Inside the Park Collectible auction. What a pleasure

[keithsky]

I won a few things in last nights auction from Inside the Park Collectibles. I have won before to. I don't know Lou over there and have never meet him but for him to run an auction with NO BUYERS PREMIUM IS awesome. Just to know that what you win is the price you'll pay. I won 2 bats and a plate and postage was 20.00. What other auction company would charge 20.00 for that to be shipped. NO ONE. Very reasonable on shipping. Nice to bid on things without a 17-20% B.P. and it can be done if he is doing it. Even Paragon auctions is doing a no B.P. and it seems to work. Great for buyers and that is what it is all about. Puts more money in the Consigners pocket to because the bidder maybe will go a little higher. Keep up the good work Lou. keith

[Rob D.]

I have a general question (independent of what auction house we're talking about, which is irrelevent in this case): Why is it "great for buyers" to have no premium? What does it matter to me as a buyer if the $960 I pay for an item is broken down as an $800 bid and a $160 premium or if the entire amount is my bid? Either way, I'm paying $960 for the item.

Do that many people place bids without knowing there's a buyer's premium, and then they're surprised by the 15 to 20 percent that's added to their winning bid? I think that buyer's premiums have been around long enough that they're the rule and not the exception -- and that bidders would be aware of them. But I certainly could be wrong.

[bijoem]

Rob -

I participate in an auction that has no BP - and though everything you said makes sense and is correct..... as a bidder, I like that format so much more. Much, much more.

It is probably all psychological.....
but as a bidder - without the buyers premium - I feel that I am not being 'charged' or 'taxed'. I feel it is the proper way to be treated as a customer. And, that any selling fee should actually be charged to the seller (not me! - why the heck am I being charged?!? yes, psychological).

Of course - it probably all equals out to be the same....

but - the only reason there is a BP is because auction houses are using the reverse of that very same psychology to court consignors.

[Peter_Spaeth]

A buyer's premium just means an extra calculation. Other than that it is utterly irrelevant whether the house's cut is called a buyer's premium or a seller's premium.

[Lou Criscione]

Thank you Keith for the kind words. We try to run our auctions with the collector in mind. For those of you who think you are paying the same and calculate the buyer's premium into your bidding you may be correct- but I will argue that many bidders get caught up in the moment and do not figure in the BP when bidding. Suddenly that $1,000 bid is now $1,200 and the good deal you thought you got - is not so good anymore. We at Inside the Park Collectibles have never felt that the buyer should be punished for buying something from us. Can you imagine going to a Sports Memorabilia Show and striking a deal with a vendor for $100 - then he says to you- but I have to add 20% to the total? How would that sit with you?

As far as shipping goes- we never try to make any money on the shipping. I once bought a baseball related post card from one of the bigger auction houses and they hit me for a $36 shipping charge. A post card! I called up and said "Unless you are shipping via the Pony Express I don't think it should cost more than $5 to ship." I ended up paying the $36 and never bid with them again.

Again thanks to all of you who over the years have participated in our auctions. We're not very big - but sometimes we get some pretty cool stuff.

Lou
www.insidetheparkcollectibles.com

[Rob D.]

Originally Posted by Lou Criscione

Can you imagine going to a Sports Memorabilia Show and striking a deal with a vendor for $100 - then he says to you- but I have to add 20% to the total? How would that sit with you?

Lou,

That's not a fair analogy at all. I've never bid in an auction and had the auction house tell me after the fact that I would be paying a premium, which is the hypothetical situation you describe.

That being said, I can understand why some bidders celebrate not paying a buyers premium. I don't share in their euphoria, but I understand it.

[Lou Criscione]

My analogy may not be totally correct- but my point is that whether you believe it or not- a buyer's premium is a tax on the item. Why don't the auction houses who use a BP show you the exact amount your bid will cost you including the buyer's premium? I think if they did this - many bidders might get scared off their bids.
Let's just agree to disagree.