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#1
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Lelands Does the Right Thing with Buyer's Premium
Posted By: David Davis
The rate itself aside, most people I would think accept the fact that there is a buyer's premium associated with auction houses. |
#2
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Lelands Does the Right Thing with Buyer's Premium
Posted By: barrysloate
David- while that's a fair point, it would get complicated as lots would have to be offered in the same auction with two different sets of terms. And there would be a huge incentive not to admit a lot is owned by the house, wouldn't there? |
#3
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Lelands Does the Right Thing with Buyer's Premium
Posted By: Jay
Makes no difference to the buyer. At the end of the day you bid what you are willing to pay, including all costs. If you are willing to pay $1200 for a lot you bid $1200 if there is no buyers premium or $1000 if there is a 20% buyers premium. That is why higher buyers premiums hurt consignors and, everything else held equal, consignors should consign their material to the auction house with the lowest buyers premium. |
#4
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Lelands Does the Right Thing with Buyer's Premium
Posted By: Matt
Jay - while in a perfect world, you're correct, usually with auctions the buyer's premium is hidden or written in smaller font and while the buyer knows there's going to be "juice" added, he may underestimate what it ends up being; thereby spending more then he wanted to. |
#5
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Lelands Does the Right Thing with Buyer's Premium
Posted By: Brian
A fool and his money are soon parted. |
#6
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Lelands Does the Right Thing with Buyer's Premium
Posted By: Jay
Matt--There is an old quote: "a fool and his money are soon seperated." Only a fool would not know the conditions that he was bidding under. |
#7
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Lelands Does the Right Thing with Buyer's Premium
Posted By: Jay
Wow! Brian that's scarey. |
#8
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Lelands Does the Right Thing with Buyer's Premium
Posted By: Brian
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#9
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Lelands Does the Right Thing with Buyer's Premium
Posted By: Matt
Again, I didn't say he was unaware of the buyer's premium, but he may do a rough calculation in his head that's short. And again, in an ideal world, you're correct, but practically speaking, I think it's an issue. |
#10
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Lelands Does the Right Thing with Buyer's Premium
Posted By: T206Collector
The people that don't factor in the juice, but know it is coming, are simply willing to pay more for the item, even if they haven't figured out exactly what they're bidding. |
#11
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Lelands Does the Right Thing with Buyer's Premium
Posted By: Brian
I am fairly certain that anyone successful enough to buy cards at auction falls into one of the following three categories: |
#12
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Lelands Does the Right Thing with Buyer's Premium
Posted By: barrysloate
Brian- couldn't have said it better myself. If the 20% is meaningful, you darn well better figure it out. And if money is no object, then just keep bidding until you win it. |
#13
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Lelands Does the Right Thing with Buyer's Premium
Posted By: JimCrandell
Do the math--it doesn't matter if you are a buyer. |
#14
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Lelands Does the Right Thing with Buyer's Premium
Posted By: Alan
For some bidders with very deep pockets, they couldn't care if the buyers fee is 0% or 80% - they will just bid higher than anyone else for the lot they want. |
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