Goldin Increasing Buyer's Premium

[glchen]

I am not really too bothered by the increase in BP since you can always factor that into your bidding. However, I am fairly annoyed that Goldin needs to receive your payment within 6 days of their auction ending or that they will hit you with an additional 3% late fee. If you send payment through snail mail the next day, there's a good chance that it won't even arrive in 6 days. This was for Goldin's recent Elite 200 auction that ended on Sept 13th, and the invoices came late that night. The due date was set at Sept 20th. To be fair to Goldin, I did call their office to discuss this, and they said that they could withdraw the late fee if I needed more time. The other thing I complained to them about was that their shipping/insurance fee of 0.9% of purchase price +$19 ended up being nearly 3 times the shipping price of my Memory Lane winnings for a comparable amount, which I thought was significantly too high. They said they could not do anything about that, however.

[Orioles1954]

I buy records from an English auction house and their BP is 25% or 28%+ for those that get charged VAT.

[Exhibitman]

Originally Posted by glchen

\. The other thing I complained to them about was that their shipping/insurance fee of 0.9% of purchase price +$19 ended up being nearly 3 times the shipping price of my Memory Lane winnings for a comparable amount, which I thought was significantly too high. They said they could not do anything about that, however.

One of the things I absolutely love about dealing with REA is this:

This standardized fee schedule is $10 per invoice valued at less than $500;
$15 per invoice valued between $500 and $999;
$20 per invoice valued between $1,000 and $2,499;
$25 per invoice valued between $2,500 and $4,999;
$35 per invoice valued between $5,000 and $9,999;
$40 per invoice valued between $10,000 and $19,999;
$50 per invoice valued between $20,000 and $49,999;
$75 per invoice valued between $50,000 and $74,999;
$85 per invoice valued between $75,000 and $99,999;
$100 per invoice valued between $100,000 and $249,999; and
$150 per invoice valued at greater than $250,000.

My first (last?) Goldin invoice was nearly 2x with shipping.

[puckpaul]

Having recently moved and selling some art and furniture through heritage and others, the other categories at auction are all way higher, 25-30% and they charge moving and handling fees. I didnt have enough dollars to negotiate much, though I did get the sellers fee eliminated at one place when i complained vigorously that it was ridiculous on TOP of the 27% buyers premium from my high end sports auction experience.

[oldjudge]

I agree with what others have said that it is just an auction house trying to get a larger piece of the pie from the consignor. Smart consignors will stipulate in their consignment contract the amount of points from the BP that the AUCTION HOUSE gets, not the amount that they get. That way if they were getting 7% out of 20% they would get 9% out of 22%.

[glchen]

Originally Posted by Exhibitman

One of the things I absolutely love about dealing with REA is this:

This standardized fee schedule is $10 per invoice valued at less than $500;
$15 per invoice valued between $500 and $999;
$20 per invoice valued between $1,000 and $2,499;
$25 per invoice valued between $2,500 and $4,999;
$35 per invoice valued between $5,000 and $9,999;
$40 per invoice valued between $10,000 and $19,999;
$50 per invoice valued between $20,000 and $49,999;
$75 per invoice valued between $50,000 and $74,999;
$85 per invoice valued between $75,000 and $99,999;
$100 per invoice valued between $100,000 and $249,999; and
$150 per invoice valued at greater than $250,000.

My first (last?) Goldin invoice was nearly 2x with shipping.

Yes, REA always has very reasonable shipping fees. Memory Lane is similar:

• Invoice price Zero - $500.00 = $15.00 shipping
• Invoice price $501.00 - $2,000.00 = $25.00 shipping
• Invoice price $2,001.00 - $5,000.00 = $35.00 shipping
• Invoice price $5,001.00 - $10,000.00 = $50.00 shipping
• Invoice price $10,001.00 - $15,000.00 = $100.00 shipping
• Invoice price $15,001.00 - $50,000.00 = $125.00 shipping
• Invoice price $50,001.00 and above $150.00 shipping

Christies is still the worst when it comes to shipping fees, however. I remember I won a single 8x10 photo from them, which cost ~$1400 after BP, and the shipping charge was $140, which was basically 10% of my purchase price. Granted, they did ship my photo to me very securely as if I won a Picasso painting. Christies also had a 25% BP.

I tried to argue with Goldin that their sister company PSA has much more reasonable shipping fees as follows (for 1-8 items):

$1 -$1,000: $19
$1,001 - $5,000: $34.00
$5,001 - $15,000: $42.00
$15,001 -$25,000: $49.00
$25,001 - $50,000: $61.00
$50,001 -$75,000: $69.00
$75,001 -$100,000: $84.00
$100,001 -$150,000: $125.00
$150,001 - $200,000: $136.00

That argument got nowhere. I really wonder if Goldin is trying to make the shipping fees so high in order to convince folks to just send their winnings to the Goldin vault so that they will consign to Goldin when they want to sell.

[oldjudge]

With the new higher fees would someone please explain to me why anyone would consign to Goldin rather than REA, HA, LOTG, Memory Lane or a lot of other auction houses. This is a legitimate question. I just don't see why this will net them more money. I would think that this would cost them consignors and they will actually net less. Do they have bidders that others don't? Do they have a better platform than others? Thanks for any input.

[Exhibitman]

Originally Posted by oldjudge

With the new higher fees would someone please explain to me why anyone would consign to Goldin rather than REA, HA, LOTG, Memory Lane or a lot of other auction houses. This is a legitimate question. I just don't see why this will net them more money. I would think that this would cost them consignors and they will actually net less. Do they have bidders that others don't? Do they have a better platform than others? Thanks for any input.

I think Gary nailed it: they are trying to force people into their vault/consignment network by offering a discount if you deliver your stuff into their clutches directly. If you sell immediately, great. If you store it there, the fees will be coming, so also great.

Their platform is...quirky.

[D. Bergin]

Originally Posted by oldjudge

With the new higher fees would someone please explain to me why anyone would consign to Goldin rather than REA, HA, LOTG, Memory Lane or a lot of other auction houses. This is a legitimate question. I just don't see why this will net them more money. I would think that this would cost them consignors and they will actually net less. Do they have bidders that others don't? Do they have a better platform than others? Thanks for any input.

One word.

"Netflix"


The casual collector, inheritees, and athletes who have accumulated lots of stuff but don't have a collectors mentality will go with the guy who flies around on private jets and gets world record prices (according to a television show they saw).

[brianp-beme]

Originally Posted by D. Bergin

One word.

"Netflix"


The casual collector, inheritees, and athletes who have accumulated lots of stuff but don't have a collectors mentality will go with the guy who flies around on private jets and gets world record prices (according to a television show they saw).

Unfortunately, ouchingly true. He is the updated version of Mr. Mint.


brianp(arker)-beme

[Exhibitman]

Originally Posted by brianp-beme

Unfortunately, ouchingly true. He is the updated version of Mr. Mint.


brianp(arker)-beme

Without the personality, but he does have a bigger variety of greasy sidekicks.

[1952boyntoncollector]

always comes down to what the sales are...really doesnt matter all the speculation...maybe they use some of that extra money to advertise or harass people on the phone to check out their auctions more..

[CrazyCow]

I personally think that everything has become worse over at Goldin, in the past I could negotiate and get at least 10% of the buyer's premium without any problems, today it is difficult to get anything at all.

I usually sell cards and tickets in the $5,000 - $70,000 range.

Today I have some auctions going, I managed to get a 110% deal on them but it's the last time I sell anything over at Goldin, I have decided to transfer my sales over to Probstein instead.


----------UPDATE!----------

I have to take my hat off as I was contacted by a representative from Goldin, they have listened to my concerns.

I have always had a good cooperation with Goldin in the past and after this conversation I feel that we are back on that track.

This proves also that Mr. Goldin cares about us slightly smaller players in the hobby, a big star to him and his staff and thanks again for taking the time to contact me, I appreciated it a lot!

[rjackson44]

Originally Posted by D. Bergin

One word.

"Netflix"


The casual collector, inheritees, and athletes who have accumulated lots of stuff but don't have a collectors mentality will go with the guy who flies around on private jets and gets world record prices (according to a television show they saw).

Hi dave as long as you my good friend does not charge me 22 percent i will always stick with you ..dave bergin rocks