They were signing up a lot of people for their auction site at the show. I had a brief discussion with Liz about the whole buyer's fee vs. bidder subscription fee and she was truly grateful for the discussion on this board and in person at the show. It seems they'll be doing a nominal buyer's fee which is waived if you pay a monthly bidder fee. Best of both worlds, and more power is now in the buyer's hands how they spend their money. It'll probably take a little while before it really gets off the ground, but I wish them the best.
<< <i>Successful auctions since 8/1/2012: 2 Total number of bids placed since 8/1/2012: 2 Total number of registered users: 69 >>
With 2 successful auctions and 2 total bids, it seems each closing auction received one bid.
With an average of 1 bid per auction, retail plus may make some sense. Of course, it's not really an auction if prices are retail and each item gets a single bid.
<< <i>It seems like the buyer's premium is delineation the auction house makes for accounting and other purposes but buyers don't view it as an additional cost to the bidder because it's built-in. >>
If that's so, why do buyers complain when auction houses raise the buyer's premium in their auctions? >>
In my eyes, it is because it means that if they were to resell the coin in a short period of time, they'd immediately lose more. Paying $1K for a coin with a 15% BP and then reselling it immediately at auction (assuming no major market changes) means you'll only get $850 out of it as bids are adjusted to compensate for the BP. If it was 17.5%, you'd only get $825 back on a $1K auction purchase.
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Hi Everyone: thanks to those of you who enrolled for our new online auction site while at the ANA. We appreciate the ideas and feedback presented to us and are working to incorporate some of those suggestions.
With regard to the subscription/buyer's premium issue, we think we have landed on a solution that we hope will cover everyone's concerns.
First of all, please feel free to enroll on the site and take a look around--it is free of charge for 90 days and there is no fee after that time unless you actually bid or buy something.
Secondly, we have decided to offer both a subscription for $9.99 per month OR if you prefer, you can select the buyer's premium option when enrolling. If you are successful with the buyer's premium option, you would pay a nominal amount (something equivalent to 2%) on the lot you purchase, and no monthly subscription fee (our programmer is working on incorporating these changes into the software). If you choose the subscription option each month for $9.99 you can bid and purchase as many coins as you choose for that 30 day period with no additional buyer's premium.
We have dealers starting to list coins, I notice there are some new listings up there from this past weekend. We will continue to enroll additional buyers and sellers. We hope this will become an active marketplace where collectors and dealers can meet to buy and sell nice PCGS graded material.
We appreciate your support! Good luck with your bidding!
If auctions started at Greysheet bid instead of full retail, more people might be inclined to spend some time there. It is not just about the fees, it is about the levels where the coins BEGIN.
Retired United States Mint guy, now working on an Everyman Type Set.
<< <i>It seems like the buyer's premium is delineation the auction house makes for accounting and other purposes but buyers don't view it as an additional cost to the bidder because it's built-in. >>
If that's so, why do buyers complain when auction houses raise the buyer's premium in their auctions? >>
In my eyes, it is because it means that if they were to resell the coin in a short period of time, they'd immediately lose more. Paying $1K for a coin with a 15% BP and then reselling it immediately at auction (assuming no major market changes) means you'll only get $850 out of it as bids are adjusted to compensate for the BP. If it was 17.5%, you'd only get $825 back on a $1K auction purchase. >>
I haven't followed coins that purchased at auction and then resold at auction immediately.
If a coin is sold for $1,150 including 15% BP and is re-auctioned soon after, will it really only bring $1,000 including 15% BP?
For example, a buyer sees a coin sell for $1,150 ($1,000 + 15% BP) and right after expects to get it for $1,000 ($870 + 15% BP)? Does that seem right?
<<Secondly, we have decided to offer both a subscription for $9.99 per month OR if you prefer, you can select the buyer's premium option when enrolling. If you are successful with the buyer's premium option, you would pay a nominal amount (something equivalent to 2%) on the lot you purchase, and no monthly subscription fee (our programmer is working on incorporating these changes into the software). If you choose the subscription option each month for $9.99 you can bid and purchase as many coins as you choose for that 30 day period with no additional buyer's premium. >>
This seems like a fair compromise IMO. Those just testing the waters would likely opt for the 2% fee to start, then as they start to purchase larger amounts they would save money on fees switching to the monthly subscription option later.
There are successful auction sites that run similar to this, just nothing in the numismatic community. QiBids is one of them. Over there you pay 10¢ per bid, and lots don't close until 5 minutes after the last bid, which could go on indefinitely. That site is a complete scam, and I'm not saying that JJ's scamming whatsoever, just that the concept isn't out of left field.
Not something for me though.
Specialist in Lincoln Cents, Toned Type, and Slab enthusiast.
I see more coins up this week (30,) but I see a common theme that might be something easily fixed. All the pictures look like scans of the coins, and not very good ones. If that is a centralized service you are offering (and control,) it would be well served to put way more effort into that. poor scans are a big bummer, IMO.
Comments
<< <i>Looks like this is up and running now, with retail plus starting bids of course. >>
That pretty much kills this so called "auction" for me.
And don't forget the bidder's subscription.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
RIP Mom- 1932-2012
In God We Trust.... all others pay in Gold and Silver!
<< <i>Successful auctions since 8/1/2012: 2
Total number of bids placed since 8/1/2012: 2
Total number of registered users: 69 >>
With 2 successful auctions and 2 total bids, it seems each closing auction received one bid.
With an average of 1 bid per auction, retail plus may make some sense. Of course, it's not really an auction if prices are retail and each item gets a single bid.
<< <i>
<< <i>It seems like the buyer's premium is delineation the auction house makes for accounting and other purposes but buyers don't view it as an additional cost to the bidder because it's built-in. >>
If that's so, why do buyers complain when auction houses raise the buyer's premium in their auctions? >>
In my eyes, it is because it means that if they were to resell the coin in a short period of time, they'd immediately lose more. Paying $1K for a coin with a 15% BP and then reselling it immediately at auction (assuming no major market changes) means you'll only get $850 out of it as bids are adjusted to compensate for the BP. If it was 17.5%, you'd only get $825 back on a $1K auction purchase.
With regard to the subscription/buyer's premium issue, we think we have landed on a solution that we hope will cover everyone's concerns.
First of all, please feel free to enroll on the site and take a look around--it is free of charge for 90 days and there is no fee after that time unless you actually bid or buy something.
Secondly, we have decided to offer both a subscription for $9.99 per month OR if you prefer, you can select the buyer's premium option when enrolling. If you are successful with the buyer's premium option, you would pay a nominal amount (something equivalent to 2%) on the lot you purchase, and no monthly subscription fee (our programmer is working on incorporating these changes into the software). If you choose the subscription option each month for $9.99 you can bid and purchase as many coins as you choose for that 30 day period with no additional buyer's premium.
We have dealers starting to list coins, I notice there are some new listings up there from this past weekend. We will continue to enroll additional buyers and sellers. We hope this will become an active marketplace where collectors and dealers can meet to buy and sell nice PCGS graded material.
We appreciate your support! Good luck with your bidding!
Best wishes,
Liz Coggan
J J Teaparty, Inc.
I have decided not to even go and look at the site in question again
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
<< <i>In my eyes, it is because it means that if they were to resell the coin in a short period of time, they'd immediately lose more. >>
Is it common for bidders in auctions to base their bids on the idea that they will have to sell the coins right away?
<< <i>Pay to bid?
Not a chance. >>
Dido!
Is it common for bidders in auctions to base their bids on the idea that they will have to sell the coins right away? >>
I thought most of the dealers that buy at auction plan to resell the coins they win the following week??
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
<< <i>
<< <i>
<< <i>It seems like the buyer's premium is delineation the auction house makes for accounting and other purposes but buyers don't view it as an additional cost to the bidder because it's built-in. >>
If that's so, why do buyers complain when auction houses raise the buyer's premium in their auctions? >>
In my eyes, it is because it means that if they were to resell the coin in a short period of time, they'd immediately lose more. Paying $1K for a coin with a 15% BP and then reselling it immediately at auction (assuming no major market changes) means you'll only get $850 out of it as bids are adjusted to compensate for the BP. If it was 17.5%, you'd only get $825 back on a $1K auction purchase. >>
I haven't followed coins that purchased at auction and then resold at auction immediately.
If a coin is sold for $1,150 including 15% BP and is re-auctioned soon after, will it really only bring $1,000 including 15% BP?
For example, a buyer sees a coin sell for $1,150 ($1,000 + 15% BP) and right after expects to get it for $1,000 ($870 + 15% BP)? Does that seem right?
<< <i>I thought most of the dealers that buy at auction plan to resell the coins they win the following week?? >>
I'd guess they do. Which would mean this comment:
"In my eyes, it is because it means that if they were to resell the coin in a short period of time, they'd immediately lose more."
wouldn't be applying to them. "Lose more"? If it was a dealer, they wouldn't be figuring on losing at all.
It's just not for me.
Good luck to JJ!
This seems like a fair compromise IMO. Those just testing the waters would likely opt for the 2% fee to start, then as they start to purchase larger amounts they would save money on fees switching to the monthly subscription option later.
RIP Mom- 1932-2012
Not something for me though.