Goldin Increasing Buyer's Premium

jsfriedm · #1 09-19-2023, 09:21 AM

Quote:

Originally Posted by Johnny630

Is this because they're having to give more juice back to their consignors to remain competitive with the other Major Auction Houses???? Could be..it's business.

Doesn't seem like it. Consignors pay a 5% seller's premium up to 2,500, get 0% of the buyer's premium up to 7,500, and only get a 5% cut beyond that.

D. Bergin · #2 09-19-2023, 09:45 AM

Quote:

Originally Posted by jsfriedm

Doesn't seem like it. Consignors pay a 5% seller's premium up to 2,500, get 0% of the buyer's premium up to 7,500, and only get a 5% cut beyond that.

Yeah, that's recent to. They're giving less juice and charging seller's premiums where they didn't used to.

Fairly recently I sent a submission of modern-ish cards I didn't really want to handle myself to the vault, to eventually auction/sell on the Goldin platform.

There was no additional sellers premium or listing fee for anything that sold over $25.00. Now that bottom level was jacked all the way up to $2500 bucks, on top of the 2% increase in the buyers premium.

So essentially, a 20% selling fee went up to a 27% selling fee, since I don't generally play in the higher end playground.

I had what was left sent back to me. I guess I'll go back to dealing with the hassle of Ebay myself.

I understand them not wanting to handle that stuff. They probably discovered they didn't have enough incentive to inventory, store, handle and ship out the cheaper cards in their weekly auctions.

D. Bergin · #3 09-19-2023, 02:53 PM

Quote:

Originally Posted by D. Bergin

Yeah, that's recent to. They're giving less juice and charging seller's premiums where they didn't used to.

Fairly recently I sent a submission of modern-ish cards I didn't really want to handle myself to the vault, to eventually auction/sell on the Goldin platform.

There was no additional sellers premium or listing fee for anything that sold over $25.00. Now that bottom level was jacked all the way up to $2500 bucks, on top of the 2% increase in the buyers premium.

So essentially, a 20% selling fee went up to a 27% selling fee, since I don't generally play in the higher end playground.

I had what was left sent back to me. I guess I'll go back to dealing with the hassle of Ebay myself.

I understand them not wanting to handle that stuff. They probably discovered they didn't have enough incentive to inventory, store, handle and ship out the cheaper cards in their weekly auctions.

OK, just got another e-mail from them stating that graded cards from the vault, are still at a 0% sellers commission, though buyers premium is still going up to 22%. $5 listing fee now applies for any card that sells below $50 now, instead of the previous 15 or 20 bucks or so...which I totally understand.

Not a huge deal, but wish they would have made that clearer with the earlier e-mail.

ejharrington · #4 09-19-2023, 03:22 PM

I hope they use the money to improve the website and search / sort function.

Mark17 · #5 09-19-2023, 03:46 PM

I won a shirt in today's Hunt live auction. They are still at 17.5%.

JeremyW · #6 09-19-2023, 03:52 PM

Every buyer's premium increase only hurts the seller.

Snowman · #7 09-19-2023, 03:54 PM

I'm surprised they even take cards under $100 or so honestly. They're making next to nothing on cheap cards.

As to the rate hike, I am assuming they did it because they think they're the big dogs now because of the Netflix show. It probably has brought them more business, so they're trying to meet the increased demand with higher pricing. Whether that turns out to be a wise decision or not though remains to be seen.

darwinbulldog · #8 09-20-2023, 07:39 PM

Quote:

Originally Posted by Snowman

I'm surprised they even take cards under $100 or so honestly. They're making next to nothing on cheap cards.

As to the rate hike, I am assuming they did it because they think they're the big dogs now because of the Netflix show. It probably has brought them more business, so they're trying to meet the increased demand with higher pricing. Whether that turns out to be a wise decision or not though remains to be seen.

I'm amazed how many PSA 8 1988 Topps All Stars and the like they fill their auctions with.

oldjudge · #9 09-19-2023, 05:17 PM

Quote:

Originally Posted by D. Bergin

OK, just got another e-mail from them stating that graded cards from the vault, are still at a 0% sellers commission, though buyers premium is still going up to 22%. $5 listing fee now applies for any card that sells below $50 now, instead of the previous 15 or 20 bucks or so...which I totally understand.

Not a huge deal, but wish they would have made that clearer with the earlier e-mail.

Only an idiot would pay a seller's commission

Exhibitman · #10 09-20-2023, 08:32 AM

Quote:

Originally Posted by oldjudge

Only an idiot would pay a seller's commission

How do you really feel, Jay?

.

I completely agree that only an idiot would pay it; an imbecile or moron is too smart to fall for that. I guess all those idiots can do is work really hard at it and aspire to become an imbecile or perhaps even a moron (for the over-achievers). And just to head off the pissy emails from angry imbeciles and morons, no, I am not prejudiced against them. I have imbeciles and morons in my own family, and when I was a teenager i definitely thought my father was an idiot. Anyone who'd get bent out of shape about it is a cretin.

Brian Van Horn · #11 09-20-2023, 08:34 AM

Buy has been replaced by bye bye.

bobbyw8469 · #12 09-20-2023, 09:41 AM

Quote:

Originally Posted by Brian Van Horn

Buy has been replaced by bye bye.

This made me chuckle.

Exhibitman · #13 09-19-2023, 10:06 AM

Quote:

Originally Posted by jsfriedm

Doesn't seem like it. Consignors pay a 5% seller's premium up to 2,500, get 0% of the buyer's premium up to 7,500, and only get a 5% cut beyond that.

I guarantee you that if I walk in with a T206 Wagner that number is 100% negotiable.

bbcard1 · #14 09-19-2023, 10:09 AM

We are still very much in the FOMO phase of card buying. I think it will depend on how much of an influx of new money continues into the hobby. 22% may be sticky. You may also see a tiered % at some point.

jsfriedm · #15 09-19-2023, 10:22 AM

Quote:

Originally Posted by Exhibitman

I guarantee you that if I walk in with a T206 Wagner that number is 100% negotiable.

Or a complete T-Rex skull.

Exhibitman · #16 09-19-2023, 10:31 AM

Or any number of other items.

I get why they are doing it. Hot market. I was in the market for a new car earlier this year and wanted to go electric and take advantage of the tax rebate. In the two weeks I contemplated it, the Chevy dealer jacked up the price $900 because the cars were moving and they wanted a cut of the rebate money. When the market cools, the BP will be readily negotiable. Besides, there are so many AHs now that you can get a better deal elsewhere. it's not like Goldin brings any better expertise or better marketing to bear. Frankly, their site is clunky and they run so much crap all the time that it feels like anything under six figures is just thrown out there with a pro forma description and very little effort.

perezfan · #17 09-19-2023, 12:20 PM

Quote:

Originally Posted by jsfriedm

Or a complete T-Rex skull.

Or a shark's tooth.

Yoda · #18 09-19-2023, 12:38 PM

So the guy who proudly proclaimed on UTube that he has a 9 figure bank account feels he has to squeeze consignors and buyers for another 2%. Despite what Gordon Geko said, greed is ugly.

Peter_Spaeth · #19 09-19-2023, 12:46 PM

Quote:

Originally Posted by Yoda

So the guy who proudly proclaimed on UTube that he has a 9 figure bank account feels he has to squeeze consignors and buyers for another 2%. Despite what Gordon Geko said, greed is ugly.

Goldin Auctions is under common ownership now with PSA/CU. The decision may be coming from that level.

Casey2296 · #20 09-19-2023, 01:52 PM

Quote:

Originally Posted by Peter_Spaeth

Goldin Auctions is under common ownership now with PSA/CU. The decision may be coming from that level.

Agreed. After paying $200 million (I'm not sure if that figure is accurate) for the AH in 2021 at the top of the market, CU may be squeezing Mr Goldin to become more profitable to justify their investment.
I think an organically grown auction house that has lower expenses and no investors to answer to may have a market advantage moving forward.

glchen · #21 09-19-2023, 12:51 PM

I am not really too bothered by the increase in BP since you can always factor that into your bidding. However, I am fairly annoyed that Goldin needs to receive your payment within 6 days of their auction ending or that they will hit you with an additional 3% late fee. If you send payment through snail mail the next day, there's a good chance that it won't even arrive in 6 days. This was for Goldin's recent Elite 200 auction that ended on Sept 13th, and the invoices came late that night. The due date was set at Sept 20th. To be fair to Goldin, I did call their office to discuss this, and they said that they could withdraw the late fee if I needed more time. The other thing I complained to them about was that their shipping/insurance fee of 0.9% of purchase price +$19 ended up being nearly 3 times the shipping price of my Memory Lane winnings for a comparable amount, which I thought was significantly too high. They said they could not do anything about that, however.

Orioles1954 · #22 09-19-2023, 12:57 PM

I buy records from an English auction house and their BP is 25% or 28%+ for those that get charged VAT.

Exhibitman · #23 09-19-2023, 04:48 PM

Quote:

Originally Posted by glchen

\. The other thing I complained to them about was that their shipping/insurance fee of 0.9% of purchase price +$19 ended up being nearly 3 times the shipping price of my Memory Lane winnings for a comparable amount, which I thought was significantly too high. They said they could not do anything about that, however.

One of the things I absolutely love about dealing with REA is this:

This standardized fee schedule is $10 per invoice valued at less than $500;
$15 per invoice valued between $500 and $999;
$20 per invoice valued between $1,000 and $2,499;
$25 per invoice valued between $2,500 and $4,999;
$35 per invoice valued between $5,000 and $9,999;
$40 per invoice valued between $10,000 and $19,999;
$50 per invoice valued between $20,000 and $49,999;
$75 per invoice valued between $50,000 and $74,999;
$85 per invoice valued between $75,000 and $99,999;
$100 per invoice valued between $100,000 and $249,999; and
$150 per invoice valued at greater than $250,000.

My first (last?) Goldin invoice was nearly 2x with shipping.

Aquarian Sports Cards · #24 09-19-2023, 03:58 PM

Quote:

Originally Posted by Yoda

So the guy who proudly proclaimed on UTube that he has a 9 figure bank account feels he has to squeeze consignors and buyers for another 2%. Despite what Gordon Geko said, greed is ugly.

He's not making the decisions, he doesn't own the company.

brianp-beme · #25 09-19-2023, 12:43 PM

Got to up the buyer's premium when you have to hire more hands for cards to be holdin'.

https://www.youtube.com/watch?v=CPiALa0CIMc

Brian

Peter_Spaeth · #26 09-19-2023, 11:19 AM

Quote:

Originally Posted by Exhibitman

I guarantee you that if I walk in with a T206 Wagner that number is 100% negotiable.

And? The overwhelming majority of cards that people consign are at a much much much lower level.

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