Heritage BP increasing 0

[tth2]

16 hours ago, HENRYSPENCER said:

It sounds like you got some favorable terms.  Perhaps you are underestimating the magnitude of your collection! One of their consignment directors told me over dinner at a convention negotiations for his division started around six figures.  I've never consigned anything with Heritage but have heard some horror stories such as promising uneducated sellers items will sell for $X and the item only selling for a fraction of the stated amount and refusing to take high dollar items without letting Heritage set the reserve.  I've never looked at the underwriting on one of their consignment forms to see exactly what it spells out. 

Clearly you were talking to someone that was not in Heritage's comics division, so I don't understand the relevance of bringing it up here.  The giveaway was the point about reserves, because when it comes to comics and comic art, Heritage will go out of its way to try to persuade you to NOT set a reserve, because they know it can kill interest.

[tth2]

17 hours ago, HENRYSPENCER said:

Because bid increments are independent of the buyers premium.  The BP is tacked on to the final hammer price at auctions end.  Knowing how Heritage computes their prices realized in their sold items archive might not appear so obvious because for every bid they lump BP in and show what you're going to pay in total, but in reality, you're paying BP on top of the final bid.  With the majority of the other auction houses there is a final bid, then they tack on a separate line item for the BP when you pay the final invoice.  Heritage does this differently.

EVERYBODY knows that the Heritage sale price reported in their archives, on GPA and other places includes the BP. 

You're still missing my point.  You as a bidder are totally able to control the gross amount of dollars you're willing to spend on an auction.  That amount doesn't change whether the BP is 19.5%, 20% or 50%.

If I'm willing to spend $1000 on a comic, then if the BP is 19.5%, I bid $836.  If the BP is 20%, I bid $833.  If the BP is 50%, I bid $666.  In no case do I spend more than the $1000 I want to spend.  And guess what, if I win at a gross amount of $1000, that's the BP-inclusive price that's reported by Heritage, whether the BP is 19.5%, 20% or 50%.  Nothing has changed, except the amount that I bid and the amount that the consignor receives. 

 

[entalmighty1]

5 hours ago, tth2 said:

EVERYBODY knows that the Heritage sale price reported in their archives, on GPA and other places includes the BP. 

You're still missing my point.  You as a bidder are totally able to control the gross amount of dollars you're willing to spend on an auction.  That amount doesn't change whether the BP is 19.5%, 20% or 50%.

If I'm willing to spend $1000 on a comic, then if the BP is 19.5%, I bid $836.  If the BP is 20%, I bid $833.  If the BP is 50%, I bid $666.  In no case do I spend more than the $1000 I want to spend.  And guess what, if I win at a gross amount of $1000, that's the BP-inclusive price that's reported by Heritage, whether the BP is 19.5%, 20% or 50%.  Nothing has changed, except the amount that I bid and the amount that the consignor receives. 

 

Wait, what?  This is too complicated!  Explain it like I'm 5.  

[DanCooper]

22 minutes ago, entalmighty1 said:

Wait, what?  This is too complicated!  Explain it like I'm 5.  

No matter what, you are still going to have to.....

[Sqeggs]

On 7/6/2018 at 3:48 AM, lou_fine said:

Boy, was I ever excited and jumping for joy when I saw your message here. 

Couldn't wait to contact Barry Sandoval only to be told that he was not available after they had asked me for my name.  Sharp as a needle, I decided to mention your name and presto, just like that..............Barry was all of a sudden available and I was patched right through to him.  Maybe I should think about changing my name or something. 

 

Barry wouldn't take a call from Lou Fine?!  And he calls himself a comic book guy! 

[lou_fine]

On 7/8/2018 at 6:23 AM, HENRYSPENCER said:

Because bid increments are independent of the buyers premium.  The BP is tacked on to the final hammer price at auctions end.  Knowing how Heritage computes their prices realized in their sold items archive might not appear so obvious because for every bid they lump BP in and show what you're going to pay in total, but in reality, you're paying BP on top of the final bid.  With the majority of the other auction houses there is a final bid, then they tack on a separate line item for the BP when you pay the final invoice.  Heritage does this differently.

Not sure what you are trying to say here as all auction houses generally uses their own standardized bid  increments, including both Heritage and CC.

It should be obvious to everybody what the final realized price for a book on Heritage is because this price including the BP is shown not only at the end of the auction, but throughout the entire auction process because every single bid on a book also provides the bidder with a calculated total which includes the BP.  Since both CC and CL has no Buyer's Premium, there is no additional line where they add in a separate line item for the BP into the final invoice. 

[HENRYSPENCER]

2 minutes ago, lou_fine said:

Not sure what you are trying to say here as all auction houses generally uses their own standardized bid  increments, including both Heritage and CC.

It should be obvious to everybody what the final realized price for a book on Heritage is because this price including the BP is shown not only at the end of the auction, but throughout the entire auction process because every single bid on a book also provides the bidder with a calculated total which includes the BP.  Since both CC and CL has no Buyer's Premium, there is no additional line where they add in a separate line item for the BP into the final invoice. 

not specifically referring to other comic book auctions.

[Gotham Kid]

Can anyone tell me if Heritage has the practice of pressing auction books beforehand ? Those that are brought to market by HA of course.

Thanks.

Edited July 11, 2018 by Gotham Kid

[DanCooper]

On a semi-related topic to this thread, it is kind of interesting to see in that inherited comics/Pep 22 thread over in the "Newbie Comic Collecting Questions" forum, how often and consistent Heritage is recommended by others as the venue to sell on.

No one is bringing up seller's premiums or not including the buyer's premium for seller's purposes. Heritage's vast reach and exposure is mentioned as a selling point.

Even though a small sampling, it shows how close the three major auction venues are, regardless of individual sales parameters/terms.

Edited July 11, 2018 by DanCooper

[Sqeggs]

4 hours ago, Gotham Kid said:

Can anyone tell me if Heritage has the practice of pressing auction books beforehand ? Those that are brought to market by HA of course.

Thanks.

My experience has been that if they think a book can benefit from a press, they suggest to the consignor that it be done.  I imagine that if the consignor told them not to, they would honor the request. 

[lou_fine]

On 7/8/2018 at 3:54 AM, tth2 said:

For example, one of my standard terms is that any auction I'm consigning to can contain no book that is within 2 grades of a book that I'm consigning, and they totally honor this term.  I once pointed out that the auction previews showed a 9.0 copy of a 9.4 book that I was consigning, and a day later the 9.0 copy was gone. 

Wow, it's almost unbelievable that Heritage would treat you like this since I thought you was one of their high end customers. 

Maybe you should try one of the other auction houses like CC whereby I've heard that the consignors can work with them to ensure there are no other copies of that same book in any condition in the same auction.  In fact, if it's a truly HTF in-demand title and if you are not in a hurry for your money, you can probably even schedule your book to ensure there are no other books from that entire run in the same auction.  That way, there will be more eyeballs and hopefully dollars if your copy is the only one book from that in-demand run in the entire auction. 

Also interesting to note that Heritage took the safer route for themselves by dropping (or postponing) the 9.0 copy from the same auction, even though it might have been better for you as the 9.4 consignor if they had gone the other way.  Especially in this day and age of record setting results in comic book auctions, it's not a bad idea to use other copies (especially slightly inferior copies) to "stage" your copy so that your book will potentially go for even bigger dollars when it does hit the auction block.