Goldin Increasing Buyer's Premium

[brianp-beme]

Originally Posted by molenick

I hate to be a nitpicker, but as a Lit major in college, I am obligated to point out that Don Quixote's sidekick was Sancho Panza.

Just be thankful you are not one of those persnickety picknitters...those are the type of folks that are bound and determined to go tilting at windmills.

Brian

[MikeGarcia]

..

..

[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.
.

[jh691626]

My experience with Goldin has been fine.

I just consigned one small item to Goldin ($70 total), and it was a very smooth process.
I have purchased a couple of things from the weekly auctions; S&H is on the higher side but the items come quickly and without issue.

My biggest complaint overall is that when you are looking for specific items to complete a set, there are now SO MANY weekly auctions, monthly auctions, catalog auctions, platinum auctions, golden halo magical auctions, super-amazing auctions, encore-to-the-magical auctions, pink unicorn auctions, etc from each company that it is a full-time job just to search the auctions.

[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.

[BobbyStrawberry]

Originally Posted by jh691626

My biggest complaint overall is that when you are looking for specific items to complete a set, there are now SO MANY weekly auctions, monthly auctions, catalog auctions, platinum auctions, golden halo magical auctions, super-amazing auctions, encore-to-the-magical auctions, pink unicorn auctions, etc from each company that it is a full-time job just to search the auctions.

Yes, and it's not just Goldin. I won something from Heritage once and now I get constant emails about their weekly igneous rock auctions and whatever else...

[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

[raulus]

Originally Posted by Rhotchkiss

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

I concur with your thinking here. If I were the AH, I would want to know that buyers can pay. Hell, as a bidder, I want to know that the goons bidding against me aren't just yanking my chain with no ability or intention of actually paying.

I do think that the general disdain tends to be a function of other AHs in our space not requiring it. So when it is required, we get all hot and bothered. "Don't these people know what a big deal I am??!!!"

That and the means verification process itself tends to be rather uncomfortably personal. It's not common to have to share a bank statement with a vendor, and that can feel a bit invasive, particularly for a group that is trying to entice us to participate in their auctions.

Then again, most vendors require payment before they even serve us. So I suppose this works better than having to pre-submit our banking information or a credit card for an automatic charge if we win.

[RCMcKenzie]

Appleby's is worried that people will walk a meal. They might comment on your knock-off Izod shirt. Nice, high-end restaurants don't worry about it.

[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?

[Mark17]

Originally Posted by raulus

I concur with your thinking here. If I were the AH, I would want to know that buyers can pay. Hell, as a bidder, I want to know that the goons bidding against me aren't just yanking my chain with no ability or intention of actually paying.

When I've applied to bid with AHs, they've asked for references from other AHs. I assume they followed up. Since I could easily and painlessly supply a long list of well-known AHs I've bid with (and paid when I've won,) that was always enough.

I think having a history of paying for items won is a better reference than simply having dough in the bank. Not to mention, an image of a bank statement can easily be altered.

[RCMcKenzie]

Now I put REA and HA if they ask. A long time ago, when Lew Lipset used to sell on ebay, I bought a few cards from him on there, I would write his name down as a reference. I wonder if they ever called him to ask who I was?

[Peter_Spaeth]

Originally Posted by Mark17

When I've applied to bid with AHs, they've asked for references from other AHs. I assume they followed up. Since I could easily and painlessly supply a long list of well-known AHs I've bid with (and paid when I've won,) that was always enough.

I think having a history of paying for items won is a better reference than simply having dough in the bank. Not to mention, an image of a bank statement can easily be altered.

Same experience and same thought here. And most AHs apparently agree.

[Snapolit1]

Originally Posted by Peter_Spaeth

Same experience and same thought here. And most AHs apparently agree.

To cut to the chase, no effin way am I give Goldin or anyone else my banking information.

You want my banking statement? Sure, after you give me your banking statement.

[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!

[Peter_Spaeth]

LOL. What's that line about lying down with dogs?

[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

[glchen]

Originally Posted by Snapolit1

To cut to the chase, no effin way am I give Goldin or anyone else my banking information.

You want my banking statement? Sure, after you give me your banking statement.

I never had to show Goldin any bank statements to get my credit limit increased. I only needed to send them invoices from other auction houses for similar amounts that I wanted to my credit limit increased to. The only places that I've had to show bank statements to get additional credit were PWCC and Grey Flannel.

[Tabe]

Originally Posted by RCMcKenzie

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.

Cheap gift - and Cabrera is an alcoholic.

[RCMcKenzie]

Originally Posted by Tabe

Cheap gift - and Cabrera is an alcoholic.

He didn't play for them. It's a symbolic gesture. I would understand if the Tigers dfa'd him and gave him a bottle of wine. For all they know he's a diabetic, and shouldn't give him a cake, they don't know him.

Maybe it could have been a more thoughtful gift, like this Nieman signed litho I bought all in for $82 on HA. Eck is there like a Sancho Panza.



On the 22%, it's okay as a buyer, I guess.

[Tabe]

Originally Posted by RCMcKenzie

He didn't play for them. It's a symbolic gesture. I would understand if the Tigers dfa'd him and gave him a bottle of wine. For all they know he's a diabetic, and shouldn't give him a cake, they don't know him.

EVERYONE in baseball knows that Cabrera is an alcoholic. He's been in treatment, the Tigers famously had non-alcoholic champagne in the locker room, etc.

[Exhibitman]

Originally Posted by Tabe

EVERYONE in baseball knows that Cabrera is an alcoholic. He's been in treatment, the Tigers famously had non-alcoholic champagne in the locker room, etc.

Truly cringe-worthy gift.

[RCMcKenzie]

In April, the Astros gave him a bottle of wine, a bottle of champagne, and a cowboy hat. There are articles from the Spring that go on about how classy it was.

Sorry, OP, I can continue in the watercooler section on this topic if you guys want.

[Yoda]

Originally Posted by Rhotchkiss

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

My reaction to PWCC's request was more knee jerk than anything else. Pre-Fantastics, I bid, won and paid for items $10,000 or more from them multiple times, which their records should show, so I was a bit miffed when suddenly I had to prove financial well-being. Obviously, this is Fanatastics strengthening
internal controls and/or I must have really pissed off Brenda.
I generally only share my financial documents with my accountant and investment advisor. There are so many scammers, grifters and con artists out there who live only to obtain innocents' documents and use them for some nefarious purpose.
I can live with occasionally bidding in just their weekly auctions, which have improved, e.g. a beautiful '15 CJ Eddie Collins PSA6, which I won a couple of months ago.

[ejharrington]

The Golden search options should include an option to sort by title (like Heritage) so I don't have to scroll through 1000 modern cards to look for something I might have interest in.

[Snowman]

Originally Posted by Yoda

My reaction to PWCC's request was more knee jerk than anything else. Pre-Fantastics, I bid, won and paid for items $10,000 or more from them multiple times, which their records should show, so I was a bit miffed when suddenly I had to prove financial well-being. Obviously, this is Fanatastics strengthening
internal controls and/or I must have really pissed off Brenda.
I generally only share my financial documents with my accountant and investment advisor. There are so many scammers, grifters and con artists out there who live only to obtain innocents' documents and use them for some nefarious purpose.
I can live with occasionally bidding in just their weekly auctions, which have improved, e.g. a beautiful '15 CJ Eddie Collins PSA6, which I won a couple of months ago.

Can't you just black out any info you don't want them to see (like account numbers)?

[Yoda]

I suppose I could but just won't because of the way I feel.

[philo98]

Another thing with Goldin is they seem to extend their auctions, sometimes multiple times, with no warning. Sometimes 7-10 days before an auction ends a few days will be added and then possibly later on, another day or two added. Have only started to recently see this with them.

[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

[Snapolit1]

Originally Posted by philo98

Another thing with Goldin is they seem to extend their auctions, sometimes multiple times, with no warning. Sometimes 7-10 days before an auction ends a few days will be added and then possibly later on, another day or two added. Have only started to recently see this with them.

Yeah, that scenario chaps my ass big time. If someone looks at an auction and doesn’t like the amount of bidding activity …. So be it. Not a reason to continue an auction for more days. If you advertise an auction date stick to it.

[CardPadre]

Originally Posted by philo98

Another thing with Goldin is they seem to extend their auctions, sometimes multiple times, with no warning. Sometimes 7-10 days before an auction ends a few days will be added and then possibly later on, another day or two added. Have only started to recently see this with them.

Speak of the devil…

[Mark17]

Originally Posted by philo98

Another thing with Goldin is they seem to extend their auctions, sometimes multiple times, with no warning. Sometimes 7-10 days before an auction ends a few days will be added and then possibly later on, another day or two added. Have only started to recently see this with them.

I remember, with their old site, the several times they extended auctions because of technical issues. Now, they're extending auctions at will. I just received this in an email:

[philo98]

Originally Posted by Mark17

I remember, with their old site, the several times they extended auctions because of technical issues. Now, they're extending auctions at will. I just received this in an email:

Yes, thats one of them Im talking about. But that auction was originally scheduled to end on Wednesday, September 27th and then was moved to Saturday, September 30th, and then moved to October 1st. So, that movement from the 30th to the 1st is an error in their own making or maybe they just wanted to move the auction out of that whole week. Either way, these are things that should be known before starting an auction.

[Lucas00]

Anybody know what's going on with Goldins shipping times? I have a friend who's been waiting over two weeks for his win to ship, and I've been waiting nearly a week and a half for mine. That is unacceptable for a large auction house. I've never had it take longer than 3 days, and I've bought from many different AHs.

[CardPadre]

Originally Posted by Lucas00

Anybody know what's going on with Goldins shipping times? I have a friend who's been waiting over two weeks for his win to ship, and I've been waiting nearly a week and a half for mine. That is unacceptable for a large auction house. I've never had it take longer than 3 days, and I've bought from many different AHs.

I don't know the "what" of what is going on, but I've bought a few things over the last couple months and it has been about 13 calendar days post-auction (if payment is made right away) until a shipping label is created. I fully agree that's way too long to ship stuff that you already have in your possession.

[3-2-count]

Same here. Below is what I received after contacting them via email about the delay.

Thank you for reaching out to us. I apologize for the delay in your items being shipped to you, but I am happy to verify that your order is being processed and that the shipping label has been printed for your order. Our shipping team will be packing and preparing your order as soon as possible. The shipping team has experienced a delay in order processing due to an issue beyond their control. They are currently working overtime to correct these delays starting with the oldest orders. Your order should be shipping out within the next week and your tracking information will be confirmed in a separate correspondence and visible directly through your Goldin account. I appreciate your patience and understanding as we work through this. Please let me know if I can assist with anything further and I will be happy to help. I do hope you enjoy the rest of your day! Regards,

[brianp-beme]

Originally Posted by 3-2-count

Same here. Below is what I received after contacting them via email about the delay.

Thank you for reaching out to us. I apologize for the delay in your items being shipped to you, but I am happy to verify that your order is being processed and that the shipping label has been printed for your order. Our shipping team will be packing and preparing your order as soon as possible. The shipping team has experienced a delay in order processing due to an issue beyond their control. They are currently working overtime to correct these delays starting with the oldest orders. Your order should be shipping out within the next week and your tracking information will be confirmed in a separate correspondence and visible directly through your Goldin account. I appreciate your patience and understanding as we work through this. Please let me know if I can assist with anything further and I will be happy to help. I do hope you enjoy the rest of your day! Regards,

Sounds like that good for nuthin' Bobby, the Procurement Director, forgot to order the packing tape again.

Brian

[Swadewade51]

Originally Posted by 3-2-count

Same here. Below is what I received after contacting them via email about the delay.



Thank you for reaching out to us. I apologize for the delay in your items being shipped to you, but I am happy to verify that your order is being processed and that the shipping label has been printed for your order. Our shipping team will be packing and preparing your order as soon as possible. The shipping team has experienced a delay in order processing due to an issue beyond their control. They are currently working overtime to correct these delays starting with the oldest orders. Your order should be shipping out within the next week and your tracking information will be confirmed in a separate correspondence and visible directly through your Goldin account. I appreciate your patience and understanding as we work through this. Please let me know if I can assist with anything further and I will be happy to help. I do hope you enjoy the rest of your day! Regards,

I got that same exact response. Been waiting the same time Lucas has. First and last time on Goldin.

Sent from my SM-G970U using Tapatalk

[CardPadre]

Just got this email from Goldin about my winnings from 2 weeks ago. It's literally just 2 cards. Not only have they not shipped yet but now they are going to ship separately. Cannot even imagine why that would be necessary unless they can't find one of the cards right now, lol.

"William,

We're reaching out to update you on the delivery process for your winnings from our recent 2023 September Elite Auction. Your winnings will arrive in more than one package, and the packages may arrive several days apart. Once each package is shipped, you will receive an email from the shipping carrier with your tracking number.

Thank you for your continued trust in Goldin."

[bobbyw8469]

Originally Posted by CardPadre

Just got this email from Goldin about my winnings from 2 weeks ago. It's literally just 2 cards. Not only have they not shipped yet but now they are going to ship separately. Cannot even imagine why that would be necessary unless they can't find one of the cards right now, lol.

"William,

We're reaching out to update you on the delivery process for your winnings from our recent 2023 September Elite Auction. Your winnings will arrive in more than one package, and the packages may arrive several days apart. Once each package is shipped, you will receive an email from the shipping carrier with your tracking number.

Thank you for your continued trust in Goldin."

Bwahahahhahahha!! I don't trust Goldin as far as I can throw them!

[BobbyStrawberry]

Originally Posted by CardPadre

Just got this email from Goldin about my winnings from 2 weeks ago. It's literally just 2 cards. Not only have they not shipped yet but now they are going to ship separately. Cannot even imagine why that would be necessary unless they can't find one of the cards right now, lol.

"William,

We're reaching out to update you on the delivery process for your winnings from our recent 2023 September Elite Auction. Your winnings will arrive in more than one package, and the packages may arrive several days apart. Once each package is shipped, you will receive an email from the shipping carrier with your tracking number.

Thank you for your continued trust in Goldin."

That is completely ridiculous.

[sonnyu2]

Originally Posted by CardPadre

Just got this email from Goldin about my winnings from 2 weeks ago. It's literally just 2 cards. Not only have they not shipped yet but now they are going to ship separately. Cannot even imagine why that would be necessary unless they can't find one of the cards right now, lol.

"William,

We're reaching out to update you on the delivery process for your winnings from our recent 2023 September Elite Auction. Your winnings will arrive in more than one package, and the packages may arrive several days apart. Once each package is shipped, you will receive an email from the shipping carrier with your tracking number.

Thank you for your continued trust in Goldin."

Items are shipped from their warehouse as well as from the PSA Vault, so sometimes you get two different tracking #s for one order. And they might not all ship on the same day.

[CardPadre]

Originally Posted by sonnyu2

Items are shipped from their warehouse as well as from the PSA Vault, so sometimes you get two different tracking #s for one order. And they might not all ship on the same day.

Yeah, that could be an explanation. I'll see if I can tell a difference in the origin location when they do ship.


ETA: I guess that would mean that they don't even have one location they can ship from in a timely manner.

[brianp-beme]

All I can say is that good for nuthin' Bobby is in charge of supplies at BOTH locations, and the shipping department folks at each place are sitting around and twiddling their thumbs until that much delayed packing tape order arrives.

Brian