Posted By:
warshawlawBad lot descriptions. I love catalogue auctions because I know that larger lots of cards are frequently misdescribed. I have picked up some really great stuff in the past, with great break-up value, due to these mistakes. I'm talking full sets labeled assorted lots, misidentified rare cards, etc.
As a seller, I can definitely second the issues of premiums and loss of control. First the premiums: Don't forget the buyer's 15%, but don't forget the seller's 15% too. Every $1 spent on an item at a major auction house nets the seller around 70%. That's a pretty big bite. Especially with really nice vintage cards, I can take them to a major show and sell them for cash to dealers at a 30% discount (and not have to deal with any of the hassles of a consignment auction), or I can post them on ebay at 20% below market and keep more of my money.
As far as loss of control goes, that is perhaps the biggest reason why I would be loathe to ever again consign anything to an auction house. I lucked into a major cache of Hollywood memorabilia many years ago, some of which I consigned to a major auction house. I got royally ****ed. They established ridiculous minimums on my items, screwed up the descriptions, and they sold for near those levels. After the commissions and fees were deducted, I netted only a fraction of what the items should have brought (and I know this to be the case because I sold comparable items directly at Hollywood memorabilia shows and made tons more). Look at the idiotic opening bids on the lots in any auction. I realize that the auctioneers hope to create "action" with these lowball numbers, but this ain't a casino, and even if it is, it is my money they are betting with. I want more of a say on how my money is "bet".