#5647914 - 05/02/12 10:01 PM
Re: Heritage Buyer Premium going up to 17.5%
[Re: MarkFeld]
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BAJJERFAN
(S)uper Collector
Registered: 09/02/02
Posts: 285
Loc: Iowa
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I am somewhat perplexed by bidders who say that they won't bid any longer, rather than simply lower their hammer bids to account for the increased fee.
It is an easier thing to say than it is to do effectively. You likely won't win many coins you want with that approach.
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If you're not living on the edge you're taking up too much space 
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#5647962 - 05/02/12 10:15 PM
Re: Heritage Buyer Premium going up to 17.5%
[Re: BAJJERFAN]
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AnkurJ
If you have a dream about out-posting me, you better wake up and apologize.
Registered: 02/18/09
Posts: 2918
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They gave me 110% on a coin once that turned out to be a problem coin. Was in a small ANACS holder. I've never been happier to lose $400.
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#5647974 - 05/02/12 10:19 PM
Re: Heritage Buyer Premium going up to 17.5%
[Re: comicdonna]
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MarkFeld
Dealer
TOTAL NEWBIE
Registered: 09/23/02
Posts: 8919
Loc: California
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I wouldnt be surprised if they started giving a piece of the buyers fee to the consignors as an incentive to sell with them. What is their current sellers fee? Currently 10%. Now that drops for larger consignments, negotiations, friends, relatives, etc.  Getting 72.5% of the hammer price? Not for me. The worst case scenario for a consignor would be to get 90% of hammer, not 72.5%. And most consignors do better than that - some of them, much better. If a coin sold for $1000, The sellers premium would be $100. The buyers premium would be $175. The seller would end up with $900 Heritage would make $275 The actual final hammer with BP is $1175 With Heritage getting $275, the consignor is getting less than 90%
In the example you gave above, you validated my statement that the consignor would be getting 90% of hammer (not 72 1/2%, as another poster had written). I didn't say 90% of the total price, but rather, 90% of hammer. And I stand by that.
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#5648339 - 05/03/12 12:55 AM
Re: Heritage Buyer Premium going up to 17.5%
[Re: AnkurJ]
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truthteller
Instigator
TOTAL NEWBIE
Registered: 03/09/02
Posts: 9919
Loc: The one true undisputed Truth
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I've been a consignor through Heritage Auctions for 20+ years. I've always negotiated a fair commission rate at a minimum of 100% of hammer. On many occasions, I have received three to four times for what I thought the coin would sell and rarely had to have a buyback. As a consignor, if you pinch the pennies, you will loose the dollars. 17.5% doesn't bother me if I am getting 4-5 times price guide.
TRUTH I dont think you can always bet on getting 4-5x guide.
Of course not. That's why smart consignors place coins in Heritage Auctions that will do well with a sophisticated audience, not just "stuff" or lower level collector coins. There are many other venues for under $500 coins.
TRUTH
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  Max, 5/7/2010 I will see you again
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#5648883 - 05/03/12 11:01 AM
Re: Heritage Buyer Premium going up to 17.5%
[Re: FishyOne]
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BAJJERFAN
(S)uper Collector
Registered: 09/02/02
Posts: 285
Loc: Iowa
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I wouldnt be surprised if they started giving a piece of the buyers fee to the consignors as an incentive to sell with them. What is their current sellers fee? Currently 10%. Now that drops for larger consignments, negotiations, friends, relatives, etc. Getting 72.5% of the hammer price? Not for me. The worst case scenario for a consignor would be to get 90% of hammer, not 72.5%. And most consignors do better than that - some of them, much better. My mistake. Yes, 72.5% of the selling price, not the hammer price. Of course, the buyer pays Heritage shipping & handling on top of the buyer's premium. The consigner pays to ship the coins to Heritage. The consigner could easily end up with less than 70% of what the buyer pays Heritage. It's tough on the consigner unless they're a big player and, apparently, that's really who Heritage wants to work with anyway.
Yep. They should just quit accepting coins worth less than $500 or consign them to some monthly auction with reduced fees.
_________________________
If you're not living on the edge you're taking up too much space
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#5648898 - 05/03/12 11:08 AM
Re: Heritage Buyer Premium going up to 17.5%
[Re: BAJJERFAN]
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Arizonadesertrat
Collectosaurus Rex
Registered: 07/21/07
Posts: 387
Loc: AZ
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Bumping up the BP will not likely affect bidding on collector coins that are nice for their grades, with the exception of generic gold and silver in common grades. In these cases, I suspect that we will see fewer of these items being auctioned by Heritage in the future.
_________________________
Interests: large cents, Draped and Capped Bust coins, foreign coins that circulated in the colonies and early federal U.S., numismatic literature, and historical mint medals.
Member: EAC, NBS, JRCS, MCA, TAMS, C4, ANA
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