13% buyers premium

sparky64

I plan on attending a coin aution in about a month from now.
It's a local auctioneer specializing in antiques and estates. They have a couple of coin auctions per year.
Is 13% a high number or is it average? Seems like it was 10% forever.

seemyauction

I think you will see BP's ranging from 10-20% these days......

Coins at Auction

messydesk

Adjust your bidding accordingly.

roadrunner

adjust your bidding accordingly

Exactly. Buyer's fees are paid by the seller, unless you fail to back off your actual bid by 13%. This is what 98% of the auction buyers do. The other 2% just forget in the heat of bidding. The poor consignor is probably already paying a 10-15% sellers fee. And many times they don't realize that the buyer's fee will take them to
a net 20-25% commish. Great racket and hardly "truth in advertising."

Buyer's fees haven't existed for all that long really. Just another way to squeeze dollars out of the market. Rather than tell sellers their commish was going to be 18-25%, now they can state it's "only 10-15%." And now, a 10% buyer's fee is often not enough for the house.

roadrunner

tmcsr69

<< <i>
Great racket and hardly "truth in advertising."

roadrunner >>

Sounds very similar to coin vault or HSN.

MrHalfDime

In my experience, 13% would be toward the low end of the buyer's premium range. And as others have said here, adjust your bids accordingly.

ziggy29

Most seem to be 15% these days, with a few daring to push 20%. Teletrade was 10% for a while but they recently jacked it to 12%.

ajia

And for those bidding on inexpensive coin with the BIG online auctions, don't forget the minimum buyers fee.
Nothing like picking up a $1 coins only to find after the minimum fee, state tax and shipping it gonna cost you $20!!

COINB0Y

Ebay/PayPal seems pretty cheap............

sparky64

Thanks guys.
I never even new there was a sellers fee also. Just figured it was all made up on the buyers end.
I will have to adjust my bids accordingly. It's a bit easier to keep the 10% in mind during the heat of battle
but 13% won't be. Will have to set a limit before hand and stick to it.

sinin1

I have been to some that charge sales tax, some that charge sales tax just on currency, many with no tax

I also have been to some that give a 2-3% discount not to use credit card (cash/check)

Also quite as few now have different rates for source of bids
(floor live, internet live-their website, internet live-eBay live)


13% not that bad

ubercollector

Here, it's 13% if paying by credit card or 10% if paying by cash or check. When you get to the auction, look for sign that discloses the buyers preminum and see if there is a discount for cash or check. If you don't see one, just ask when at the registration window.

tightbudget

10-25% is common. I'd say 13% is good given that many major auction houses for coins are at 15%.