Goldin Increasing Buyer's Premium

[raulus]

Originally Posted by Snapolit1

I have no axe to grind re: Goldin. They are a board advertiser, and I have bought from them many times. I will say that their auctions, at least on the vintage side, have gotten real thin of late. Some of the weekly auctions are super unimpressive.

Everyone who rushed to weekly and monthly auctions should go back to 3 or 4 a year. Market has been changed and not for the better. It's relentless and waters down your product.

Some have posited that these weekly auctions are a natural result of the decline of eBay due to the newly lowered threshold for 1099s on that platform. I suspect that the weekly auctions have their place in this brave new world, although agree that most of the weeklies tend to be full of vast mountains of bargain bin items, which can be difficult to feel any desire to attempt to keep up with. Particularly because it’s usually not as simple as just setting an eBay search alert for when something on your wish list comes along.

[Peter_Spaeth]

Originally Posted by raulus

Some have posited that these weekly auctions are a natural result of the decline of eBay due to the newly lowered threshold for 1099s on that platform. I suspect that the weekly auctions have their place in this brave new world, although agree that most of the weeklies tend to be full of vast mountains of bargain bin items, which can be difficult to feel any desire to attempt to keep up with. Particularly because it’s usually not as simple as just setting an eBay search alert for when something on your wish list comes along.

What an outrage having to pay taxes.

[raulus]

Originally Posted by Peter_Spaeth

What an outrage having to pay taxes.

HA.

I don't doubt that's part of it. Another part could just be the administrative side. I suspect most of us struggle to keep good records about every piece we have, and then report each of those individual sales and our gain/loss. Even if you only sell 1 piece each week, that's 52 sales to be tracking and reporting on your tax return. In some cases, your income might be little or nothing, so no real tax to be paid - just administrative stuff to navigate.

I'm guessing the average American feels like that entire exercise is one gigantic hassle that they'd prefer to avoid if they can. Plus not wanting to endure the administrative hassle it's a great excuse to feel better about yourself if it also happens to result in you paying less tax.

[D. Bergin]

I believe Goldin issues a 1099 form, so no getting around that with them.

[Leon]

Originally Posted by D. Bergin

I believe Goldin issues a 1099 form, so no getting around that with them.

They don't send 1099s, as of now, but anything can change in the future.
.

[Rich Klein]

FYI: Mr. Goldin monitors this board very actively so rest assured he is digesting what is being posted

Rich

[D. Bergin]

Originally Posted by Leon

They don't send 1099s, as of now, but anything can change in the future.
.

I assumed they did, because when I sold a few things through there from the vault, they deducted a big percentage of it for "withholding", until I provided my tax information to them.

[Mrc32]

I enjoyed Goldin's auctions in the past. I've won many times at reasonable price and I've had customer support issues that were dealt with quickly and professionally.

That said their auctions have gone way down hill as of late. I don't even look at the weekly auctions anymore because it is filled with 2000's base cards graded PSA 7. Also its not very easy to sort out 4000 listings a week.

I really enjoyed the monthly auctions from Goldin - much more so than these weekly things - which i think are born from the deal with PSA where you can send your cards to grade and then send them directly to goldin to be auctioned.

It has caused a whole lot of riff raff to be listed and lessened the offerings.

[Leon]

Originally Posted by D. Bergin

I assumed they did, because when I sold a few things through there from the vault, they deducted a big percentage of it for "withholding", until I provided my tax information to them.

My understanding is the Vault is a different animal than their regular auctions.
.

[Peter_Spaeth]

Originally Posted by raulus

HA.

I don't doubt that's part of it. Another part could just be the administrative side. I suspect most of us struggle to keep good records about every piece we have, and then report each of those individual sales and our gain/loss. Even if you only sell 1 piece each week, that's 52 sales to be tracking and reporting on your tax return. In some cases, your income might be little or nothing, so no real tax to be paid - just administrative stuff to navigate.

I'm guessing the average American feels like that entire exercise is one gigantic hassle that they'd prefer to avoid if they can. Plus not wanting to endure the administrative hassle it's a great excuse to feel better about yourself if it also happens to result in you paying less tax.

I suspect most people don't pay taxes unless they know they could get caught by a paper trail.