Why would you pay 20%

tradedollarnut

Why, oh why would anyone pay an extra 5% buyer's fee for an internet auction? Why not pay a dealer 5% to represent you and then additionally get the dealer's advice and expertise? Can someone enlighten me?

Bet the buyer of the infamous 63 PF70 Lincoln will eventually wish he'd done it!

airplanenut

Maybe it's for your own peace of mind... you are in control, plus, you get the excitement of the auction first-hand... I think such high buyers premiums are rediculous!

Jeremy

dwood

In the FUN auction, I decided at the last minute to bid on a few lots. I had no choice at that point, but factored the fee into my bids.

Fairlaneman

TDN:

I do not think everyone looks at it as 20% when they figure what they will actually pay for a coin. Now if you get into a bidding War on a Coin that you just must have then the extra 5% is out of line and you should have put your must have bid in to begin with. If you just use the Internet funtion to adjust a Bid up one time it seems OK to me. Anyway thats how I look at it. I suppose either way a person should put the Max in to begin with but human nature always reflects the cheap side and not the logical side of a person.

Ken

EVillageProwler

The 20% premium is for LIVE Internet auctions; regular online (non-LIVE) Heritage bidding, for example, is only 15%, just like if you're on the floor, bid by phone, mail or fax.

Admittedly, I don't see much use for the extra 5% either. My agent of choice charges me 3% of the hammer (I think), and will also offer his expert opinion. He really is an expert, and is widely reputed as having an extremely discriminating eye for originality. He is also an expert in early coinage. He and I usually discuss at length my purchasing approach as well as my personal taste -- so that we're in complete sync.

He is also one heck of a nice guy, and highly ethical. I trust him completely. If anyone is interested in his name, PM or email me.

EVP

Dabigkahuna

I agree!

Also, with the Heritage Signature Auctions, doesn't the floor bidding take over once the internet auction ends the day before?

This exta 5% is to cover Ebay fees, I guess? But why use Ebay at all for these?

EVillageProwler

Having just read Ken's post, I should point out that I give my dealer complete latitude in stretching my bids -- because all my bids are estimates subject to his final, on-the-spot situational assessment against my desire to acquire that specific piece.

For example, he was my agent during this past Fall Long Beach show. He checked out a huge number of ED's in the 3 auctions, and we went over a spreadsheet that I put together. We put together a 3-tiered system based on "really want", "nice to have" and "we'll see". Then, we pruned the list even more based on on-site lot viewing, and I gave him my total allowance for the show and estimates per coin (also based on his recommendations).

In the end, I told him that he was free to do what he felt was appropriate provided that he fully understood my mindset. What did I win? 3 ED's from Jim Matthews' collection: 2 R.7's and 1 R.6.

EVP

Russ

<< <i>Bet the buyer of the infamous 63 PF70 Lincoln will eventually wish he'd done it! >>



Somebody bought a 1963 PR70 cent? When? How much did they pay for it? What did it look like? Did they get a good deal?

Russ, NCNE

Lakesammman

Russ....you gotta be joking.....