Craig
question:
when you want to bid $1500 total.. how does that affect the buyer??
you aren't bidding $1500 + buyer's premium.. you're bidding $1200
taking into account the buyer's premium is an additional $300 instead
of bidding $1500 and paying the premium also.
that effects the seller only. You have determined your max payout at $1500
if the buyer's premium was 10% and you still wanted to pay $1500, the
seller is getting more than if you bid $1200 and paid $300 in premiums
the buyer's premium has a direct effect on how much the consignor
gets. You did not up your bid to account for a higher premium.. you bid less.
Of course, there are probably reasons the consignor is selling
through an auction house, Bruce etc:
the auctioneer is most likely reaching bidders that the consignor
does not have access to and therefore the auctioneer can probably get
a higher price, negating the fees (hopefully)
but if all things were equal (consignor able to get the same price as
Heritage for instance), the fees that a buyer pay otherwise has a
negative effect on the consignor.. not the buyer
Rich
At 01:11 PM 6/12/2009, Craig Miller wrote:
The size of the commission/seller's premium/whatever you want to call it
doesn't matter to the buyer. The amount of the Buyer's Premium -- the
amount extra the buyer has to pay -- definitely matters. I went to the Forry
Ackerman Auction at Profiles in History. As a buyer, the percentage of
the hammer price didn't have an effect on how much I bid. But the 18%
Buyer's Premium sure did. Add the 9.25% state sales tax and you've
got just over 27% added to the hammer price. That's a considerable
inducement to bid less. (And, in fact, there was an item I wanted, for
which I was willing to spend $1500. Which meant I couldn't bid over
$1200 (in fact a bit less).
Craig.
At 06:43 PM 6/11/2009, Richard Halegua Comic Art wrote:
to a seller, any premium above a few points starts becoming a negative
every point the premium goes up is another point taken from the
consignor because if a buyer was willing to pay $1000 with premium
included before, when the premium gets raised, the buyer doesn't
say "oh, that dealer is taking a beating.. I'll kick in the extra 5%"
No.. you instead bid a number lower than you previously would have
and the final sale to the consignor is less
for the buyer's side.. it shouldn't make any difference what the
premium is. If you were willing to pay $1000 total before, you're
still only willing to pay $1000
Rich
ps Doug.. pics are coming to you shortly
At 05:58 PM 6/11/2009, Douglas Ball wrote:
I thought buyer's premium @ 15% was just too damn high, but
looking at Julien's auction is now 28% and Bonham's, 22%. When is
enough going to be enough?
Ebay is starting to look good again!
Doug
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