Quote:
Originally Posted by Brian Van Horn
The problem isn't with the buyer's premium of 22% although it should be 20% for a company as rich as Heritage.
The problem is if you make an opening bid of $1.00 the buyer's premium at that point makes it $30.00. Talk about inflation. The threshold where the 22% kicks in as opposed to the $29.00 buyer's premium is $131.81. They are that desperate for a dollar? Come on. Smaller lots won't break them and they can serve as an attraction for first time bidders which can lead to a long and growing account of purchases. Oh, wait. That would be successful business. Never mind.
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You say that their BP should be 20% since they're so rich (which I assume comes from some level of success) then say they can't be successful if they don't want to sell smaller lots. Which is it?
There are plenty of auction houses that are happy to deal with smaller/less valuable lots. Heritage doesn't want to be one of them. That's their business decision and it seems to work pretty well for them.
I haven't bought much from Heritage, but I everything I have ever bought exceeded the minimum BP. I don't know how many of their lots that doesn't happen with. Maybe others can weigh in on their experience of getting something so cheap from Heritage that they had to pay the minimum BP.