Heritage June Long Beach Signature sale with 25% EBAY live Buyers Fee.

greghansen

Ouch. I was just clicking through the EBAY buttons to sign up for this when I got to the terms and conditions page and saw that the buyers fee was 25% if bidding through EBAY Live. Looks like I'll be making my bids early through Heritage's home site which has the normal 15% buyers fee. 25% is just too wacky for me. When their buyers fee for a one time event gets larger than my contingency fee for working an entire personal injury case...I'm changing jobs!

Russ

If I were a consignor, I would not be pleased.

Russ, NCNE

Lakesammman

WOW Not sure what that signals...anyone have a hunch??

FinallyHere

WOW Not sure what that signals...anyone have a hunch??

Yes......bid through them directly or at the show. I suspect it signals nothing more.

Mike

greghansen

Not sure what that signals...anyone have a hunch??

Well, the obvious point is that it gives a further edge to the floor bidders, who are primarily the show dealers who have set up shop on site. They now have a built in 10% advantage over live internet bidders who are primarily the collectors. Im sure the floor bidders are not upset with this new policy at all. As Russ noted, the consignors are probably hurt as much as the collectors as, some internet bids will now not get placed. Floor bidders may pick up some extra business from well healed collectors to act as bidding agents. For 5% the floor bidder can bid more cheaply than the collector can via EBAY Live and the collector gets the benefit of the dealers 'sight seen' opinion of the coin. I don't know if any dealers would perform this service for 5%, but it seems to me that since they are looking at the coins anyway, and are attending the auctions anyway...it would be found money for them. Love to hear some dealers opinions on this issue.

elwood

I attend every Heritage Auction and from what I've seen, I think the live bidding actually costs Heritage more than they get out of it.
Very few lots sell to a live on-line bidder. If I had to guess it's probably fewer than 50 lots.
It takes at least 1-2 extra employee's to man the compuiter for the live bids during the auction. Plus a some support personnel.
E-bay gets its cut.
And it really slows down the floor bidding, waiting for the bids to be received. Somethimes a lot will have already been closed on the floor when an internet bid comes through and they then have to re-open it for more bidding.

Placid

Todays e-mail from a coin dealer.


Hi all,

Next week I'll be at the Long Beach Coin and Currency Convention and although won't have a table I will be viewing Heritage auction lots and scouring the bourse for nice material to bring home. This is the perfect time to let me know what coins are on your current "hot list". If I come across anything that meets my strict criteria of originality, eye appeal and strictness of grade I'll be happy to call with the coin in hand and discuss it's merits with you. In addition, if you'd like any of the auction lots viewed please tell me the lot numbers and I'll let you know how they look.

Just give me any pertinent information regarding your needs and I'll get to work for you. I'll be able to email but only from my hotel in the evenings. Telephone calls are going to be a much more timely and efficient way of getting together. My cell number is xxx and you're be welcome to call at any time. Let me know how I can help.

Lakesammman

I know what the ramifications are, just wondering what it signals - either they want to drive it away because of the hassles or it's so popular that they want to make more money. Based on the # of internet bids I've observed (either on line or at the show), I'd guess it's the former.

TAP444

I believe the ebay cut is taken care of with the extra 5% fee for live bidding
and I think that more than 50 lots go to the internet bidders and if not they do
push the price up (if you watch the bidding on ebay you will see this) and that is a good
pt for the seller, I would think Heritage markets this to the co-signers, so they can get
higher prices for your coins if you sell through them,
tim

Elcontador

I really don't see what's the problem.

I'd guess at least 2/3 of the coins go to floor bidders. What's the problem bidding via the Heritage site? Their imaging is as good as it gets, and if I have a question about a coin, I have always found a numismatist there who is happy to give me an honest evaluation of a particular lot.

If you meet certain criteria, I'm sure they arrange telephone bidding, like the other auction houses.
As an aside, the idea of bidding on a coin based strictly on an image to me is unacceptable in any event.

toothpuller

I just looked at some Heritage Sig Sale coins like this one and the buyer's premium is the usual 20% for ebay live.

lathmach

I won't be bidding.

Ray

Strat

Just curious, why would anyone bid on a Heritage Sale via EBay Live as opposed to the Heritage website? If you only pay 15% for bidding on the Heritage website, why not do that instead? Opinions, please!

zenny

strat

heritage allows you to bid up until midnight the night before, ebay allows live bidding.

for that, people are apparently willing to pony up a few (or many) xtra buckeroos....

puff

<< <i>If I were a consignor, I would not be pleased.

Russ, NCNE >>



Nor would I....... I think Heritage is getting just a little bit to greedy in my opinion...... But then again I would never use Ebay as a venue to bid on a Heritage auction to begin with.

Cameonut

When eBay puts me at a competitive disadvantage to the Heritage site or the live floor bidders, I will not use them. For what they provide for this type of auction - it is not worth that type of premium, IMHO.

So, I will use the Heritage site directly or not participate.

Cameonut

puff

<< <i>strat

heritage allows you to bid up until midnight the night before, ebay allows live bidding.

for that, people are apparently willing to pony up a few (or many) xtra buckeroos.... >>



This is true but you can also call Heritage the day of the auction and have them place a bid for you right then and there....... Are another alternative is to have a person at the auction site to place a podium bid for you..... Doing either of these methods won't cost you anymore than the normal 15% premium on top of the hammer price.

Shamika

Do you mean to tell me 15% isn't enough????

roadrunner

You'd have to be insane to pay 15% extra when you can enlist a top dealer at only 5% and get their opinion to boot. Sorry, but I don't buy the free opinion by the Heritage salesman or auction reps.

roadrunner

puff

<< <i>You'd have to be insane to pay 15% extra when you can enlist a top dealer at only 5% and get their opinion to boot. Sorry, but I don't buy the free opinion by the Heritage salesman or auction reps.

roadrunner >>



I wouldn't, and don't either roadrunner....... I have a well known member of this forum check out any and all coins I'm considering before I bid or buy a coin from Heritage.

mansco

I'm about to consign to Heritage and as a bidder I'm not excited about paying 25% premium for eBay live bidding. But as a consignor, I'm not sure that I'm all that upset. My rationale is that the internet bidding on the Heritage site generally sets the floor for the live bidding (whether it is floor or eBay live). Most likely the floor bidder wins most of the time. But the eBay live bidding is expensive, it does allow a bidder who can't attend the show a second chance to bid on a coin he really wants but has been outbid on. Most internet bidders are at a disadvantage not only because they can't see the coin, but because they don't want to risk overbidding to beat out a potential floor bidder. I look at the eBay live bidding as an alternative to give those of us who can't attend the show a last chance to acquire. As a consignor, if a floor bidder outbids an internet bidder then the internet bidder was bargain hunting. If the internet bidder is the high bidder, then he knows the true worth of the coin.

As an internet bidder, the eBay live bidding at 20% or 25% is highway robbery and all the stuff I said in the first paragraph is just a bunch of hogwash.