the end, the consumer - that very same less fortunate - always pays for it, one way or another.
Russ, NCNE
adrian
09/07/2006
If an auction coin sells for $1000 hammer price, that means the buyer pays $1150, including the 15% buyer's fee.
The auction company can, for example, pay the consignor 102% of hammer or $1020 and still make $130 (the difference between the $1150 the buyer paid and the $1020 the auctioneer paid the consignor) on the sale. In this particular example, the auction company would be netting 13% of the hammer price.
Do you really know Algebra?
and it sets us apart from practitioners and consultants. Gregor
<< <i>Gereg the only way I got mine this year was by emailing Jim about it. After that I had the free Red Book in my hands 4 days later. >>
It's not worth it for an $8 book. I just wish that if they sent me an email telling them they'd give me one for updating my want list, that they would do it. It's not the book. It's the principle.
<< <i>If an auction coin sells for $1000 hammer price, that means the buyer pays $1150, including the 15% buyer's fee.
The auction company can, for example, pay the consignor 102% of hammer or $1020 and still make $130 (the difference between the $1150 the buyer paid and the $1020 the auctioneer paid the consignor) on the sale. In this particular example, the auction company would be netting 13% of the hammer price. >>
Of course, without the juice the buyer may very well have bid $1150. Thus, in the above scenario, the seller still realizes less money than would theoretically be possible without the buyer's fee. Looks like government accounting, aka fuzzy math. The seller mistakenly assumes that they've actually been given a little "bonus" by the auction house.
Russ, NCNE
09/07/2006