Goldin Increasing Buyer's Premium

[JollyElm]

There is a set of cards I regularly search for on eBay, and over time my list of 'exclusions' in the search bar has now grown to this (in order to JUST see the cards I'm actually searching for):

-(dean, sheffield, calender, amberstone, usaf, losers, pottery, nasa, china, buick, saucer, rosemary, rainbow, caron, granada, baby, mclaughlin, relish, salt, billy jack, steel, license plate)

[x2drich2000]

Personally I don't care what the BP is, I'll bid what I want factoring in the BP to the total cost. My issue with Goldin, besides the search functions, is the request for banking information before being able to put in bids totalling over $10k. I'm not a high roller by any stretch, but I know my limits and if I have to come back multiple times waiting to be outbid to put in placeholder bids, forget it. In today's market $10k in bids is not that much but there's no way I'm giving Goldin any of my personal financial info in order to bid. I know there are others like me as well on this subject.

[Exhibitman]

Originally Posted by x2drich2000

Personally I don't care what the BP is, I'll bid what I want factoring in the BP to the total cost.

It isn't about the bidders--they are irrelevant--it is about setting a higher baseline for Goldin's share of consignors' money.

[Mrc32]

Originally Posted by x2drich2000

Personally I don't care what the BP is, I'll bid what I want factoring in the BP to the total cost. My issue with Goldin, besides the search functions, is the request for banking information before being able to put in bids totalling over $10k. I'm not a high roller by any stretch, but I know my limits and if I have to come back multiple times waiting to be outbid to put in placeholder bids, forget it. In today's market $10k in bids is not that much but there's no way I'm giving Goldin any of my personal financial info in order to bid. I know there are others like me as well on this subject.

I didn't find it to be that big of a deal. I did it. Take a bank statement that has some larger account on it. BLACK out any personal information like account numbers, address etc and send it in. I thought it was dumb, but also not that big of deal in the grand scheme of things.

I can see why they want it. I'm sure it is a way for them to avoid people just shilling up big money cards and then not paying. Limit the buyer pool to people that can pay. You can't just walk off the street at Christie's and bid $100,000 on a work of art. You have to be qualified.

[Peter_Spaeth]

Originally Posted by Mrc32

I didn't find it to be that big of a deal. I did it. Take a bank statement that has some larger account on it. BLACK out any personal information like account numbers, address etc and send it in. I thought it was dumb, but also not that big of deal in the grand scheme of things.

I can see why they want it. I'm sure it is a way for them to avoid people just shilling up big money cards and then not paying. Limit the buyer pool to people that can pay. You can't just walk off the street at Christie's and bid $100,000 on a work of art. You have to be qualified.

Does any other AH ask for a bank statement?

[Snowman]

I did a web traffic search today and was somewhat surprised to learn that PWCC has more than double Goldin's monthly traffic. Which leads me to wonder how much they may have *actually* been acquired for? (I maintain that it was still for a significant sum despite their financial woes at the time). Estimates I've read for the CU acquisition of Goldin are around $200 million. I don't know if that's accurate at all, but if PWCC gets double Goldin's traffic, then they are almost certainly worth more than that.

[Rhotchkiss]

Originally Posted by Peter_Spaeth

Does any other AH ask for a bank statement?

Yes. Its very common. Not so much in cards, although some do. But you bet that many AHs selling historical and entertainment items require this, and I expect all card AHs will require proof of ability to pay over a certain minimal amount. And the should.

If I understand DJ's issue, it seems the issue here is that with Goldin, each bid placed is cumulative, so that you hit your $10k limit after placing a number of initial placeholder bids and do not have "capacity" until you are outbid and your aggregate bid amount goes below $10k. I do understand why this is the case -- $10k is $10k, whether one card or 100, but I also see why/how its annoying.

[mrreality68]

Originally Posted by Rhotchkiss

Yes. Its very common. Not so much in cards, although some do. But you bet that many AHs selling historical and entertainment items require this, and I expect all card AHs will require proof of ability to pay over a certain minimal amount. And the should.

If I understand DJ's issue, it seems the issue here is that with Goldin, each bid placed is cumulative, so that you hit your $10k limit after placing a number of initial placeholder bids and do not have "capacity" until you are outbid and your aggregate bid amount goes below $10k. I do understand why this is the case -- $10k is $10k, whether one card or 100, but I also see why/how its annoying.

+1 agree I have had several ask for my bank info for high bidding limits especially on higher end cards

[raulus]

Originally Posted by Peter_Spaeth

Does any other AH ask for a bank statement?

C’mon Peter…

We all know that you’re approved to bid on PWCC’s premier auctions. And that requires a thorough financial exam prior to approval.

[Yoda]

After my little kerfuffle with PWCC, I am now allowed to bid in their weekly auctions. But, as already said, to bid in their Premier Auction I must produce financial condition proof, eg. bank statement, brokerage account, 401 account, etc. Screw that.

[RCMcKenzie]

I am really getting old. I could barely bring myself to click 'bid' on a $32 card last night. They don't need to worry about me bidding over 10k on a baseball card.

There's a big story about the A's only spending $90 on Cabrera's parting gift. I still think a $90 bottle of wine is a fancy gift.

[Rhotchkiss]

Originally Posted by Yoda

After my little kerfuffle with PWCC, I am now allowed to bid in their weekly auctions. But, as already said, to bid in their Premier Auction I must produce financial condition proof, eg. bank statement, brokerage account, 401 account, etc. Screw that.

I don’t understand the disdain over an auction house making new customers prove their financial wherewithal to bid in an auction. If a bidder doesn’t pay, it’s a real pain for the AH and the consignor gets screwed. Plus, I think it’s pretty standard business that if you are going to extend credit, which is pretty much what a legally binding bid is, you want to know the person to whom you are extending credit is creditworthy. You don’t have to give a social security number or any info other than a bank statement showing you have the financial wherewithal.

Also, remember the customer is the consignor, not the bidder, and the AH should take reasonable steps to protect the items they sell for their customers. Maybe if they weren’t dealing in other people’s stuff. But AH’s are selling other people’s stuff. As someone who has consigned to numerous auction houses, I would sure want to know that the high bidder on my stuff can and will pay.

Finally, I wonder whether this is more because Goldin or PWCC is requiring this info vs more loved AHs like REA or LOTG.

I don’t know, I don’t think it’s a big deal and a pretty good business practice to make sure bidders can afford to close before you allow them to bid on your customer’s stuff! Seems like a minor inconvenience for the ability to bid

[Peter_Spaeth]

Originally Posted by raulus

C’mon Peter…

We all know that you’re approved to bid on PWCC’s premier auctions. And that requires a thorough financial exam prior to approval.

Never signed up. What have I missed?

[raulus]

Originally Posted by Peter_Spaeth

Never signed up. What have I missed?

I mean...you could've been the proud owner of this authentically altered yet highly graded piece!

[Mrc32]

Originally Posted by Peter_Spaeth

Does any other AH ask for a bank statement?

Yes. I've been asked for it from Memory Lane / and one other