i agree with you, toochis...
my feeling is this: the BP is a fee or commission charged and
gathered by the auction house, so this fee cannot be added to a
poster's final value. here's a hypothetical question: a high end
poster is taken to an appraiser and valued at $10K--maximum value.
this poster now sells at heritage for that price. but with the 19.5%
BP, it costs another 1950.00 to the buyer to be able to obtain the
poster.
the appraised value of said poster is still $10K. it hasn't suddenly
jumped in value by almost 2 thousand dollars, simply because the
buyer got it via an auction house--this is the fee the buyer had to
pay, in order to acquire his or her $10K poster.
have a great weekend all.
jeff
On Jul 12, 2008, at 6:43 PM, Toochis Morin wrote:
Hello all,
It's a great question. I guess because the premium is a service
fee I don't count it. Because it's a commission. Because I deal
in commissions all the time, I don't usually count them as part of
the cost of the talent.
I agree that the fees are large enough to warrant being part of the
price.
Toochis
----- Original Message ----
From: Susan Heim <[EMAIL PROTECTED]>
To: [email protected]
Sent: Saturday, July 12, 2008 6:10:23 PM
Subject: [MOPO] O.k....Where do you stand?
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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