Goldin Increasing Buyer's Premium

[jsfriedm]

Originally Posted by Exhibitman

I guarantee you that if I walk in with a T206 Wagner that number is 100% negotiable.

Or a complete T-Rex skull.

[Exhibitman]

Or any number of other items.

I get why they are doing it. Hot market. I was in the market for a new car earlier this year and wanted to go electric and take advantage of the tax rebate. In the two weeks I contemplated it, the Chevy dealer jacked up the price $900 because the cars were moving and they wanted a cut of the rebate money. When the market cools, the BP will be readily negotiable. Besides, there are so many AHs now that you can get a better deal elsewhere. it's not like Goldin brings any better expertise or better marketing to bear. Frankly, their site is clunky and they run so much crap all the time that it feels like anything under six figures is just thrown out there with a pro forma description and very little effort.

[perezfan]

Originally Posted by jsfriedm

Or a complete T-Rex skull.

Or a shark's tooth.

[Yoda]

So the guy who proudly proclaimed on UTube that he has a 9 figure bank account feels he has to squeeze consignors and buyers for another 2%. Despite what Gordon Geko said, greed is ugly.

[Peter_Spaeth]

Originally Posted by Yoda

So the guy who proudly proclaimed on UTube that he has a 9 figure bank account feels he has to squeeze consignors and buyers for another 2%. Despite what Gordon Geko said, greed is ugly.

Goldin Auctions is under common ownership now with PSA/CU. The decision may be coming from that level.

[Casey2296]

Originally Posted by Peter_Spaeth

Goldin Auctions is under common ownership now with PSA/CU. The decision may be coming from that level.

Agreed. After paying $200 million (I'm not sure if that figure is accurate) for the AH in 2021 at the top of the market, CU may be squeezing Mr Goldin to become more profitable to justify their investment.
I think an organically grown auction house that has lower expenses and no investors to answer to may have a market advantage moving forward.

[brianp-beme]

Originally Posted by Casey2296

Agreed. After paying $200 million (I'm not sure if that figure is accurate) for the AH in 2021 at the top of the market, CU may be squeezing Mr Goldin to become more profitable to justify their investment.
I think an organically grown auction house that has lower expenses and no investors to answer to may have a market advantage moving forward.

Brockelman Auctions fits the bill, with a buyer's premium of 15% and NO seller's premium on consignments. Scott should be getting more of our business folks.

brianp(arker)-beme

[pclpads]

In regard to Goldin's BP influence / impact on other AH's, I would bet it will be a case of "monkey see, monkey do." Just watch . . .

[sb1]

Originally Posted by brianp-beme

Brockelman Auctions fits the bill, with a buyer's premium of 15% and NO seller's premium on consignments. Scott should be getting more of our business folks.

brianp(arker)-beme

Thanks Brian!

Apparently the word is getting out, the auction opening later this month will have over 1,100 lots.

[glchen]

I am not really too bothered by the increase in BP since you can always factor that into your bidding. However, I am fairly annoyed that Goldin needs to receive your payment within 6 days of their auction ending or that they will hit you with an additional 3% late fee. If you send payment through snail mail the next day, there's a good chance that it won't even arrive in 6 days. This was for Goldin's recent Elite 200 auction that ended on Sept 13th, and the invoices came late that night. The due date was set at Sept 20th. To be fair to Goldin, I did call their office to discuss this, and they said that they could withdraw the late fee if I needed more time. The other thing I complained to them about was that their shipping/insurance fee of 0.9% of purchase price +$19 ended up being nearly 3 times the shipping price of my Memory Lane winnings for a comparable amount, which I thought was significantly too high. They said they could not do anything about that, however.

[Orioles1954]

I buy records from an English auction house and their BP is 25% or 28%+ for those that get charged VAT.

[Exhibitman]

Originally Posted by glchen

\. The other thing I complained to them about was that their shipping/insurance fee of 0.9% of purchase price +$19 ended up being nearly 3 times the shipping price of my Memory Lane winnings for a comparable amount, which I thought was significantly too high. They said they could not do anything about that, however.

One of the things I absolutely love about dealing with REA is this:

This standardized fee schedule is $10 per invoice valued at less than $500;
$15 per invoice valued between $500 and $999;
$20 per invoice valued between $1,000 and $2,499;
$25 per invoice valued between $2,500 and $4,999;
$35 per invoice valued between $5,000 and $9,999;
$40 per invoice valued between $10,000 and $19,999;
$50 per invoice valued between $20,000 and $49,999;
$75 per invoice valued between $50,000 and $74,999;
$85 per invoice valued between $75,000 and $99,999;
$100 per invoice valued between $100,000 and $249,999; and
$150 per invoice valued at greater than $250,000.

My first (last?) Goldin invoice was nearly 2x with shipping.

[puckpaul]

Having recently moved and selling some art and furniture through heritage and others, the other categories at auction are all way higher, 25-30% and they charge moving and handling fees. I didnt have enough dollars to negotiate much, though I did get the sellers fee eliminated at one place when i complained vigorously that it was ridiculous on TOP of the 27% buyers premium from my high end sports auction experience.

[oldjudge]

I agree with what others have said that it is just an auction house trying to get a larger piece of the pie from the consignor. Smart consignors will stipulate in their consignment contract the amount of points from the BP that the AUCTION HOUSE gets, not the amount that they get. That way if they were getting 7% out of 20% they would get 9% out of 22%.

[glchen]

Originally Posted by Exhibitman

One of the things I absolutely love about dealing with REA is this:

This standardized fee schedule is $10 per invoice valued at less than $500;
$15 per invoice valued between $500 and $999;
$20 per invoice valued between $1,000 and $2,499;
$25 per invoice valued between $2,500 and $4,999;
$35 per invoice valued between $5,000 and $9,999;
$40 per invoice valued between $10,000 and $19,999;
$50 per invoice valued between $20,000 and $49,999;
$75 per invoice valued between $50,000 and $74,999;
$85 per invoice valued between $75,000 and $99,999;
$100 per invoice valued between $100,000 and $249,999; and
$150 per invoice valued at greater than $250,000.

My first (last?) Goldin invoice was nearly 2x with shipping.

Yes, REA always has very reasonable shipping fees. Memory Lane is similar:

• Invoice price Zero - $500.00 = $15.00 shipping
• Invoice price $501.00 - $2,000.00 = $25.00 shipping
• Invoice price $2,001.00 - $5,000.00 = $35.00 shipping
• Invoice price $5,001.00 - $10,000.00 = $50.00 shipping
• Invoice price $10,001.00 - $15,000.00 = $100.00 shipping
• Invoice price $15,001.00 - $50,000.00 = $125.00 shipping
• Invoice price $50,001.00 and above $150.00 shipping

Christies is still the worst when it comes to shipping fees, however. I remember I won a single 8x10 photo from them, which cost ~$1400 after BP, and the shipping charge was $140, which was basically 10% of my purchase price. Granted, they did ship my photo to me very securely as if I won a Picasso painting. Christies also had a 25% BP.

I tried to argue with Goldin that their sister company PSA has much more reasonable shipping fees as follows (for 1-8 items):

$1 -$1,000: $19
$1,001 - $5,000: $34.00
$5,001 - $15,000: $42.00
$15,001 -$25,000: $49.00
$25,001 - $50,000: $61.00
$50,001 -$75,000: $69.00
$75,001 -$100,000: $84.00
$100,001 -$150,000: $125.00
$150,001 - $200,000: $136.00

That argument got nowhere. I really wonder if Goldin is trying to make the shipping fees so high in order to convince folks to just send their winnings to the Goldin vault so that they will consign to Goldin when they want to sell.

[oldjudge]

With the new higher fees would someone please explain to me why anyone would consign to Goldin rather than REA, HA, LOTG, Memory Lane or a lot of other auction houses. This is a legitimate question. I just don't see why this will net them more money. I would think that this would cost them consignors and they will actually net less. Do they have bidders that others don't? Do they have a better platform than others? Thanks for any input.

[Aquarian Sports Cards]

Originally Posted by Yoda

So the guy who proudly proclaimed on UTube that he has a 9 figure bank account feels he has to squeeze consignors and buyers for another 2%. Despite what Gordon Geko said, greed is ugly.

He's not making the decisions, he doesn't own the company.

[brianp-beme]

Got to up the buyer's premium when you have to hire more hands for cards to be holdin'.

https://www.youtube.com/watch?v=CPiALa0CIMc


Brian