Heritage Buyers Premium

[Aquarian Sports Cards]

Pretty sure I've posted it before but it was Sotheby's and Christie's that started BP in the art world for exactly the reason Adam posits. Basically it let them tell consignors "Hey we're charging you less" even though we know the reality. Unfortunately once an entire industry adopts a practice it's hard to fight that. If I went to my clients and said we don't charge BP but we charge a higher commission I don't think I could talk fast enough to make that work.

[jayshum]

Originally Posted by Exhibitman

Since the commission and the buyer’s premium both are paid to the auctioneer from the proceeds of the sale, they are functionally the same, so why have BP? Why not just take the 22% from the overall gross proceeds? If you’ve read my columns for a while you know my answer: it is a jazz hands misdirect. Labeling it a “buyer’s premium” tends to suggest that it is not a "commission" and that the buyer pays the “buyer’s premium”. That’s a bullshit framing, but a significant percentage of the public falls for it.

Originally Posted by Aquarian Sports Cards

Pretty sure I've posted it before but it was Sotheby's and Christie's that started BP in the art world for exactly the reason Adam posits. Basically it let them tell consignors "Hey we're charging you less" even though we know the reality. Unfortunately once an entire industry adopts a practice it's hard to fight that. If I went to my clients and said we don't charge BP but we charge a higher commission I don't think I could talk fast enough to make that work.

Kevin Savage Auctions has no buyers premium added onto final bids. I have never looked into consigning with them so I don't know what their consignment fees are, but they have to be getting paid by someone to stay in business.

[sb1]

Originally Posted by jayshum

Kevin Savage Auctions has no buyers premium added onto final bids. I have never looked into consigning with them so I don't know what their consignment fees are, but they have to be getting paid by someone to stay in business.

Most or all of the material that they offer is owned by them...

[Aquarian Sports Cards]

Originally Posted by jayshum

Kevin Savage Auctions has no buyers premium added onto final bids. I have never looked into consigning with them so I don't know what their consignment fees are, but they have to be getting paid by someone to stay in business.

Kevin Savage is largely not a consignment model. They are the owners of the vast majority of the cards they sell. Nothing wrong with that, but it's not an apples to apples comparison.

EDIT. Should have read Scott's reply before I posted.

[jayshum]

Originally Posted by sb1

Most or all of the material that they offer is owned by them...

Originally Posted by Aquarian Sports Cards

Kevin Savage is largely not a consignment model. They are the owners of the vast majority of the cards they sell. Nothing wrong with that, but it's not an apples to apples comparison.

EDIT. Should have read Scott's reply before I posted.

Good to know. I was not aware of that.