CONFIRMED -> Legend-Morphy buyer's fee is 15%!
barrytrot
Posts: 759 ✭
I've had confirmation from Laura that the buyers fee is only 15%.
That's a re-iteration of great news in my opinion!
That's a re-iteration of great news in my opinion!
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Sorry, I couldn't resist. I'm not sure which one it is.
She said it was being taken care of.
Bidders will divide what they are willing to pay for the coin by 1.15 instead of 1.175. Saves them 1 digit.
Sellers might save a couple percent if it doesn't get removed in the seller's fee.
<< <i>Doesn't make any real difference since it still comes out of the seller's pocket.
Bidders will divide what they are willing to pay for the coin by 1.15 instead of 1.175. Saves them 1 digit. >>
That's probably true for the most part; however, people attach significance to nice round numbers. Are you going to let the item you want sell to someone else for $9750, or, do you say what the h*ll and bid $10K?
<< <i>[ That's probably true for the most part; however, people attach significance to nice round numbers. Are you going to let the item you want sell to someone else for $9750, or, do you say what the h*ll and bid $10K? >>
If I felt the item was worth $10,000 to me (or even $10,250) I'd likely put in a bid of $8750-$8900. If someone wants to pay $10,350 for it they can bid a round $9,000. If it's a stretch
and nothing I can't live without, let someone else bid the round number of $9,000. In a lot of cases bidders don't want to pay that round number of $10,000. They'd rather get it for just under $10K or a bid of $8500ish. Always lots of maneuvering around the round numbers. I usually look at them as resistance points. If I want the coin badly I'll bid to pay just above the round number. If not, I'll let someone else pay the extra bid if they want it that badly. If I get it for that one bid less, it's a win-win....otherwise, on to the next lot of interest.
Whats next? 20%? 25%?
The name is LEE!
Bidders will divide what they are willing to pay for the coin by 1.15 instead of 1.175.
That's logical, but some bidders aren't. In fact, some bidders don't even know how to divide.
In other words, sometimes the amount of the BP matters, and sometimes it doesn't. It all depends on the underbidder.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>If they were to take 15% of the total bid, I gusess I wouldn't mind. But to charge the buyer an additional 15%/18% ON TOP of the Hammer Price, is kinda pushing it. >>
????? Uhmmm, either it's too early for me to recognize sarcasm, or???
Do you know of an auction house that doesn't charge a buyers premium on top of the hammer price?
World Collection
British Collection
German States Collection
If your thinking of selling coins that fit their criteria in this auction I suggest you call Laura or George and discuss specifics.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
<< <i>So will Legend pay a 15 percent buyers prem. on the coins they buy??? >>
Yes, that's one of the very interesting things about this auction. Any coins Legend bids on or buys they follow the SAME RULES as the other bidders.
Laura covered this in her "Hot Topics" or "Market Report" a couple weeks back.
Any coin they win they pay the exact same 15%.
<< <i>Too steep for me, I will stick with Ebay and DL. >>
Awesome. We will not be competing against each other ever then as I don't use Ebay or DL.
DL isn't even a real auction. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>
<< <i>So will Legend pay a 15 percent buyers prem. on the coins they buy??? >>
Yes, that's one of the very interesting things about this auction. Any coins Legend bids on or buys they follow the SAME RULES as the other bidders.
Laura covered this in her "Hot Topics" or "Market Report" a couple weeks back.
Any coin they win they pay the exact same 15%. >>
That's just them paying themselves though, correct? At least to some degree.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
<< <i>Isn't Legend paying a 15% buyers fee to themselves just a way they can screw consigner as they can buy lots at auction 15% to 20% cheaper than the people they are bidding againist?! This allows them to the high bidder and yet the get a 15 to 20% discount off the hammer. This would make me think twice about consigning. It looks like a conflict of interest to have a dealer running the auction as bidding on the lot too. It might end up working out okay but it has me a little concerned untill we see a few auctions go well >>
You couldn't be much more transparent.
Don't bid. Don't participate. Problem solved. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>Isn't Legend paying a 15% buyers fee to themselves just a way they can screw consigner as they can buy lots at auction 15% to 20% cheaper than the people they are bidding againist?! This allows them to the high bidder and yet the get a 15 to 20% discount off the hammer. This would make me think twice about consigning. It looks like a conflict of interest to have a dealer running the auction as bidding on the lot too. It might end up working out okay but it has me a little concerned untill we see a few auctions go well >>
It's commonplace for the "house" to make bids at their auction either on behalf of their customers or behalf of their retail business.
So Legend doing so and at least obeying the same rules is more transparent and a better deal than others offer.
<< <i>
<< <i>Isn't Legend paying a 15% buyers fee to themselves just a way they can screw consigner as they can buy lots at auction 15% to 20% cheaper than the people they are bidding againist?! This allows them to the high bidder and yet the get a 15 to 20% discount off the hammer. This would make me think twice about consigning. It looks like a conflict of interest to have a dealer running the auction as bidding on the lot too. It might end up working out okay but it has me a little concerned untill we see a few auctions go well >>
It's commonplace for the "house" to make bids at their auction either on behalf of their customers or behalf of their retail business.
So Legend doing so and at least obeying the same rules is more transparent and a better deal than others offer. >>
But it's not as much fun to talk about the other auction houses. Legend is an easy target and this posters agenda since joining has been self evident.
This forums whining ratio go up each and every day it seems. Oh well
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
As always as a bidder, pay what you would for the coin - including the fee. If Legend buys a coin with the 15% buyers fee at auction, they were another bidder in the pool who was willing to pay the HIGHEST for that particular consigner's lot. Objective of the auction house, or consigner representative, (through marketing, advertising, calling other dealers, prospective buyers) is to get the highest prices realized for their consigner client.
Does an auction house have a "15% discount" advantage? Not really. If they had won a coin as highest bidder, they STILL would now need to carry it in inventory, and have to sell it for what they paid for it less buyers fee, just to break even. Doubt they would want this to be a common practice. They are not going to buy the coin even with the 15% discount, if they didn't think they could sell it for more in the short term.