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Sales tax at ComicLink
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67 posts in this topic

10 minutes ago, batman_fan said:

I don't even think about the sales tax when bidding.

Same here. I don't even know how much I am willing to pay during these live auctions. I am an insufficiently_thoughtful_person and approach this hobby with pure emotion.

Edited by cstojano
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4 hours ago, Dark Knight said:

Did CL ever send out an email or something to let bidders know that they will charge sales tax to certain states?  CA was affected just last month and I really didnt know about it.

I think it was just a big notice on the web page.

Malvin

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18 hours ago, malvin said:

I think it was just a big notice on the web page.

Malvin

I see, didnt even notice it. One of my buddies who had won a book about a month ago received an email about it. I guess to those who had won or bought a book from CL got emails, those who havent purchased within the last few months i guess didnt get it.

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On 6/1/2019 at 3:40 PM, Dark Knight said:

it was just a big notice on the web page.

Malvin

Before placing a bid two days ago, I was met with a 'medium sized' notice after logging in...Texas was 'now' on the List.

The next move was simple, & instinctual, as I quickly closed the browser window. No further bids were placed for the remaining open lots.

Edited by First Upgrade
Spelling & clarity
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20 minutes ago, First Upgrade said:

Before placing a bid two days ago, I was met with a 'medium sized' notice after logging in...Texas was on the List.

The next move was simple, & instictual, as I quickly closed the browser window. No further bids were placed for the remaining open lots.

I believe Texas started collecting internet tax on October 1st which includes eBay. I’ll be buying *even less* from there too. If I don’t love it, I won’t buy it. 

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On 10/4/2019 at 12:53 PM, First Upgrade said:

This is how the 'one-time popup notification' was presented (mobile version)...

20191004_144535.png

Hmm I seriously did not see that on my screen, i mean how could anyone miss it if it's right smack in the middle. Unless it was my pop up blocker that prevented it from showing on my screen. Only thing I can think of that may have happened. 

Would be better if it was on the home page with a little box like that where it would be up there for a few weeks. But I am aware of it now, so carry on.

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On 5/5/2019 at 11:51 PM, batman_fan said:

I don't even think about the sales tax when bidding.

I don't usually either. I'm bad at planning ahead and usually just end up in some bidding war flying by the seat of my pants for the last 30 seconds.

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Some have often stated in this Forum that people should just factor the sales tax (and buyer's premium, if any) into the price they are willing to pay and bid accordingly.  But, consider:

1. You are now playing on an uneven playing field, as people's sales tax rates vary depending on which state they live in, while some people (resellers/dealers exempt from sales tax and those living in no-sales tax jurisdictions) will pay no sales tax at all.  As such, you can bid what you bid, but, your chances of winning have now decreased (having adjusted for the sales tax) due to the uneven playing field.  So, you have to either accept that lower chance of winning or up your bid.

2.  You buy a piece for $10K all-in.  You get invoiced for $10,887.50 plus shipping due to the sales tax (in NYC...probably $11K all-in).  When you go to resell, guess who isn't going to GAF that you paid $11K.  That's right - $10K is the comp people will consider, not $11K.  

3.  Similarly, when you go to sell the piece, your proceeds will be based on the hammer price, not on the all-in price.  And if people are all just adjusting their hammer prices lower to account for the sales tax...guess what, your sales proceeds will be lower.  The state has now effectively become another middleman in the transaction and increases the transaction costs/decreases the liquidity as a result.  This absolutely should have an effect on valuation.  

All of the same arguments can be applied to the buyer's premium as well.  Any increase in such will increase the friction/transaction costs of doing business and impact the amount of sales proceeds you receive as a seller.  

I know a lot of people who are quite rightly annoyed by the imposition of sales tax. For several people I've spoken to, it's the straw that's broken the camel's back. 

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9 minutes ago, delekkerste said:

For several people I've spoken to, it's the straw that's broken the camel's back.

Hasn't seemed to deter any of the players who are setting ever rising records in the current Heritage auction.

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1 minute ago, tth2 said:

Hasn't seemed to deter any of the players who are setting ever rising records in the current Heritage auction.

But who says prices wouldn't even be higher otherwise? hm 

And remember that the imposition of sales tax has actually given some buyers a leg up, at least relatively speaking. 

In any case, there's clearly new money coming into the market; that is the only logical explanation to account for the strength we've seen against a backdrop of many long-time collectors pulling back in recent years.  I also think some of the investor class (including the auction houses themselves) have also been buying more, as happens in any strong market. 

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