To use your hypothetical example...
I think this guy is arguing that the consigner of the Breakfast at
Tiffany's poster only made $5000 (or even less if there's a seller's
premium), therefore, there may be other sellers that are also willing
to sell for under $5000.
On the other hand, the auction proved that there is at least one
buyer who was willing to pay $6000. Therefore, other sellers may try
to get this amount.
So, I think it's valid that your fellow collector is trying to get
the poster for $5000, but that doesn't mean he'll succeed.
-rk
On Jul 12, 2008, at 6:10 PM, Susan Heim wrote:
Hello all,
I was talking with a fellow collector yesterday about auctions.
A subject came up that seems to have some controversary of opinions
regarding auction results. Let's say the gavel comes down for an
item sold at $500, but with the buyer's premium the total cost is
$600. I often hear many people say "that item sold for $500", but
in my opinion it sold for $600. I have had many people say to me
you don't count the buyer's premium, but that sounds ridiculous to
me since the overall cost of the item to the buyer was $600. That
final value means alot when you have items closing in the thousands
and the buyer's premiums add several thousand more. I have
customers looking for certain titles and they will quote recent
auction sales and often, especially when seeking to buy not sell,
quote the gavel price without the buyer's premium. I will mention
to them that the price they are quoting isn't the true selling
price that you have to include the buyer's premium. They will then
inform me that since they are looking to buy from a private party,
the buyer's premium doesn't apply. As I shake my head, I suggest
that if you are going to quote auction prices, you have to include
the buyer's premium as that is really the final cost of the item
and what someone was willing to pay "total" for said item. For
instance, if Breakfast at Tiffany's gaveled at $5000, but the final
cost was $6000, how can you say "Breakfast at Tiffany's just sold
for $5000"? I'm rambling, I know......What do you all think?
Sue
www.hollywoodposterframes.com
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