Grey - Thanks for taking the time to reply on this.
Kind regards,
Phil
----- Original Message -----
From: Smith, Grey - 1367
To: [email protected]
Sent: Monday, July 14, 2008 3:30 AM
Subject: Re: [MOPO] O.k....Where do you stand?
Phil:
I'd be happy to comment. Like most major auction houses, the final sale price
reported in our process realized (and in our auction archives) is the "hammer"
price plus the "Buyer's Premium." That has always been what we show since that
is what auction buyers are used to seeing. We do not show items that did not
sell nor have we ever. If an item is returned or is not paid for after the
auction, the website automatically updates as a "Not Sold."
I always tell potential consignors about the Buyer's Premium upfront. It is
very much in the scope of the consignor's need to know. That way we avoid any
discussion after the fact. I have never wanted to make life more difficult than
it already is.
For our Signature auctions, the Buyer's Premium basically covers Heritage's
cost of the printed catalog and print advertising, both of which we believe
attract more buyers who add significantly to our prices realized.
In our Internet Only auctions, our average lot value is only about $75-100,
since we try to maximize prices for our consignors by minimizing any
bulk-lotting of collectible posters.
Heritage does charge a Seller's Commission, but often much lower than other
firms, especially on lower value items, for which some charge significant fees.
That Seller's Commission is negotiated based on the value and quality of the
consignment and is never reflected in our reported final price, nor any other
auctioneer's prices as far as I know.
Heritage, by the way, does not charge for photography, nor for insurance
while the items are in our possession. We certainly do not use restoration nor
shipping as profit centers, and overall I think we offer excellent value for
both buyers and sellers, and I believe most of our bidders and consignors would
agree.
Best regards,
Grey Smith
----Original Message-----
From: MoPo List [mailto:[EMAIL PROTECTED] Behalf Of Phil Edwards
Sent: Sunday, July 13, 2008 12:31 AM
To: [email protected]
Subject: Re: [MOPO] O.k....Where do you stand?
I have no idea what HA's policy is on this, but in years gone by and
perhaps HA would like to comment here themselves, other auction houses used to
list their final sale "price" - and it included BP, sale commission (yes, some
have it going and coming) the cost they charged for the restoration and linen
backing to the consignor (at the ratesTHEY charged for the resto, not the
actual discount rates most auction houses get from the resto business due to
volume of work they give them), the fees that some auction used to (and maybe
still do) for the photography of the item and it's inclusion in a catalogue, et
al, ad nausea.
The final "achieved price" can often appear grossly inflated - especially
on the middle range stuff.
And the obvious reason is simply - it allows any auction house to announce
a "record overall sales total"for the day, and it makes potential consignors
look at the results and perhaps without knowing how that final "achieved price"
was achieved... be attracted to that auction house becuase they seem to get
great "results".
What the consignor gets out of it may be considerably less. If all one has
to do is deduct HA's BP and seller's commission (if they have one) then one
can see the "final bid price".
The final sale price is the bid price plus BP. One can factor in shipping
if one wants to as the total one "paid" for the piece as well.
There is another side of the coin that might also be worth discussing,
however, and one that makes trawling through old Posterprice Alamanacs
fascinating - knowing or wondering of the prices realised on the auction house
listings by some houses include all thos extraneous add-ons to give a final
number.
Phil
----- Original Message -----
From: Brek Anderson
To: [email protected]
Sent: Sunday, July 13, 2008 2:40 PM
Subject: Re: [MOPO] O.k....Where do you stand?
Hi,
When Heritage lists what a poster sold for in the auction archives it
doesn't say $5000 plus a BP. It just says $6000 with no mention of the hammer
price. Same with any other auction house's auction archives only results listed
include the BP.
Brek
-------------- Original message --------------
From: Susan Heim <[EMAIL PROTECTED]>
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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