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#101
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No auction house. .
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Leon Luckey |
#102
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With regard to what I said below, I'd be surprised if anyone found empirical evidence that people wind up paying more (all else being held constant i.e. same item etc.) when the auction format includes a BP. That being said, I'm sure it happens - people can get carried away in the moment and as this thread stayed alive it did get me to thinking about another point:
I think the BP is kind of "phony". It seems more genuine to me that the AH should just get a percentage of the final bid. I don't care how simple the math is, why make people do it? I've been in the situation before placing a bid and the BP wasn't shown on the bidding screen, so I had to go search what it was elsewhere on the website before making the bid. It was kind of annoying. And why? Just so the AH can "frame" their model as not charging the seller? There is evidence out there framing i.e. describing 2 equivalent options in different ways can result in people choosing differently. I guess if one AH dropped the BP, other AHs could use it for marketing and say "we don't charge the seller, consign with us." It would be nonsense, but it would probably happen. It's never been a consideration for me buying or selling, but I would see it as an improvement if the BP went away. Quote:
Last edited by TanksAndSpartans; 05-23-2018 at 08:43 AM. |
#103
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Quote:
Quote:
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Most recent PSA 5 1953 Topps Mantle at Heritage: https://sports.HA.com/itm/baseball/1...ype=share_btn_ Most recent PSA 5 1953 Topps Mantle at Ebay: http://r.ebay.com/TqUFOY http://r.ebay.com/3Cu8Ei http://r.ebay.com/DHs7mR http://r.ebay.com/CkXc3U http://r.ebay.com/nKMPi6 http://r.ebay.com/r9bCu1 http://r.ebay.com/PZfZFd Let me know how much money you would've made on this card.
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R0b G0u13t |
#104
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It's all marketing, guys. No matter how many math examples we run, the fact is that consignors hate hearing about a commission. That's why a high BP is the norm: most AHs will waive the commission for a decent consignment. Just like shipping. REA (hi Brian) doing the free shipping is brilliant because shipping pisses off so many customers. It is a minuscule part of the overall invoice from the AH in most cases but it feels like dirt in your eye, especially when the AH charges for insurance to value and you just know that they have a blanket insurance policy that covers to a set limit regardless of value, so it is a profit center.
Scott B is definitely spot-on about other fields and what AHs charge there. We are lucky that we (consignors) can usually get a no commission deal. Try selling an entertainment item; you are nearly always going to pay 35%+ total because the AHs that deal in those materials do not waive their commissions unless the item is astounding. As for BP splits, well, if you are offering a $100K card for consignment, you have leverage to get a piece of the BP. Nothing wrong with that. I am not surprised people use PWCC for some nicer stuff. It gets the eBay customer base of eyeballs, the rate is substantially lower than most AHs charge, and cards to cash is fast as compared to other outlets. I don't know what others experience, but it is very frustrating when I consign an item in January, not see it hit the blocks for months and not get paid for another 30-60 days. Particularly if I have a use for the funds and can't wait half a year or more to get to paid.
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Read my blog; it will make all your dreams come true. https://adamstevenwarshaw.substack.com/ Or not... Last edited by Exhibitman; 05-23-2018 at 01:36 PM. |
#105
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Quote:
Another interesting thing was I did find a couple studies that were a bit surprising - one implying a low BP, less than 5%, doesn't suppress bidder behavior and another that showed a 10% BP compared with no BP had a 9% impact i.e. bidders did not reduce their bids by the full BP, but interestingly they used this as evidence bidders will reduce bids when the BP is present because it was very close to a 1-1 reduction. Last edited by TanksAndSpartans; 05-23-2018 at 07:00 PM. |
#106
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A study by Gerding, Rogers, Dash and Jennings at the University of Southampton (UK) titled “Sellers Competing for Buyers in Online Markets: Reserve Prices, Shill Bids, and Auction Fees” states, “Another popular type of auction fee is the buyer’s premium, which is paid by the winner of the auction and is a fraction of the closing price … note that a bidder with a given valuation will correct his/her bid … such that the bid plus the fee … is equal to the bidder’s valuation. Interestingly, since all buyers thus lower their bids, the seller ends up paying the fee even though the fee is originally charged to the buyers.”
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. |
#107
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the study obviously was written by a bunch of auction house cronies who are very angry
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#108
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Yeah but thats not Webster's definition of a bid so it can't be true
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Collection on Flickr: https://www.flickr.com/photos/139478047@N03/albums |
#109
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just got a text from the troll. his shift under the bridge scaring weary travelers ends at 9. he will check in then.
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#110
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Old man humor. I love it. I feel like I'm being trashed talked to by this guy.
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R0b G0u13t |
#111
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Amazing they know the thought process of "all bidders". Sounds like a thoughtful study.
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R0b G0u13t |
#112
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The rants of a guy on a chatboard who is a minority of one doubtless are more persuasive.
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. |
#113
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"mom! the meat loaf! we want it now!"
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#114
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Tired issue. . . I've posted on it a number of times myself and mostly been told I'm wrong. I think AHs love the BP because it does lead to higher bidding prices. In a perfect world all buyers would religiously include the vig in their bids. They don't. Just like why someone says a meal at a restaurant cost us $100, and not $120 including a tip. People aren't perfect decision making machines. Particularly with regard to a discretionary purchase like a collectible that they are passionate about. But most people here are perfectly rational and analytical in their bidding approach so I may be in the minority.
I've also had more than a few drinks at charity auctions and overbid for crap that I really don't need. Last edited by Snapolit1; 05-23-2018 at 08:18 PM. |
#115
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Quote:
__________________
Check out https://www.thecollectorconnection.com Always looking for consignments 717.327.8915 We sell your less expensive pre-war cards individually instead of in bulk lots to make YOU the most money possible! and Facebook: https://www.facebook.com/thecollectorconnectionauctions Last edited by Aquarian Sports Cards; 05-23-2018 at 08:38 PM. |
#116
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...
the pain of the mind is much worse than the pain of the body...
just sayin'. |
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