Heritage's Next Event Auction has started posting books ! 31 31

[lou_fine]

6 hours ago, Randall Ries said:

So, you are saying I'm confused when it's called a "buyers premium" and when I put the book into queue the premium is added to the sale price?

 

6 hours ago, aleksicwon said:

P.S. When you bid at HA , what you will pay is already displayed . There are no surprises when you go to checkout , no premium is "added" .

Not sure why there's any confusion here at all, as this has already been explained many times here before.  

With Heritage, there is no surprise buyer's premium added in at the end as all bidders should be well aware of the 20% BP and should have built this into their bid already.  If they haven't, it's really their own fault as Heritage clearly shows you what you will end up paying inclusive of this 20% BP if you hit the Bid button.  

By the way, it's really the consignor who ends up paying both ends of the fees if we assume no special deals negotiated which is usally not the case by the way..  A simple example is that if a book hammers for $1,000 this means the buyer will end up paying $1,200 (i.e. $1,000 plus 20% BP) which is the final price and also the one that shows up in GPA and GoCollect.  Nobody sees the $1,000 hammer price except while the auction is going on and is really an irrelevant number except for calculating the auction fees. 

The Seller's Premiums is usually 15% unless negotiated away or down depending upon the quality of your consignment.  This means the consignor will receive only $850 after deducting for the Seller's Premium (i.e. $1,000 less 15% BP).  Bottom line is that the consignor will end up receiving only $850 out of the $1,200 final sale or FMV as it is the SELLER who ends up paying for both the BP and the SP because this is the sum of the monies that he will not be seeing out of the sale.  

 

[aleksicwon]

 

38 minutes ago, lou_fine said:

The Seller's Premiums ... the SELLER who ends up paying for both the BP and the SP because this is the sum of the monies that he will not be seeing out of the sale.  

Whoa , this part I did not know ; that the seller is paying an additional "Seller's Premium" as well . That is just insane to me . 

[lou_fine]

9 minutes ago, aleksicwon said:

49 minutes ago, lou_fine said:

The Seller's Premiums ... the SELLER who ends up paying for both the BP and the SP because this is the sum of the monies that he will not be seeing out of the sale.  

Whoa , this part I did not know ; that the seller is paying an additional "Seller's Premium" as well . That is just insane to me . 

Surprised you were not aware of this as all auction houses charges the consignor a Seller's Premium.  

The good thing is that depending upon the quality and quanitity (i.e. total estimated dollar value, I would assume) of your consignment, this fee can apparently be given or negotiated down much closer to the 10% fee that is charged by both CC and CL.  

[aleksicwon]

7 hours ago, lou_fine said:

Surprised you were not aware of this as all auction houses charges the consignor a Seller's Premium.  

Never sold anything on auction . There is a first time for learning everything . 

[Funnybooks]

8 hours ago, lou_fine said:

Surprised you were not aware of this as all auction houses charges the consignor a Seller's Premium.  

The good thing is that depending upon the quality and quanitity (i.e. total estimated dollar value, I would assume) of your consignment, this fee can apparently be given or negotiated down much closer to the 10% fee that is charged by both CC and CL.  

The "fee" can also be zero or if the piece(s) is "unique", the pot can also be sweetened in other ways

[aleksicwon]

Just now, Funnybooks said:

The "fee" can also be zero or if the piece(s) is "unique", the pot can also be sweetened in other ways

Ok , so I guess the BP is never negotiated ? I heard this before of course , that the fee is negotiated . I was assuming it was the BP . Did not know there was a SP . Sounds like the seller is stuck with a 20% commission no matter what .

[Funnybooks]

10 minutes ago, aleksicwon said:

Ok , so I guess the BP is never negotiated ? I heard this before of course , that the fee is negotiated . I was assuming it was the BP . Did not know there was a SP . Sounds like the seller is stuck with a 20% commission no matter what .

BP is non-negotiable for the most part...Whale status circumstances aside...

SP may be negotiated if you are selling an item/items that are "very desirable" that the auction house must have

[Junkdrawer]

21 hours ago, aleksicwon said:

When I first started out , I had this confusion too . But is not correct . The buyer is buying at fair market value . The seller is the one getting burned . Let's say FMV is $500 ( as per GoCollect ) . You are likely to get the book at $500 . The seller however is only getting $417 ( 20% less for commission) . 

I don't know why they call it "buyer's premium" . I think it is a marketing gimmick to hide the fact that the seller is getting burned . It is just commission that seller has to pay .

It’s called the cost of doing business. You can sell it yourself on eBay, but there is a cost associated with that method. You could set up at a show or fleamarket, but you lose all the top buyers and won’t likely get better deal than Heritage, clink, cc, etc would also find a cost to do this too. Open up a brick and mortar...cost there as well. You have a book to sell, there will be a cost to do business. On the books, off the books, quick sell or hold out, avoid scammers and theft, possible armed robbery, or simply lost in the mail. Losing your book in any sense is a cost of doing business. 

[Funnybooks]

 

  21 hours ago, aleksicwon said:

When I first started out , I had this confusion too . But is not correct . The buyer is buying at fair market value . The seller is the one getting burned . Let's say FMV is $500 ( as per GoCollect ) . You are likely to get the book at $500 . The seller however is only getting $417 ( 20% less for commission) . 

I don't know why they call it "buyer's premium" . I think it is a marketing gimmick to hide the fact that the seller is getting burned . It is just commission that seller has to pay .

10 minutes ago, Junkdrawer said:

It’s called the cost of doing business. You can sell it yourself on eBay, but there is a cost associated with that method. You could set up at a show or fleamarket, but you lose all the top buyers and won’t likely get better deal than Heritage, clink, cc, etc would also find a cost to do this too. Open up a brick and mortar...cost there as well. You have a book to sell, there will be a cost to do business. On the books, off the books, quick sell or hold out, avoid scammers and theft, possible armed robbery, or simply lost in the mail. Losing your book in any sense is a cost of doing business. 

 

Agree with @Junkdrawer

 

The seller knows what the fees are leading into the transaction to sell on any of these platforms...HA, Ebay, C-Link. ComicConnect...I would hardly say that the seller is getting burned if they willingly decide to conduct business in this manner...

How else would an auction house make money unless they are charging a seller, a buyer or both?

Edited January 18, 2021 by Funnybooks

[aleksicwon]

14 minutes ago, Funnybooks said:

 

  21 hours ago, aleksicwon said:

When I first started out , I had this confusion too . But is not correct . The buyer is buying at fair market value . The seller is the one getting burned . Let's say FMV is $500 ( as per GoCollect ) . You are likely to get the book at $500 . The seller however is only getting $417 ( 20% less for commission) . 

I don't know why they call it "buyer's premium" . I think it is a marketing gimmick to hide the fact that the seller is getting burned . It is just commission that seller has to pay .

 

Agree with @Junkdrawer

 

The seller knows what the fees are leading into the transaction to sell on any of these platforms...HA, Ebay, C-Link. ComicConnect...I would hardly say that the seller is getting burned if they willingly decide to conduct business in this manner...

How else would an auction house make money unless they are charging a seller, a buyer or both?

Well , I am going by real estate rates which are like 6-7% . Altogether , would be paying 35% on HA . No way I am doing that . Anyway , I am unfollowing this thread as I am not interested in getting into a debate with you guys . Bye bye .

Edited January 18, 2021 by aleksicwon

[Junkdrawer]

6 hours ago, aleksicwon said:

Well , I am going by real estate rates which are like 6-7% . Altogether , would be paying 35% on HA . No way I am doing that . Anyway , I am unfollowing this thread as I am not interested in getting into a debate with you guys . Bye bye .

Drive by anytime 

[Randall Ries]

17 hours ago, lou_fine said:

 

Not sure why there's any confusion here at all, as this has already been explained many times here before.  

With Heritage, there is no surprise buyer's premium added in at the end as all bidders should be well aware of the 20% BP and should have built this into their bid already.  If they haven't, it's really their own fault as Heritage clearly shows you what you will end up paying inclusive of this 20% BP if you hit the Bid button.  

By the way, it's really the consignor who ends up paying both ends of the fees if we assume no special deals negotiated which is usally not the case by the way..  A simple example is that if a book hammers for $1,000 this means the buyer will end up paying $1,200 (i.e. $1,000 plus 20% BP) which is the final price and also the one that shows up in GPA and GoCollect.  Nobody sees the $1,000 hammer price except while the auction is going on and is really an irrelevant number except for calculating the auction fees. 

The Seller's Premiums is usually 15% unless negotiated away or down depending upon the quality of your consignment.  This means the consignor will receive only $850 after deducting for the Seller's Premium (i.e. $1,000 less 15% BP).  Bottom line is that the consignor will end up receiving only $850 out of the $1,200 final sale or FMV as it is the SELLER who ends up paying for both the BP and the SP because this is the sum of the monies that he will not be seeing out of the sale.  

 

This is correct. I put something in queue yesterday at HA and there was no buyer fee. Just shipping and as always sales tax. So, that time before, I must have been bidding when I thought I was buying. Thanks for pointing it out. I was incorrect.

[tth2]

8 hours ago, Funnybooks said:

9 hours ago, aleksicwon said:

Ok , so I guess the BP is never negotiated ? I heard this before of course , that the fee is negotiated . I was assuming it was the BP . Did not know there was a SP . Sounds like the seller is stuck with a 20% commission no matter what .

BP is non-negotiable for the most part...Whale status circumstances aside...

SP may be negotiated if you are selling an item/items that are "very desirable" that the auction house must have

Everything is open for negotiation. 

[woowoo]

15 hours ago, tth2 said:

Everything is open for negotiation. 

 if you have a nice Action 1 Tec 27 Batman 1 Superman 1 Marvel 1 and want to sell than all the Auction houses will want to get you.

[Chief1332]

On 1/17/2021 at 1:45 PM, Funnybooks said:

The seller fee is negotiable based on the relationship of the seller and the auction house and the quality of the book(s) submitted, so the 20% is merely a starting point. I would suspect this copy of Bat 1 had a very minimal seller fee to no seller fee or better.

This is spot on.  I am no expert by far, but I did have phone con with HA comic book consigner.  I sold books in one of the larger quarterly auctions.  If I continued on a quarterly basis in these types of auctions, I was offered zero SP and a good portion of the BP.

[tth2]

6 hours ago, Chief1332 said:

This is spot on.  I am no expert by far, but I did have phone con with HA comic book consigner.  I sold books in one of the larger quarterly auctions.  If I continued on a quarterly basis in these types of auctions, I was offered zero SP and a good portion of the BP.

I'm not sure I know anyone who has ever paid Seller's Commission.  Heritage will offer to drop it almost right away, sometimes even before the potential consignor has asked for it.

[batman_fan]

Heritage is killing me 

They have a Peanuts Daily coming up in their next auction but haven't posted a scan or date for it.  It has to be a week and counting. 

I know, I know, 1st world problems

[Timely]

I see they have a run of high grade Pep Comics, including a #1. That book is WAY undervalued when you compare it to Captain America.  The Shield is the first American patriotic superhero! It came out much earlier than Cap 1 and is way rarer!!!

[Professor K]

I've decided that no matter what I'm going to get one of those Alfred Pennyworth Bats. Even if I have to steal one. Wouldn't be the first time it got stolen I suppose. No seriously I'm going to get one. 

[batman_fan]

51 minutes ago, Professor Chaos said:

I've decided that no matter what I'm going to get one of those Alfred Pennyworth Bats. Even if I have to steal one. Wouldn't be the first time it got stolen I suppose. No seriously I'm going to get one. 

Round 2 opportunity is coming up on Pedigree’s next auction.  Someone must have thought they got a bargain on them when Heritage auctioned them.