PWCC Boggles the Mind. New Auctions

[Mjpadilla84]

It’s not a flat 20% commission, it adjusts depending on the sale price. It seems fair to me

[Mjpadilla84]

The buyer premium of 20% is irrelevant, you still bid on what you think the card is worth keeping in mind the extra 20%. This is standard for pretty much all auctions

[Exhibitman]

Well, I hear they slash their, er, commissions...

[chadeast]

The issue that many have with the BP, I would guess, is that auction house hopes that you don't factor it in when you're in the midst of bidding, since it is invisible during the auction. I give Lee a lot of credit for showing the total bid with BP at Sterling. Many auction houses don't do this, though they very easily could. Ask yourself why they don't. It's in the hope that bidders feel like they're paying less in the moment (or perhaps are new and don't know about the 20% BP yet), thus hopefully resulting in higher closing prices. It could be argued that it costs even the winners who are fully aware of the BP, if they are bidding against someone who is either not aware of it or is aware but still influenced in the moment by the 'lower' price (without BP) being displayed.

[icurnmedic]

Originally Posted by chadeast

I give Lee a lot of credit for showing the total bid with BP at Sterling. .

Agree 100%

[Kidnapped18]

Originally Posted by chadeast

The issue that many have with the BP, I would guess, is that auction house hopes that you don't factor it in when you're in the midst of bidding, since it is invisible during the auction. I give Lee a lot of credit for showing the total bid with BP at Sterling. Many auction houses don't do this, though they very easily could. Ask yourself why they don't. It's in the hope that bidders feel like they're paying less in the moment (or perhaps are new and don't know about the 20% BP yet), thus hopefully resulting in higher closing prices. It could be argued that it costs even the winners who are fully aware of the BP, if they are bidding against someone who is either not aware of it or is aware but still influenced in the moment by the 'lower' price (without BP) being displayed.

+1

[Yoda]

Originally Posted by Mjpadilla84

The buyer premium of 20% is irrelevant, you still bid on what you think the card is worth keeping in mind the extra 20%. This is standard for pretty much all auctions

I agree, but in the frenzy of an auction closing with extended bidding and passions running high, it is hard, in the heat of the moment, to be rational and factor in that 20% into your total acquisition budget.
Like the famous Mark Twain quote, "An erection has no conscience." Cards do provoke animal instincts.

[rugbymarine]

Originally Posted by Yoda

I agree, but in the frenzy of an auction closing with extended bidding and passions running high, it is hard, in the heat of the moment, to be rational and factor in that 20% into your total acquisition budget.
Like the famous Mark Twain quote, "An erection has no conscience." Cards do provoke animal instincts.

I have found myself getting wrapped up into this frenzy at the end of an auction.