Buyer's Premium

robr1967

What do you guys think of the buyer's premiums in the major auction houses.

I think it is starting to get outrageous.

There is an auction catalog, I just got, and was interested in bidding on several things. When all of a sudden I was looking around, thinking, OK, how much more am I really going to pay for the cards I want.

Well, I am OK, with a 10%. But then that is unheard of anymore. 15% I can even handle, but don't really like it. Then I finally saw the auction I was looking at topped even that at 17.5%

What's next, 20% or 25%.

Buy your cards, and pay 1/4 more then what you really want to pay for them. Whoopie. Makes me want to bid and win auctions anymore.

So, I am just curious here. What is everyone elses take on buyer premiums.

I am fed up enough to quit bidding.

hbsturn

A buyer's premium is not a hidden cost at all - only to those who don;t mind overpaying for items. Just factor it into your bottom line and you'll never even feel it.

Mantlefan

You're right....I can't stand it. I can remember the good old 10% days. Lelands is now 17.5% and adding in NY State tax [8.25%], my bids wind up costing me 26% more. I usually factor this into my bid, but as expected, I don't win much from Lelands.

mikeschmidt

It seems like many of the auction houses (e.g. Not Mastro) are reducing seller's commissions to get quality consignments coming their way. They are evening out on this with increases in the buyer's premium, it seems.

FWIW - the bottom line is that these auction houses get in material that you likely will not find on Ebay or in dealer's inventory. This is not true of all their items - but it is for a vast majority of them. When that is the case - you can simply net out the buyer's premium in your bids. I know that the buyer's premium is a pain in the butt. But if you think a card is a $1,000 card - don't bid more than $850, and you are fine. I understand the moral outrage part of the equation - but at the end of the day, you are the master of your own bidding. Don't pay more for a card than you are willing to spend. The buyer's premium is not a secret. It seems to me that a lot of the frustration is a combination of a) moral outrage at the buyer's premium and b) the fact that others are willing to spend more on the desired item than you are. I can't tell you how many times I stare at my computer screen and blabber "But it's not worth that much" - and find myself bidding again only to be outbid. So - what to do? Win and pay more than we think we should - or keep our money and miss out on our desired cards.

~ms

mikeschmidt

Frank - not that I would ever endorse wrongdoing of any way, shape or form - but it seems like most auction winners I know are able to find creative opportunities around the sales tax factor....