Buyers premiums are steep, correct. Sellers fees are steep, correct. But those fees being as high and the independent sellers/auction houses as they are protect each of us from the shill bidding and assets protection strategies many of you complain about here.
If fees were lower, problems far greater than each of you could imagine would certainly exist. If I didn't have to pay my bill when I won something nor did I have to pay a big buyers premium, I would most likely do more "asset protection" as would most others. The fees are high, I agree, but they are most certainly there for a reason. Any auction house that charges less than standard rates would immediately be a HUGE red flag to me and most other large buyers I assume.
Most importantly, these large transaction costs make both buyers and sellers think seriously about transacting. If you are a buyer, you buy hopefully for the long term. If you are a seller, you likely consider the transaction costs in your investment return analysis. The fee structures as they are encourage long term investing rather than short term speculation. Although expensive, the model has sustained the test of time because it works on many levels. It critically encourages collectors and investors alike to make purchases they intend to commit to for long periods of time. By its very nature, this commitment buy the parties to a transaction support prices for our large investments in cardboard.
You might wish for the "good ole days", but trust me, the market fee structure as it is today is exactly what each of us need for the market to function in an orderly and proper fashion.
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