Auction Fees - Too High or just about Right?
JZrarities
Posts: 2,583 ✭✭✭
For example, the Realestate market charges an average 3% to the buyer and the seller.
I was looking through some of my old auction catalogs from the 80s and the typical auction fee was 10%...
Coin auction fees have climbed higher, and today are usually 15% (with some at 20%) and the auction house can try to charge the seller a small fee also...total round trip approaching 30% (wow).
With many coins these days selling for the cost of a House (in Utah anyways), I would have thought that auction house competition would drive the fees LOWER; something closer to the 3-6% like the Realestate market...but, they don't seem to compete on price...
Have we just come to accept the current auction fees as acceptable, or should we demand lower fees...please consider the Internet functions similar to the MLS, and printed auction catalogs are becoming less necessary. Coins are individualistic and unique, much like a house.
I was looking through some of my old auction catalogs from the 80s and the typical auction fee was 10%...
Coin auction fees have climbed higher, and today are usually 15% (with some at 20%) and the auction house can try to charge the seller a small fee also...total round trip approaching 30% (wow).
With many coins these days selling for the cost of a House (in Utah anyways), I would have thought that auction house competition would drive the fees LOWER; something closer to the 3-6% like the Realestate market...but, they don't seem to compete on price...
Have we just come to accept the current auction fees as acceptable, or should we demand lower fees...please consider the Internet functions similar to the MLS, and printed auction catalogs are becoming less necessary. Coins are individualistic and unique, much like a house.
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So, I for one, would love to make 25% on a 5 Million Dollar auction....