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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: bruce Dorskind
Sotheby's increases buyers fee |
#2
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: Joseph
I hope I don't live long enough to see the 100% buyers fee |
#3
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: JimB
I don't understand why the Auction companies keep shifting these illusory numbers or why bidders and consigners get so up in arms about it. Don't all sides do the math and figure out the bottom line before they bid/consign to/take consignments. Why can't it just be straightforward? No BP. Consignment fee is x %. The auction houses seem to be trying to pull a fast one on the lazy and the math-challenged. Lucking that is not me. |
#4
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: JimB
P.S. I don't know this is supposed to go into affect, but I got my copy of the latest SCP/Sotheby's catalog today and the BP for the upcoming auction is a straight 20%. |
#5
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: barrysloate
I too read some time ago about the 25% buyer's premium, but their current sports catalog does say 20%. Not sure I understand why. |
#6
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: Max Weder
It will be interesting to see how Christies responds. |
#7
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: MVSNYC
thats' so ridiculous... |
#8
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: Jeff Lichtman
Is it online yet? |
#9
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: JimB
Not online yet. Bidding begins next Tuesday. |
#10
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: barrysloate
Those two large T206 lots with printing errors look very intriguing! |
#11
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: MVSNYC
barry- |
#12
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: boxingcardman
With all the competition out there, we tend to forget that if you have a really great item to sell, you can not only demand a 0% commission, you can go after a piece of the BP too. |
#13
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: peter chao
Adam, |
#14
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: MVSNYC
peter- it is realistic, i have spoken to a few of top auction houses in the past inquiring about consigning "great" pieces, not planks, or super rare cards, and i was able to get a 0% commission...if it's a great piece and they want it in their auction, you have room to negotiate... |
#15
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: barrysloate
Michael- nothing gets missed in a sale with that much publicity. |
#16
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: MVSNYC
i know, just kidding barry... |
#17
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: barrysloate
August 31st. |
#18
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: MVSNYC
looking forward to it...sounded like you will have some amazing stuff! |
#19
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: Alan
If I had something that amazing to consign to Barry, I wonder what consignment fee he would charge me ? |
#20
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: leon
Maybe with so many sellers getting 0% sellers fee Sotheby's felt they had to do it. I wonder if other auction houses will follow suit, and if so, will they lose business? |
#21
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: barrysloate
Everything is negotiable, depending on the quality of the consignment. But an auction house still has to make money, they can't work for nothing. |
#22
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: Tom Boblitt
the elusive zero or negative selling commission BUT........do you think a reduced BUYING commission exists? That is, a guy spends $100K an auction. Is that kind of power enough to negotiate to 10% or 15% on the buy side? Or is that just not possible............ |
#23
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: barrysloate
I can't speak for others, but I couldn't give a discount on the buyer's side. In that case, I would make more money from the underbidder, and that makes no sense. |
#24
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: leon
That is the most beautiful avatar I have ever seen. You are glowing . As for your question.....I just don't think so. Like Barry says...they have to make money to stay in business. I don't know where it stops though (BP)? |
#25
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: JimB
You can't have differ BPs. That would make it an unfair auction for competing bidders. You could win with a $150 final payment (bid + BP) even though my bid plus BP is $160. Doesn't work. |
#26
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: Corey R. Shanus
In the good ol' days of the Copeland auction (at Sothebys), wasn't the buyers premium 10%? |
#27
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: MVSNYC
yes, i just checked my copeland catalog...it was only a 10% BP...that was 1991 |
#28
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: Tom Boblitt
yesterday.......... |
#29
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: boxingcardman
Maybe a better model for the industry would be a BP-only model. Offer no commission consignments and charge the buyers for the services via the BP. I think one or two of the houses already do this and I have to say, it is an attractive model to me simply because I get what's bid, period. |
#30
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: barrysloate
Adam- as a consignor which would you rather have: |
#31
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: Max Weder
In the case of 0% consignor fee, 25% buyer's, the consignor gets $10,000; the auction house gets $2500 on a final price all in of $12,500. |
#32
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: Jim VB
Gee Barry, you left out the current, most popular option which is 20% from the seller AND 20% from the buyer! |
#33
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: barrysloate
The auction business seems to work a little differently than real estate and some of the others. Real estate now has competition from "no fee" apartment listings and sellers who demand that realtors cut their 6% fee in half. I think it is difficult for them. |
#34
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: boxingcardman
The auction houses presently demand 20/20. Maybe on an average lot with a repeat consignor you can get them down to 10/20. Taking 10/20 as the figure, if the card sells for $10,000, I get $9,000 and the house gets $3,000 ($10,000 + 20% + 10%). 5/20 isn't realistic as an example, but let's say I got that on a $10,000 sale. By my calculations I net $9,500 and the auctioneer gets $2,500. If the commission is 0% and the BP is 25% I get $10,000 and the auctioneer gets $2,500. The real issue isn't how much is taken (the numbers are the same), it is how it is allocated. Under a no commission, higher BP scenario, the buyer eats the other $500. |
#35
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: barrysloate
One thing I agree with is a tiny increase in BP- for example, when they first jumped from 15% to 17.5%- was irrelevant in terms of how people bid, because there was no intermediate increment they could go to. So while the bidding was unchanged the auction house found a great way to add 2.5% to the coffer. That is no small amount in a $5-10 million sale. |
#36
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: MVSNYC
it is definitely a huge turn-off to see auction houses raising their BP's to ridiculous amounts (as we pointed out eariler in the thread, Sotheby's used to be 10%, now is up to 25%)... |
#37
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The High Cost of Auctions-- Sotheby's increases buyers fee!
Posted By: Jason L
It is weird, isn't it (maybe even, dare I say, perverse!) that the percentage take that the auctioneers are getting has gone up so much (2x to 2.5x) since 1991, while the following things have happened: |
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