Anybody Noticing PWCC weekly auction content and sales $$$'s?

[ZiggerZagger]

I was shocked to see them tack on a 20% BP to even their run-of-the-mill weekly auctions a little while ago. Really tone-deaf as to their position in the market now.

Their first couple of auctions after leaving eBay featured some weaker prices compared to market, but much less so now. And the BP absolutely kills it.

Worst of all, their website format makes browsing the auction almost impossible. Really slow and laborious. Unless you have very narrow tastes and can search for what you want (T206, e.g.), it's just not worth the time and effort.

As this probably meets criteria for a critical post, here you go (j@$on B!$pin&)
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[mrreality68]

Originally Posted by ZiggerZagger

I was shocked to see them tack on a 20% BP to even their run-of-the-mill weekly auctions a little while ago. Really tone-deaf as to their position in the market now.

Their first couple of auctions after leaving eBay featured some weaker prices compared to market, but much less so now. And the BP absolutely kills it.

Worst of all, their website format makes browsing the auction almost impossible. Really slow and laborious. Unless you have very narrow tastes and can search for what you want (T206, e.g.), it's just not worth the time and effort.

As this probably meets criteria for a critical post, here you go (j@$on B!$pin&)
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+1 Agreed. as other mentioned as a result I do not even bother looking anymore

[Peter_Spaeth]

Are they still charging consignors or have they just shifted to an AH model of making their cut from the BP? Either way I don't see why it's a deterrent, just bid 20 percent less, in theory everyone else should be doing the same.

[D. Bergin]

Originally Posted by Peter_Spaeth

Are they still charging consignors or have they just shifted to an AH model of making their cut from the BP? Either way I don't see why it's a deterrent, just bid 20 percent less, in theory everyone else should be doing the same.

I have zero stake in the matter, as I don't think I've ever used them for anything, but that's exactly what they are doing.

https://www.pwccmarketplace.com/submit

Don't know how else an auction house is supposed to make money. You either have a Buyers Premium, or a Consignor's fee, or a combination of both.......there's really no way around that.

[Peter_Spaeth]

Originally Posted by D. Bergin

I have zero stake in the matter, as I don't think I've ever used them for anything, but that's exactly what they are doing.

https://www.pwccmarketplace.com/submit

Don't know how else an auction house is supposed to make money. You either have a Buyers Premium, or a Consignor's fee, or a combination of both.......there's really no way around that.

As we've discussed a thousand times, a high BP should trouble consigners, not bidders. Just bid accordingly.

[ZiggerZagger]

Originally Posted by D. Bergin

I have zero stake in the matter, as I don't think I've ever used them for anything, but that's exactly what they are doing.

https://www.pwccmarketplace.com/submit

Don't know how else an auction house is supposed to make money. You either have a Buyers Premium, or a Consignor's fee, or a combination of both.......there's really no way around that.

That's really interesting to see their reimbursement structure to Consignors, which looks attractive in all honesty.

My initial surprise in PWCC changing to a 20% BP was not out of resistance to that idea generically -- I think most of us on the board see the huge value that the traditional AH's bring to the table.

Mostly, I found it striking that PWCC -- who painted themselves as ever the innovators in the hobby -- are now taking a very conventional, cookie-cutter approach to their business. And that's at a time when they presumably have a lot to lose in terms of their relevance in the hobby.

They're doing what a dozen others AH's have already been doing for decades, at a time when their fall from Ebay really would have befitted them taking a more aggressive approach to retain the momentum and interest they'd built up via Ebay over the years. Instead, I'd say others have stepped in to fill the void. The excitement around REA's auctions amongst the PreWar collectors groups that I'm in very much feels like the heyday of PWCC on Ebay now, for example.
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[bobbyw8469]

Originally Posted by ZiggerZagger

That's really interesting to see their reimbursement structure to Consignors, which looks attractive in all honesty.

My initial surprise in PWCC changing to a 20% BP was not out of resistance to that idea generically -- I think most of us on the board see the huge value that the traditional AH's bring to the table.

Mostly, I found it striking that PWCC -- who painted themselves as ever the innovators in the hobby -- are now taking a very conventional, cookie-cutter approach to their business. And that's at a time when they presumably have a lot to lose in terms of their relevance in the hobby.

They're doing what a dozen others AH's have already been doing for decades, at a time when their fall from Ebay really would have befitted them taking a more aggressive approach to retain the momentum and interest they'd built up via Ebay over the years. Instead, I'd say others have stepped in to fill the void. The excitement around REA's auctions amongst the PreWar collectors groups that I'm in very much feels like the heyday of PWCC on Ebay now, for example.
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Bingo. They have relegated themselves to an afterthought. I have attempted to bid on the new site. I find it clunky and cumbersome. As big as they were, you would have thought they would have invested in a kick ass auction site.

[Lorewalker]

Originally Posted by Peter_Spaeth

Are they still charging consignors or have they just shifted to an AH model of making their cut from the BP? Either way I don't see why it's a deterrent, just bid 20 percent less, in theory everyone else should be doing the same.

Remember the last time you discussed this? LOL. Anyway, there are some who play by those rules and others who just want to win and really do not care or even realize they are overpaying. Assuming they are not being run up, they may not in fact even be overpaying just because they paid more and could pay more. The present market is not measured by 20% vigs and sales tax for many who just showed up to the party.

[Peter_Spaeth]

Originally Posted by Lorewalker

Remember the last time you discussed this? LOL. Anyway, there are some who play by those rules and others who just want to win and really do not care or even realize they are overpaying. Assuming they are not being run up, they may not in fact even be overpaying just because they paid more and could pay more. The present market is not measured by 20% vigs and sales tax for many who just showed up to the party.

Then those guys are going to win under any system. You can't beat a price-indifferent bidder in any circumstance.

[Lorewalker]

Originally Posted by Peter_Spaeth

Then those guys are going to win under any system. You can't beat a price-indifferent bidder in any circumstance.

Well it is not every auction and every lot but there is much more of that happening today, I think. Was not saying you were wrong at all. Just saying the rules are not applying across the board any longer.

[Peter_Spaeth]

Originally Posted by Lorewalker

Well it is not every auction and every lot but there is much more of that happening today, I think. Was not saying you were wrong at all. Just saying the rules are not applying across the board any longer.

Chase, you may be right, but even so what's the worst that happens if you bid x/1.2? You lose, so what? Not a reason not to bid. The outrage people constantly express about BPs just seems completely misplaced. As though they're being forced to pay more.

[bounce]

Originally Posted by Peter_Spaeth

Are they still charging consignors or have they just shifted to an AH model of making their cut from the BP? Either way I don't see why it's a deterrent, just bid 20 percent less, in theory everyone else should be doing the same.

As with a lot of things, they made this complicated. As easily as I can describe it, the 20% buyers premium they charge is "shared" with the consignor, depending upon the ending bid amount.

[icurnmedic]

Different take than most here.
I purchase cards weekly from them. Low end Items that I consider a "steal", for $10-$20.
As far as their platform, I think its good.
Sure makes bidding easy for me as I can bid on up to 96 items at once.

FWIW, been dealing with them for years with absolutely no issues... not one.

That being said , I did pull all of my higher end stuff out of the vault.
Now in a Safety Deposit Box and insured w/ collect insure.
Thomas

[Republicaninmass]

Frankly I dont care what steals may be had. I prefer to do business elsewhere

[BobbyStrawberry]

I have found their offerings to be so unimpressive that I don't even look at their listings anymore. It doesn't help that the website is horrendous.

[t206fanatic]

Originally Posted by Republicaninmass

Frankly I dont care what steals may be had. I prefer to do business elsewhere

that sentiment is probably why there's still steals