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GC buyers fee
moursund
Posts: 3,207 ✭✭✭✭✭
I haven't yet bought anything on GC.
Buyers fee seems excessive... I guess that's just part of the package.
How do you all come to terms with that?
Edited: For those of you who like to respond without reading the thread... read the thread. It's probably already been said. 
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Comments
Math.
Figure it in your bid. I take it you've never bought from Heritage or Stacks who's buyers fee is double Great Collection's.
It's also less than most dealer markup 12.5% I think.
It's not hard. I find GC's pics to be a little over exposed so you have to interpret a bit. Otherwise, a great site and, having bought and sold coins via them, they are a nice customer oriented resource.
"She comes out of the sun in a silk dress,
running like a water color in the rain...."
It's actually 10% if you pay fee free.
GC has 3 tiers of buyers fees.
1)Pay by CC = 12.5%
2)Pay non CC =10%
3)Outbid by others = 0%
Lately, I try but, I find myself paying 0 fees.
nice
Agreed but I would say the customer service is excellent with lightning fast shipping. And yeah, it's half the premium of Stack's or Heritage.
chopmarkedtradedollars.com
Really,
you must not buy from the other companies, there way higher. Try somebody like sotheby's, back when they had those EGH morgans up from that estate, few years ago, they charged like 25% BP . One of my customers had me buy the 78-cc and stretched, and like to fell out when he got the final statement.
Not sure why you are picking on GC - it’s among the lowest fees of the larger auction firms. Bidders account for fees (incl. shipping) in their bids, so it really doesn’t matter what the fee is on the buy-side. Just adjust your bid accordingly.
Selling is a different matter - sellers should consider all fees and expected bid behavior to calculate their expected net.
Only 10% buyers fee and 0% sellers fee if the item is over $1000.
What is there to complain about?
One of my first consignments there sold for $979 or something like that.
So close to no fee.
Collector, occasional seller
GC is the first auction site I've been browsing, other than the Bay. Just have to remember to add 10% if I bid on a big-ticket item. At least the math is easy.
Buyers fee excessive. Are you kidding! Check out Heritage or Stacks.
I've had great customer service at GC. Very pleased with selling on there.
However, many sellers recoup at least some of the 20% buyer's fee. For example, 112% of hammer goes to the seller and 08% to the auction house.
Carrying this to an extreme, if the buyer's premium were1000000%, that would make each penny of a winning bid cost $100 in buyer's fee, thereby making the smallest possible bid increment effectively $100 (plus a penny). So let's not do that.
Best buyers fee of any major auction house.
Plus, quick shipping and very fair postage.
Great customer service.
It's only 10% if you pay by check or e-check.
AND your winnings come in 2-3 days NOT 2-3 weeks.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
My #1 auction house as a buyer.
The buyer’s fee is extremely fair to me.
I too do the math when submitting my bid.
The bonus to me is that I do not have to consider in a state tax which saves me an amount that I can incorporate into my bid.
Have two wins coming in the mail.
Wayne
Kennedys are my quest...
To be clear, the item has to sell for $1001 or more to be 0$ sellers fee. If it sells for $1000 you pay the 5% sellers fee.
Mike
My Indians
Dansco Set
Correct
@moursund , I’d like to clarify for you with an example the point being made by many above when they correctly say “Do the math”:
We should all reduce our hammer bid to adjust for that buyers fee. To keep the math somewhat simpler in this example, let’s use the 10% figure for paying by eCheck instead of 12.5%. Say there’s a coin you’re willing to pay $100 for. Don’t place a max bid of $100, but instead place your max hammer bid of only around $91. If it turns out it takes that full max bid hammer amount to be the winning bid, then you’ll pay right around $100 including that 10% buyers fee (technically, if you want to figure it to the exact penny, take the $100 and divide it by 1.1. You then get the max hammer bid you should place of $90.91).
Here’s the key point: With you being willing to pay $100 in total, but placing a max hammer bid of $90.91 to have it end up costing you $100, the seller will then get only $90.91 minus any seller fees. As such, although it’s called a “buyer’s fee”, in reality it’s a seller’s fee, since bidders reduce their hammer bids, and the sellers then get less as a result.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
10% beats the devil out of 25% which the what you pay at Heritage for political items. To top that off, some of the bidders bid like the 25% isn’t even there. Further more you don’t get a break if you pay with something other than a credit card.
If buying for resale inventory, then you must do the math. If buying for a collection or desire, I bid what I feel it will take to get the coin and consider the buyer's fee a finders fee for locating that special coin.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
GC has the lowest of all major auction houses!
Im sure no one has mentioned that yet.
BHNC #248 … 140 and counting.
My brain hurts. Has anyone mentioned that yet?
I find the GC buyers fee very reasonable. They are my numismatic auction house of choice.
Any auction buyers fee I simply factor it in and do the math. No big deal to me. Let’s say my goal acquire US coin at 70pct CPG (Retail MV based on CDN Bid). I just factor the buyers fee into the offer equation.
My bid offer is based on a pct of what would be a target selling price. It can vary based on inventory class and market conditions.
Example - CPG 100 x .70 x .875 = $61.25 my highest bid. From my table at show my offer wb $70. (30 pct behind CPG).
Have u tried shopping your stuff around the bourse at a show? I had one guy come up to my table offering nice Classic PCGS Commem, CPG was $280 and I Calc $196 for my offer fudged it up to $200 laying out the green (Cash Money), he was delighted.
So I in summary I just drop my auc bid to acct for the juice. As far as auction shipping I simply expense that just like I would a table fee, show travel, and lodging/meals.
I'm still missing the 5.5% that Teletrade used to charge on gold coins, where Ian worked before starting GC.
I remember back in the early 1970's there were no buyers fee and commission fees were 10% and only 5% for gold coins.
As a seller, yes! As a buyer, as noted above, it makes absolutely NO difference!
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
If appropriate, also adjust for sales tax.
Including the sales tax, political items have a 34% over the hammer price for me. I have got to want an item very badly to buy it in a Heritage political items auction.
Almost as bad, when I bid, "IF I bid" on a coin in Heritage I just add 26% to my bid. When you add the 20% bp, then the 2.5% CC fee and then the outrageous shipping rates that's about what it will cost you................34% is crazy as is the 26%
Mike
My Indians
Dansco Set
If you (not directed at any specific individual) keep getting outbid, perhaps you (again, not directed at any specific individual) are not as in touch with the current market for what you're bidding on as the other bidders are, possibly?
Just a thought...
Explain how they would do this?
Mike
My Indians
Dansco Set
Great Collections has become my #1 go to coin auction site. Lowest fees of the major companies (you should always figure out what the actual cost is with the fees before bidding anyway), reasonable shipping costs, fastest shipping of the major auction sites, and a selection for everyone.
If you figure the cost, the fees are irrelevant.
Yep.
Can't argue with that.
You guys are funny, better than comedy central. You 2 pick a date yet?
Mike
My Indians
Dansco Set
So you mean only charge seller premia like eBay? Completely plausible, but I don't understand the convoluted method.
I don't know under what circumstances Heritage allows credit cards (and I've never so much as browsed political items), but can't you look at it like "Heritage doesn't charge extra if you use a credit card."?
Second, again I am unaware of all auction houses, but Heritage (at least in coins) shows you what your bid will be with BP before you bid.
Heritage charges you 2.5% EXTRA if you put your purchase on a CC AND it has to be under $2500.00
Mike
My Indians
Dansco Set