PWCC Boggles the Mind. New Auctions

Snapolit1 · #1 12-23-2021, 05:01 PM

I've glanced at PWCC 3 or 4 times since this summer. Not registered with them and just wanted to see what vintage they were rolling out. Massively unimpressed. I'll stick to LOTG, Heritage, Brockelman, Collectors Connection, Huggins & Scott, Hunts, Hakes for memorabilia, and a few others.

Peter_Spaeth · #2 12-23-2021, 05:18 PM

Quote:

Originally Posted by Snapolit1

I've glanced at PWCC 3 or 4 times since this summer. Not registered with them and just wanted to see what vintage they were rolling out. Massively unimpressed. I'll stick to LOTG, Heritage, Brockelman, Collectors Connection, Huggins & Scott, Hunts, Hakes for memorabilia, and a few others.

One wonders how many people did the same. A fair number, I suspect. How it impacts them in the long run, we'll see. Brent may have bigger problems still, although it's sure been a long time in the works.

RCMcKenzie · #3 12-23-2021, 05:36 PM

I looked and surfed away when I saw a Luca Doncic for $780,000, which is not really on my want-list. Maybe if he was a little bit better player.

On the vig. You factor in 30% for tax and commission. With all the debate, I realize that I'm often the underbidder because the winner doesn't know how much they are paying for the card. Happy Holidays, gang.

Eric72 · #4 12-23-2021, 06:15 PM

Quote:

Originally Posted by RCMcKenzie

...I realize that I'm often the underbidder because the winner doesn't know how much they are paying for the card...

I've been there quite often.

This may be the reason for buyers' angst over the BP. They feel as though their high bid didn't win because somebody paid the "didn't read" tax.

Peter_Spaeth · #5 12-23-2021, 06:21 PM

Quote:

Originally Posted by Eric72

I've been there quite often.

This may be the reason for buyers' angst over the BP. They feel as though their high bid didn't win because somebody paid the "didn't read" tax.

Far more likely, you lost to someone who wanted it more than you did.

Brian Van Horn · #6 12-23-2021, 06:29 PM

So, I'll charge PWCC 20% of my bid.

Eric72 · #7 12-23-2021, 06:38 PM

Quote:

Originally Posted by Peter_Spaeth

Far more likely, you lost to someone who wanted it more than you did.

Fair enough. I'm not one of the angry buyers to whom I referred in my post, though. I just tried to figure out the psychology.

The BP (and sales tax, shipping, insurance, etc) is something I take into account when bidding at an auction. My estimates are fairly accurate and I enter everything in Excel before extended bidding starts. That way, I can adjust on the fly.

Am I willing to pay X? I'll enter that number in the appropriate cell and it will recalculate my max bid.

The next bid increment is Z? I'll enter that number in the appropriate cell and it will recalculate all-in cost.

I think there are bidders who don't think things through. They'll have an "oh, $#!t" moment later, followed by a dash of buyer's remorse.

cgjackson222 · #8 12-23-2021, 07:03 PM

While a lot of Auction Houses do charge the 20% BP, there is some variability. Some charge as little as 12.5%. Again, all bids should in theory be equal regardless of BP as bidders take into account differing BP amounts and adjust accordingly, but imperfect information leads to market failures to use lame economics jargon.

There is also variability in sales tax.

As member SAllen2556 mentioned in the "Ethical Concerns Regarding Heritage?" thread, there are no governing body/standards for the sports card industry. To combine threads, my Festivus -- Airing of Grievances would be for some standardization. Would be great if ALL auction houses showed the sum total of your bid including the Buyer's Premium. I am only aware of two that show the total including BP--Heritage and Sterling.

jayshum · #9 12-24-2021, 07:51 AM

Quote:

Originally Posted by Eric72

Fair enough. I'm not one of the angry buyers to whom I referred in my post, though. I just tried to figure out the psychology.

The BP (and sales tax, shipping, insurance, etc) is something I take into account when bidding at an auction. My estimates are fairly accurate and I enter everything in Excel before extended bidding starts. That way, I can adjust on the fly.

Am I willing to pay X? I'll enter that number in the appropriate cell and it will recalculate my max bid.

The next bid increment is Z? I'll enter that number in the appropriate cell and it will recalculate all-in cost.

I think there are bidders who don't think things through. They'll have an "oh, $#!t" moment later, followed by a dash of buyer's remorse.

I do basically the same thing in Excel so I can tell what final cost my bid will ultimately translate into including bp and tax. All the AHs include what their bp is in their auction rules so it's easy to find even if they don't show it when you place a bid. What isn't easy to know is how much shipping will cost. A few AHs have set prices for shipping based on the total invoice which makes it easy. However, most don't so it can sometimes be a surprise to see how much shipping is added onto a fairly low-priced card.

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