What do consignors want from an auction house?

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Posted By: scgaynor

Admittedly this topic is self serving, but what do consignors want from an auction house?

Besides, of course, a large mailing list.

Do you want more say in reserves? In descriptions? In lotting? Is the process too intimidating? Is there too much time before the item goes “Live?” Are cash advances important? Do you want to see if your items have been paid for in real time? Does the buyers premium matter?

Your feedback is much appreciated.

Scott

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Posted By: Anthony

1. Not changing rules, software, format or premiums after the item is submitted
2. Good copy and photos
3. Good marketing and a strong client base
4. No conflicts with similar items
5. Timely payment

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Posted By: Dan Koteles

accurate descriptions and 10% buyers premium "MAX".

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Posted By: Joe

I would like lower buyer premiums. Also for consignor, don't puff up the item at unrealistic price. Consignors will be disapointed.

Joe

Ty Cobb, Spikes flying!

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Posted By: barrysloate

Hi Scott- good question, and since I am sitting on the same side of the desk as you, I can offer a different perspective.

Of course all consignors would like to see every piece sell for a world's record, and the auction house take as small a cut as possible. But of course that is not always going to happen.

One thing I do for my consignors is I try to communicate well with them. When they send me material I like to give them some say in how it will be presented. Likewise, I like to keep them updated along the way so they know I care about how their material does. Most auction houses are very interactive when they are trying to get a collection, and then once they get it they become hard to reach. My business is relatively small, and yours is pretty huge, so that would clearly be tougher for you. But I think consignors want to feel that the auction house cares as much about their material as they do.

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Posted By: Joe D.

There are some items that I have that I know would have to go to an auction house one day if I ever wanted to part with them.

Here are my two main consignor concerns:

1) Will the auction house take my item even if they are not the proper venue for that particular item? Running auctions - you know your mail list - you know the reach you have and the chance of success you have for certain item types. Are you willing to pass on a big $ item because you know that you will not get the same value that a competitor would (a competitor whose mailing list looks for those sorts of items)? Its easy to pass on the crappy items. But are you going to pass on a good one... because you know auctioneer X has the right customer base and you don't?

2) How will my item be presented in your catalog?



I think it comes down to integrity and communication. Those are the keys.

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Posted By: scgaynor

Joe, quoting unrealistic prices has always been one of my pet peeves as well, because if you can't deliver, the consignor is going to think that you didn't do a good job. I have always thought it was best to be a little conservative with estimates, but sometimes you lose things that way too, especially to those who don't know what they have.

Dan, i think that the days of the 10% buyers premium are gone. Unless you were doing an auction that had only $10,000+ pieces, the auction house would find themselves out of business pretty quick. Although it is possible that having an internet only auction without the expense of a catalog might change that in the future, or at least keep the buyers premium from going up more.

Barry brings up a good point about being in constant communication with the consignor, but are there people out there who would rather have the process be even more simple. For example, would it be easier to have a form online that can be printed out so that the consignor can submit material without having to call first. Is the process of calling an auction house and having to explain your collection intimidating?

Thanks

Scott

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Posted By: scgaynor

Joe D.

#1 is a good point. I guess it depends on the item. For example, I find that the same people who buy Baseball Cards and Memorabilia will often buy Rock n Roll, Comic Books or other Americana. There is alot of cross over in collecting. As far as mailing lists in the sports field, every established auction house has pretty much the same list. There are very few "secret" collectors who only bid in one place and the chances that they are going to be the only person who wants the item you are selling is slim. How many people on this board are only registered with one auction house?

#2 brings up another point. How important is the catalog? If you can get the same price without the catalog and in a shorter period of time, is that more important than being able to go back and point out your material in a catalog in the future.

Scott

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Posted By: leon

Good points. I too think a 10% commission on the buyers side is a little unrealistic. Heck, even back in the day it was often 15% or more, though the items might have sold for a buck or two. As for a catalog I think it probably helps on the price on bigger items. I know when I get a catalog and I can see a picture, and read through the book, it might make me bid a little more on something I want. I am sure I am not alone at looking at catalogs while watching TV, checking out the library , or conversating with the family. The few times I have consigned things have gone pretty good and I was involved with the process. For a consignor the bottom line is "what venue, company, etc...can realize (for me) the highest price on my item?". BTW, I also think interaction with the hobby is important. I know I gave Mastro a 10k piece to auction, a year or two ago, as they had put out the effort of being at the National and were part of the hootin' and hollerin'. To me that counts a bit too..People will generally want to do business with people they know and like..... regards

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Posted By: Sean Coe

1. Communication- I hate sending something to an auction house and then once it arrives never hearing anything. Let me know what you think the reserve should be, how it will be described etc..
2. Catalog- Yes I think there important. I want to see my item displayed in an as attractive manner as possible. The description should be accurate, detailed but please no purple prose. I have a reporter friend who reads my catalogs and in between convulsive laughter he'll point out various over the top descriptions.
3. Publicity- The more collectors who know about an auction the better.
4. Honesty- Self explanatory I think. This also means letting me know if my item is right for an auction. I'd rather wait than have my item included where few may have any interest.

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Posted By: Joe D.

On point 1)
I have seen items go in one auction house for 'lower' than I thought they would go if sent to another auction house. I don't know if that feeling is warranted based on the information you provided (about customer base)... but I sometimes can't shake that feeling - and wonder if certain auction houses are carving niches and better at certain target markets (not sure).

On point 2)
disclosure: I am a printer. So, I am biased. I printed an auction catalog earlier this week, and hope to print more in the future. (A shameless plug, but I also thought it important to disclose that information.)

I would say the catalog is instrumental. It has tremendous importance. It is one of the defining separations of the auction house from eBay. First... they are beautiful. Second, as a bidder - I refer to the catalog more often than the online version and I can take it with me wherever I go (no plugs needed). After an auction concludes, they are tremendous reference for future auctions.

Done right, printed right... I have to believe the catalog results in higher ending prices at auction because of the promotional value and the 'always on' access / reminder to the auction.

Higher pricing means more revenue for the auction house, and happier consignors.

Held onto catalogs means more name recognition / increased customer loyalty for upcoming auctions.

In short - the catalogs more than pay for themselves.

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Posted By: Eric B

If you sell a lot of 30 cards, show pictures of all 30 cards! Simple enough. Don't show just 10 of them. We understand that it takes time to add pictures and you don't want to delay an auction. In that case start with the first 10 and add the other 20 during the auction so it's there 5-10 days before the auction end. This one is directed to Mastronet mostly. It sure would have solved the problem when they list more items than they end up delivering.

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Posted By: Joann

On catalogs - from buyer's view, not consignor's.

I like the catalogs because I can flip through them visually and quickly. I can cover the parts of an auction that interest me in a fraction of the time that it would take me to do it online.

I jot down the numbers that interest me and then go online to check more thoroughly, more detailed description, etc, and put them on my watchlist or bid list.

I also will leave a catalog out while an auction is live and page through it idly. Once in awhile I see something that I had considered but not written down, or didn't appreciate the first time through, etc, and add it to my watch list or bid list. This would never happen without the catalog - I'd never just idly go through lot lists online while I was cooking or something.

Finally, I like the catalogs because I do like looking at some of the Americana and items that I wouldn't online because the click and look process takes too long.

And like Joe said, all of these things can be done from anywhere.

So common theme? Moving through the catalog is much faster and broader than online, but online is better for narrowing down interests based on more info.

Keep the catalogs. Definitely.

J

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Posted By: JK

Doesnt Lew Lipset still run his auctions with only a 10% buyers premium? If so, its not impossible. Regardless, 15% is about the max that should be charged - 17.5% - 20% buyers premiums are based on pure greed in my opinion.

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Posted By: barrysloate

Scott- With regard to whether people would prefer to speak to an auction house, or feel intimidated by it and prefer an online form, will vary with each person. Some consignors are outgoing and like to talk cards; others are shy or busy and would prefer not to have to deal with lots of telephone banter. So I don't think you can generalize, everybody is different.

Catalogs are great and collectors like to browse through them, but for someone like Scott that would be simply impossible. He can't produce one-two color catalogs a week, as he is strictly an ebay seller. His pictures are large and clear, and for three-dimensional items he provides multiple views. It's not a paper catalog, but ebay is a different animal.

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Posted By: MVSNYC

2 main priorities:

1. little or no seller's fee.

when i was considering to sell my T206 9's, i spoke to a few of the major auction houses, i am a tuff negotiator and i got them down to 0% (zero) seller's premium...i ended up selling them privately, but IF i was to auction them off, i wouldn't want to pay a dime for such big ticket items...they were more than happy to extend that deal to me so that way they could have such a piece in their auction.

2. size of piece in catalog.

i would only consign such cards to a big auction house if i got a half page for a T206 9 and a FULL page for the T206 10...

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Posted By: scgaynor

I am glad that I started the thread, it is educational. I would have thought that the #1 concern would have been lotting and I am surprised by the emphasis on the catalog.

I think that the auction world is trending away from the catalog. 97% of the bids come online anyway and the prices for the internet only auction ( I am talking about the Lelands-Gaynor and not ebay ) are the same as a catalog auction. For the auction house it is going to be hard to justify the expense of the catalog when they are making the same or even more money without it. The catalog then just becomes an advertising tool and arguably the same result can be achieved with a postcard or pamphlet. Consignors and buyers like the catalog, but as Joe D can probably tell you, they are extremely expensive to produce. I always enjoy getting the catalogs and looking through them. I keep them as reference tools, but I find that it is much easier to simply go online and check the completed auction results with Heritage, Sothebys and Lelands to get an idea of value (it would be nice if Mastro had completed items archived as well). I am not saying that catalogs will go the way of the Dodo, but I think that there will be less emphasis on them.

The upside for the consignor is that they get the same money, and they get it faster. The upside for the buyer is that it keeps the buyers premium down.

Scott

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Posted By: scgaynor

MVSNYC.

You are not alone and I think that you just explained to everybody why the buyers premium is 17.5 to 20%. Joe D, you don't have to tell us who you did the catalog for, but what did it cost per page to produce the catalog?

Scott

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Posted By: barrysloate

Michael- any auction house will gladly do 0% to the seller for a really great item; but I am not sure a PSA 9 common warrants a half page or a PSA 10 warrants a full page. As Scott said, most people will go online anyway to look at the pictures; even in a small auction like mine you can go online and blow up pictures to fit a full computer screen. You might have a tougher time negotiating that part of it.

Scott, Joe did my catalog. I thanked him on the board so it is not a secret.

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Posted By: MVSNYC

97% of the bidding comes from online? that seems to be a huge number, i would think less...i am old-fashioned and prefer calling and placing bids by phone and speaking with a human.

also i hear what you are saying about the catalogs, but us collectors really enjoy looking thru them and saving them as reference tools, as you noted. plus, it is quick & easy to flag-off certain pages, and flip to a lot, then flip-back to another page, and look at the auction as a "whole"...


Barry- i was able to easily get a half-page commitment for a PSA 9 T206 from at least 2 of the major houses...

remember, we are talking $10,000+ for even a common 9.

and the 10?...$30,000+

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Posted By: barrysloate

I fully understand the value part of it; but I would want to delegate a half or full page for something a little more eye-catching, such as a poster or display piece. After all, despite the condition, these are common players that nearly every collector has seen before. I understand your desire to show it is valuable, but if your PSA 9 took up a quarter page, do you think you would get a nickel less for it?

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Posted By: scgaynor

Sorry Barry, I didn't realize that, I was not trying to "out" anybody. I was just trying to say that the reason that there are 17.5-20% buyers premiums is that it costs alot to produce catalogs, especially when handing out 0% seller commissions.

It is just so much easier to bid online, there are very few phone bids. The catalog is a useful tool and I like them too, they are just really expensive to produce. Who knows what the future holds for sure, I am just offering my opinion.

Scott

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Posted By: MVSNYC

"if your PSA 9 took up a quarter page, do you think you would get a nickel less for it?"...

barry- absolutely, i do believe that presentation is everything, the more "special" you make something seem, the more it will command...simple psychology. now, obviously i am not saying that if you put a clemens rookie on a full page, that the bids will skyrocket, but with very high-grade, low pop pieces, you will see a diffrerence, IMO.

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Posted By: barrysloate

Scott- I actually share your opinion, and I've often thought "what if I do away with the printed catalog and just do a website?" But I do fear some people will miss the auction entirely. Nevertheless, when I sell on ebay, everybody sees it. I'm sure you are amazed at the endless number of new bidders you find online. However, ebay in its current state is a flawed product that carries a lot of extra baggage.

I'm often asked which system gets higher prices, ebay or a catalog auction? And the truth is they both work, and on any given lot I could get an amazing price either way, but who can predict ahead of time which one it is?

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Posted By: barrysloate

Michael- I agree presentation is important, but let's take a hypothetical situation.

You have a copy of my current catalog, and on the front page I have the two lots I deemed the best in the sale: the N167 Connor, and the N175 Ward. And let's say you were very interested in the N167, and you decided you were going to go to a maximum of "x" number of dollars for it.

So are you saying if I decided to boot the N175 to page two, and gave the N167 the full first page, you are prepared to raise your max bid? If that is true, my next catalog is going to be poster size and every lot will be pictured three feet tall!

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Posted By: Joe D.

first let me say I completely disagree with your contention that printing a catalog is 'extremely expensive to produce'. To the contrary - I would suggest that it is extremely expensive to not produce a catalog. Take the catalogs away from Mastro and I would bet anything that the reach is not the same, the interest is not the same, and the ending prices are not the same. Spread all of those incremental increases in bids across an auction - and the catalog pays for itself and then some.

I will not disclose the price of the recent catalog... because I hold all specifications provided to me by an auction house in strict confidence. I would extend that same courtesy to you or anyone else.

I can say price per book is heavily dependent on number of pages, quantity produced, etc. As you increase your quantity, your unit cost can go dramatically downward.

As far as a specific dollar amount... I would be happy to send you a price estimate. Shoot me an email. Even if you have no intention of producing a catalog, I don't mind going through the pricing to provide you with some good reference information. It would be my pleasure.

Anything we discuss will be held in the strictest of confidence and will not be shared with anyone outside of my organization or yours.

joe@internetville.com

Regards,
Joe

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Posted By: MVSNYC

barry, i really do believe how you present a lot (size, prestige, description), will have an effect on hammer price. if it is too small, you are saying to the genreal public, this item is LESS important, thus less valuable...if you make it a full page, great description, and really "ham" it up...you will garner more bidding...


Doug Allen- don't you agree?

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Posted By: leon

Not everyone uses a computer too often, even in todays world. An "only online" auction can miss someone.

From personal experience the lotting is important but the size of the ad on the page is not as important. Just my personal experience as a buyer and consignor for around 10 yrs.

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Posted By: barrysloate

Don't you think by making the N167 lot #1 I am letting everybody know how important it is? If I placed it in the middle of the catalog next to a T206 Rube Marquard I agree I would be selling it short. But to answer my question, do you think I will leave money on the table by having two lots instead of one on the first page? You or anyone may answer it, I can take the heat (and please note I present all of this in the spirit of board discussion).

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Posted By: Alan

Scott -

What separates the auction houses apart from ebay is, among other things, is the beautiful color catalog. The quality of the catalog is a critical point. You'd be suprised how many bidders that I know of that don't bother with the auction houses' websites, but will bid by phone or fax from going thru the catalogs.

The consignors want their material correctly described with great pictures, descriptions, etc,... in these catalogs and then they want these catalogs sent to everyone on earth !!!

Alan

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Posted By: scgaynor

Joe, I have never really priced it, but lets be conservative and say that the cost to produce an catalog with 1500 lots is $100,000 ($50,000 of that is shipping costs). If the prices realized are the same with the catalog or without (as has been my experience), why bear the expense of the catalog when it costs $5000 to produce a postcard or a bit more to produce a pamphlet. The catalog is still part of the business today, but I see a change in the near future in its usefulness. If you look at the newspaper and magazine business, they are scrambling to develop their websites as there is less interest in printed matter, they can be updated in real time and it is cheaper. I can't predict the future, but I see the same thing in the future for the catalog auction.

Barry, the one difference that I see between Ebay and the catalog is the lack of the 10 minute rule on ebay. I have been pushing that with them for years. Ebay is a good fair market value venue, and of course is still a huge part of what I do, but the catalog offers the chance for things to go crazy at the end as two bidders duke it out.

Scott

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Posted By: barrysloate

Scott- you can get two people to duke it out at the end of a catalog sale, but you are also very familiar with the beauty of the double snipe on ebay!

Where I agree with you 100%, and this is unfortunately a sign of the times, is that the printed word will soon be replaced by the internet. I know the NY Times is struggling, and they keep taking things out of their daily paper and expanding their website (I know many of you would love to see the demise of the Times, but if the crossword puzzle goes online I will be one unhappy camper).

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Posted By: warshawlaw

1. Communicate In A Business-Like Manner: I am stunned at how unprofessionally some auctioneers handle communications with consignors, potential consignors, and potential bidders. A real simple thing do to is to return calls and emails within 24 hours of receipt, or have a very good reason for not doing it. I try like heck to do that in my practice. An old maxim I once heard is "I called you, I didn't hear back, I hired somewhere else." Second, be level-headed and professional with everyone. You never know whether the guy looking to sell the cruddy collection you won't touch might know someone who has a gem to sell. Some auction house employees tend to forget that everyone is part of the general public. Trash talking is not acceptable. Third, be professional in person. I find this especially interesting at shows, where I have seen auction house reps engage in a variety of obnoxious or mildly disgusting behaviors. This is the public face of the company; eat your friggin' nachos at the snack bar and don't greet potential consignors looking like the comics guy from The Simpsons. Third, don't BS me; unless you know who I am don't spew a load of unsubstantiated crap about your consignments. My favorite last year was the guy from one auction house who tried to convince me that some very common British boxing cards were really rare and valuable.

2. Listen To Consignors: I simply cannot believe how tough it is to get some auctioneers to let consignors have input into the auction description. Like it or not, most advanced collectors are better versed in the intricacies of their items and are about the best resources out there for proofing and supplementing the description. I am frequently (and pleasantly) surprised as a bidder to receive rarities that were not listed in the auction description; obviously, someone did not know what they had there and did not have the skills to ask. I was very pleasantly surprised when I was asked to help write the description for the latest item I consigned to an auctioneer. Regardless of outcome, I have a favorable impression of the process.

3. Never, Ever Change Rules On Consignors, Even If You Can: The whole debacle with Mastro jacking up its BP after consignments were in hand and ready to go was completely unnecessary. I think it not only ticked off a lot of consignors who suddenly lost 5% of their lots' values, it also put off a number of bidders.

4. Technology, Use It: There is no excuse for inadequate descriptions and lack of images on internet auctions. Every significant card in a lot should be pictured, front and back, and group images of the others should be included as well.

5. Don't Get Too Comfortable: Guess what? The collecting world has a lot of competing auctioneers and everyone with half a brain and a serious itch to collect goes to every one of their internet auctions. If you mistreat people, they will walk.

6. Don't Patronize Me: Should be obvious, but isn't. I don't wanna hear that you "had" to raise the BP, or that a not so rare item is so rare; it's a load of bull and also obviously untrue to anyone with any real experience in the hobby. Credibility is hard-earned and readily squandered.

7. Close The Back Door: There is more than one auction house I will NEVER consign to because I have seen items consigned to them selling on ebay a week after the auction closes, offered by sellers employed or affiliated with the auction house. If I have even the slightest suspicion that there is something wrong with your auctions, I am GONE.

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Posted By: barrysloate

Adam- couldn't you at least open up a little and tell us what you really think?

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Posted By: scgaynor

Barry, sniping is a beautiful thing, but my guess is there are alot of people who get outsniped that think "I should have gone higher" and given the opportunity to bid again, they would have.

Scott

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Posted By: Joe D.

Scott,

I have to ask... if you never really priced it - where are you coming up with your numbers? Or more importantly, where are you coming up with the 'value' of a printed catalog?

Most definitely there are cheaper ways to do things (postcards). It comes down to forgetability. Do you want your auction to be forgetable during the auction? Do you want your auction to be forgetable after it ends?

A common theme in this thread (not just by me) is the importance of the catalog.

I have to say there is a place for internet-only type auctions and for that business model. In my opinion, that is for the low-end item... the common eBay type item. I think the market size is tremendous... and if that is what a person is after - a reminder postcard may be all that is needed.

The 'better' items will go to the auction houses that differentiate themselves from the common internet-only. That is done through reputation, communication, integrity. After the all-important trust is developed, the catalog is a an integral vehicle for the better auction houses.

Would I want to consign my T206 Honus Wagner to someone who just sends out a postcard and relies on people going online to know about the auction?

As far as magazines / newspapers / any printed items for that matter... you are absolutely correct, more and more is getting moved to the internet or email marketing. Most importanly though, professionals are looking to provide the proper balance - and are not looking to eliminate or replace one form of communication with another. The best strategies include both online and traditional print. For certain campaigns, going exclusively 'online' is just as foolish as going exclusively 'print'. The day the New York Times stops printing physical newspapers is the day they open up the door for someone else to print newspapers and be in the hands of their customers every day. That new company with the physical print newspaper and website balance would eventually outshine any 'one way only' provider.

There is a market for the internet-only auction house. I think a very nice sized market with a big competitor (eBay). For the better items, in my opinion, it would be foolish to go without a printed catalog -- just as foolish as going without an accompanying website.

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Posted By: barrysloate

I realize on ebay you run out of time if you have a change of heart, but I have had some miraculous "last ten seconds" there. Of course, the typical sale is pretty much at market level.

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Posted By: barrysloate

Joe is right, you need both. It is possible that some of these massive catalogs might get a little smaller, since you can access a razor sharp image of any lot on the website. But to eliminate it entirely- I just wouldn't do that.

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Posted By: scgaynor

Joe, I don't think that having a catalog helps me remember the auction any better than a postcard or a reminder e-mail. A perfect example is the Huggins and Scott auction the other night. I had every intention of placing bids, I even had the catalog on my desk next to my computer, but I ended up getting caught up in other things and completely forgot about it. I mentioned this to somebody else the next day the they responded with "Damn, that was last night? There were some lots I wanted to bid on too." Obviously he forgot just like me.

I was trying to be pretty conservative. We send out 14,000 reminder e-mails for the Lelands-Gaynor auction. To ship 14,000 catalogs costs about $50,000 by priority mail and I figured it would cost at least a few dollars apiece to print the catalogs (if not more). That is how I came up with $100,000. Now that I think about it, that does not even include the cost of behind the scenes catalog production.

I don't think that the Wagner card is the right example. If I sent out a postcard highlighting the Wagner card, it would do just as well in an internet only auction as it would in a catalog. I think that a better example might be the Lou Gehrig Day Uniform or something like that where you are trying to pull in people from outside the hobby and stir up media interest. If the price realized is your only concern, it should not matter. If, on the other hand, you wanted something to pull off of the shelf and show your friends the piece you used to own, then I see the usefulness.

I think that it comes down to what you are selling. If it is something of museum quality historical significance, it will look good in a catalog. Like I was saying, I enjoy the catalogs, but if they don't make sense from a business standpoint, I don't see how they can continue to be a large as they are now.

At this point in time, it makes sense to have a catalog auction and internet auction. It is my belief that will change in the future, but I am an internet guy so my opinion is biased.

Scott

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Posted By: davidcycleback

I would consign to an auction house that realizes good prices, has a good reputation
(honesty, authenticity, etc), I feel is good at authentication and is well run. Likely,
it's an auction house I've won items in before and was a satisfied customer, including
with billing, shipping. If I feel an auction house is dishonest, in particular about
authenticity, I would not bid or consign. Bidder/consignor premium is not as important to me,
in that I would not consign to a worse auction house because the bidder premium is lower.

Also, I think most consignors look to a place that they feel will describe well the lot
and include quality pictures. For the consignor, I think it's good to include with the lot a
little write up-- highlights if it's a large group lot-- to help insure the lot doesn't
omit anything essential. If a consignor submits a 2,000 index card lot without written
highlights, the consignor can't complain that the auction house didn't notice that
card #557 was signed by Mickey Mantle.

Turnaround payment time is important. I don't count the days or even weeks,and
understand auction houses have to collect the $$ before they can pay the $$. But if it
were to take me 8 months between submission and payment, I would be hesitant to consign--
that is unless I'm consigning a T206 Honus Wagner or Ruth game used bat (neither of which
I plan on consigning-- or have).

I agree that there are areas of sports/non-sport crossover. As an autograph collector,
I like baseball and other sports signatures, but will also buy political, Hollywood, military,
historical and Nobel Prize scientists. I think other autograph collectors act similarly.
There's nothing icongruous about consigning Ty Cobb, Robert E. Lee and Max Plank and
autographs to the same sports auction house-- assuming the auction house normally has a nice
array of sports and non-sports autographs. There's a good chance multiple people will be
bidding on botht the Cobb and Lee lots.

My opinion is to not produce print catalogs and give half the cost of printing to me. This
way you will be saving 50 percent off the normal printing cost.

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Posted By: David Vargha

I consider myself pretty Internet savvy, but 1,000-1,500 pages of REA or Mastro catalogue is much easier to browse in hard copy. Even on a high speed connection, opening up several hundred lots is a task. Oftentimes the websites aren't very easy to navigate to go back and forth between lots. In a catalogue I can also quickly rifle through the sections of little or no interest to me. Also, in hard copy format, I sometimes will spot things that I bid on that I didn't even know I had interest in until I saw them. Finally, I am unable to drag my desktop system into the bathroom during "reading time".

DavidVargha@hotmail.com

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Posted By: Joann

I think it's fine if some of the smaller auctions don't publish cataglogs - if the entire online offering is less than 12-15 pages it's no problem to go through them all.

But the bigger auctions get a lot more of my early attention because I can hit the catalog much much faster than click and viewing each lot. And I use lot lists to browse, not gallery views, and I guarantee I miss things trying to read each line. In the catalog I am better able to quickly browse visually by pictures, and also look at things that catch my eye that I would never have looked at if I had just read the lot title on a lot list.

I have never consigned, but would think that consignors want every opportunity for a potential bidder to have his items register in memory somewhere.

Also, Mike S touched on something above that I also think, but couldn't quite articulate it - a catalog shows the whole auction at once. The entire thing sits on the kitchen counter. There is a flow through the pages and a sense of connection that you don't get online.

Finally, I often pass on catalogs to non-collectors because they really like to browse through them. No chance in heck I could ever ever get them to go to a link and try to click through lots. But put a catalog on their desk and they just can't resist it, and sometimes stop and look at things I don't - 50's, 60's, etc. More exposure to lots and auctions.

Once I've looked at the catalog though, I'm all about the online part. I don't want to call in a bid if I don't have to, I want to be able to bid and track everything online. So just becuase most bids are made online doesn't necessarily mean those bidders use the online auction as a primary browsing approach over the catalog.

Joann

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Posted By: fessgreg

as far as lots that will go for 25k or more i think they should be in the front of the catalog with a full page. if your printing a 200 to 500 page catalog then whats a few more pages. i've seen REA show hi priced lots in the middle of the catalog and i think its a mistake(at least they were full page ads). also if you put a high priced item in the middle of the catalog with a 1/4 page ad people might think there is something wrong with it(trimmed,etc.). as far as buyer's premiums of 20% i've heard of six figure lots being consigned for a + 10% of hammer. so that's were you get 20%. let's face it small lots don't generate a lot of money,big lots do. signed greg

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Posted By: Jim Clarke

What's Important in an auction company to me.

1. Have auctions 3-6 times a year.

2. Give good descriptions and photos of FRONT and BACK of items.

3. Make a nice Paper Catalog and EZ to navigate website.

4. Have a consistant theme to lot values. (500.00-1000.00-2000.00 etc)

5. Do a GREAT job in keeping up with NEW buyers in the hobby.

6. Stay scared in running your business and try to set new standards for everyone else to follow.

7. If Ebay had a way to have a BIG Sports Cards auction where all items closed within a two day period then a number of auction companies would go bye bye. Ebay/Paypal fees will not even add up to 10% and then all buyers would be tuned in to these auctions as they all go off within a certain time frame. Ebay misses out on BIG buyers because they do not always have the time to search for stuff. Problem is there will not be a Legit middleman making sure quality items are being sold and shipped. I'm sure they would figure it out though.

8. Make it easy on the consignor having a link to see the current prices of their consignments (I'm not sure if all companies do this as I do not consign stuff that often).

9. Offer many perks for both buyers and sellers making it a way of life in dealing with the auction company. Sorda like what Disney does at all their theme parks when you shell over thousands of dollors to ride on 4 rides a day and see the sites.

10. Do away with the EST. prices.. What good is this for? Do you want to show someone over paid for an item or show the consignor it could have got more money... LOSE-LOSE deal here...

IMO here only and I'm sticking by them.. JC

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Posted By: scgaynor

Jim, #9 sounds interesting. Please expand on that a bit.

Scott

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Posted By: barrysloate

JC- you make good points, but having up to six auctions a year would be really difficult for most auction houses. It takes time to gather material, and to produce a catalog, and I think that's one area that would strain most companies.

And #9 is interesting- what should an auction house provide as a perk for their best customers? Any good customer can get favorable commission rates with any auction house; after that, I'm not sure what one could do. Any suggestions?

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Posted By: Joe D.

Perk.

"Loyalty Reward".

Here is my easy suggestion.

A 2% auction house credit for all consignors and auction lot winners to be used at any future auction.

So... if I consign / purchase $10,000 worth of stuff... guess what? I get $200 of credit toward your next auction.


Could very well increase your consignments, could increase overall valuations --- I may overbid by $200 if its 'free money', and could allow for more loyal customers.

If I have $500 in Sloate Dollars... I am sure going to look to participate in that auction.



I don't see it as a longterm competitive advantage... as once a policy like this is adopted by one auction house - all of the auction houses will follow suit. But it definitely is a loyalty reward in the spirit of JCs #9.

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Posted By: barrysloate

Joe- that's a very good idea, but isn't that the same as knocking a few points off the seller's fee for a large consignment? Or is there a psychological advantage to be awarded some of this mad money to spend in the next sale?

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Posted By: JimB

"I think that the auction world is trending away from the catalog. 97% of the bids come online anyway."

The fact that bids come online does not mean that catalogs are not vital. I bid online because it is easier and I can do it whenever it is convenient for me, which is usually after hours. But I determine what I am going to bid on by the catalog. A catalog is infinately easier to browse, presents better, and is an excellent resource for the hobby (when done well like REA, Mastro, etc.). There have been numerous times when I have attempted to look at the online previews before the catalog comes. I inevitably miss things that, if there were no catalog, I would not bid on. It is just easier to miss things in online browsing. This is not to mention the fatigue on the eyes. Abandoning catalogs would be an ENORMOUS mistake for the established auction houses in my opinion and would result in much lower prices realized.

As for a T206 common in PSA 9 or 10, I have to agree with Barry that those do not demand or require a half or full page. THose who are interested in cards like that will see it and bid accordingly even if it is presented in a 1/4 page. And 30k+ for a PSA 10? The last one that I remember being publically auction sold for a little over 8k. Certainly these commons have demanded high prices recently, but it is an extremely thin market of people who would be willing and able to pay that kind of premium for a common.
JimB

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Posted By: davidcycleback

My opinion is that the best way to maintain consignors is to treat them well and do a professional, effecient job. Descriptions, payment, questions answered, etc. Consignors are more likely to consign their stuff to the place that did a good job last time, and are likely to recommend that auction house to follow collectors (both as consignors and bidders). The best way to get a consignor to go somewhere else and to not recommend the auction house is to do do a bad job-- not pay, be a jerk, etc.

Bidders and consignors are less likely to want to deal with an auction house that has authenticity problems. What consignor wants his genuine Don Mattingly game used jersey, purchased from Mattingly himself, to be auctioned beside a bunch of potentially questionable items. He wants his authentic item being offered by an auction house that is known in the hobby for being knowledgeable, ethical for selling authentic items. He knows (or should know) that if bidders question the auction house they may, in turn, question the jersey.