Rate the Auction Houses

[Aman619]

I've sold through Heritage exclusively for major items ($500 +) for the past 5 years. Prior to that I used Mastro for a few auctions.

 

Heritage is the most professionally-run of any of the auction houses. From submission through billing/payment, they have top-notch people and systems that work. If there's a problem, they will do whatever is necessary to make it right.

 

But most importantly they deliver the buyers.

 

--Gary

 

gary, do you think the BP hurts your net?...I am not, of course, affiliated with any auction house (I buy from all ) but I wonder if only paying 10% to clink would net you more than the Heritage auction on some, most, none, any

 

I am just curious, especially since I only have till may to raise some serious funds

 

On its face value it would make sense that the BP hurts sellers, but how do you account for the incredible prices they manage to get? Are you trying to tell me that the Action 7 buyer said to himself, "I'm only going to $120,000 (or whatever it was) because the most I want to pay is $143,000?" I don't think so.

 

For the Sunday auctions of lesser quality material, I believe that BP does have an effect, but I only consign items that are $500 + and aren't too common. I believe that combination negates the BP negative.

 

And their catalog (descriptions and images) is the best in the biz too (though I will say their art director was sleeping on a few pages in the last catalog - man, there were some weird page layouts last month!).

 

 

 

 

 

basically, yeah, I think he did. He KNEW his 120 would cost him 143. He probably was prepared to go another round too, but thats cause of the desre to win and not Heritages bidding procedures. I dont get all the hand wringing about the 19% commission. As has been pointed out plenty of times here before, each Heritage bid is incomplete unless you add the commission, so you need to just do the math. A 1000 bid is just like a code for 1195. You are paying 1195 but you "bid" 1000. I dont see the problem once you understand. Only the seller gets hurt.

 

Heritage COULD I suppose change their bidding so that when you bid your 1000 thats the final price. And then they split it 66/34 with the consignor, but, clearly that sounds pretty obscene.

 

 

For the record, I dont have a favorite. Whoever has the books gets my money.

[adamstrange]

I've sold through Heritage exclusively for major items ($500 +) for the past 5 years. Prior to that I used Mastro for a few auctions.

 

Heritage is the most professionally-run of any of the auction houses. From submission through billing/payment, they have top-notch people and systems that work. If there's a problem, they will do whatever is necessary to make it right.

 

But most importantly they deliver the buyers.

 

--Gary

 

gary, do you think the BP hurts your net?...I am not, of course, affiliated with any auction house (I buy from all ) but I wonder if only paying 10% to clink would net you more than the Heritage auction on some, most, none, any

 

I am just curious, especially since I only have till may to raise some serious funds

 

On its face value it would make sense that the BP hurts sellers, but how do you account for the incredible prices they manage to get? Are you trying to tell me that the Action 7 buyer said to himself, "I'm only going to $120,000 (or whatever it was) because the most I want to pay is $143,000?" I don't think so.

 

For the Sunday auctions of lesser quality material, I believe that BP does have an effect, but I only consign items that are $500 + and aren't too common. I believe that combination negates the BP negative.

 

And their catalog (descriptions and images) is the best in the biz too (though I will say their art director was sleeping on a few pages in the last catalog - man, there were some weird page layouts last month!).

 

 

 

 

 

basically, yeah, I think he did. He KNEW his 120 would cost him 143. He probably was prepared to go another round too, but thats cause of the desre to win and not Heritages bidding procedures. I dont get all the hand wringing about the 19% commission. As has been pointed out plenty of times here before, each Heritage bid is incomplete unless you add the commission, so you need to just do the math. A 1000 bid is just like a code for 1195. You are paying 1195 but you "bid" 1000. I dont see the problem once you understand. Only the seller gets hurt.

 

Heritage COULD I suppose change their bidding so that when you bid your 1000 thats the final price. And then they split it 66/34 with the consignor, but, clearly that sounds pretty obscene.

 

 

For the record, I dont have a favorite. Whoever has the books gets my money.

 

The buyer did know his total purchase price but your math is off on the standard commission paid by the consignor. Total amount received by Heritage for $100 bid is $119.5. Total amount received by consignor is $85. 1 - $85/$119.5 yields a standard commission of 29%. A consignor with a book like that should be able to negotiate a better deal with Heritage.

[Moondog]

I've sold through Heritage exclusively for major items ($500 +) for the past 5 years. Prior to that I used Mastro for a few auctions.

 

Heritage is the most professionally-run of any of the auction houses. From submission through billing/payment, they have top-notch people and systems that work. If there's a problem, they will do whatever is necessary to make it right.

 

But most importantly they deliver the buyers.

 

--Gary

 

gary, do you think the BP hurts your net?...I am not, of course, affiliated with any auction house (I buy from all ) but I wonder if only paying 10% to clink would net you more than the Heritage auction on some, most, none, any

 

I am just curious, especially since I only have till may to raise some serious funds

 

On its face value it would make sense that the BP hurts sellers, but how do you account for the incredible prices they manage to get? Are you trying to tell me that the Action 7 buyer said to himself, "I'm only going to $120,000 (or whatever it was) because the most I want to pay is $143,000?" I don't think so.

 

For the Sunday auctions of lesser quality material, I believe that BP does have an effect, but I only consign items that are $500 + and aren't too common. I believe that combination negates the BP negative.

 

And their catalog (descriptions and images) is the best in the biz too (though I will say their art director was sleeping on a few pages in the last catalog - man, there were some weird page layouts last month!).

 

 

 

 

 

basically, yeah, I think he did. He KNEW his 120 would cost him 143. He probably was prepared to go another round too, but thats cause of the desre to win and not Heritages bidding procedures. I dont get all the hand wringing about the 19% commission. As has been pointed out plenty of times here before, each Heritage bid is incomplete unless you add the commission, so you need to just do the math. A 1000 bid is just like a code for 1195. You are paying 1195 but you "bid" 1000. I dont see the problem once you understand. Only the seller gets hurt.

 

Heritage COULD I suppose change their bidding so that when you bid your 1000 thats the final price. And then they split it 66/34 with the consignor, but, clearly that sounds pretty obscene.

 

 

For the record, I dont have a favorite. Whoever has the books gets my money.

 

The buyer did know his total purchase price but your math is off on the standard commission paid by the consignor. Total amount received by Heritage for $100 bid is $119.5. Total amount received by consignor is $85. 1 - $85/$119.5 yields a standard commission of 29%. A consignor with a book like that should be able to negotiate a better deal with Heritage.

 

Adam's right. I don't know of any consignor who accepts a 15% deal. 10% is even rare on top items.

[G.A.tor]

if you have a "top item" consigned with Heritage, you can negotiate upwards of 100-102% of bid price (meaning, you can actually cut into heritage's 19.5% BP if you have a "key" book)

gator

[Aman619]

Adam, you are right on the math of course. thanx for the correction. I guess I would ahve done better on the SATs if I hadnt done quick math in my head like I did again yesterday. They always include an answer equal to the quickie solution so many of us come up with.

 

and, hey, the few of you who get preferential rates from Heritage? Dont bite the hand that feeds you, huh? Loose lips sink ships.

[Bullet123]

Adam, you are right on the math of course. thanx for the correction. I guess I would ahve done better on the SATs if I hadnt done quick math in my head like I did again yesterday. They always include an answer equal to the quickie solution so many of us come up with.

 

and, hey, the few of you who get preferential rates from Heritage? Dont bite the hand that feeds you, huh? Loose lips sink ships.

 

Its no secret. Why do you think the rates went from 15% to 19.5% in the first place.

 

1. More people paying with Credit

2. More consignors negotiating better sellers commissions

 

Most large consignors (six figues sales totals) get charged little or no commission for their submissions. They do not advertise that because the small consignors will whine incessantly about getting treated unfairly when it is simply a case of good business to offer your best customers a better rate.

[tb]

I agree with your main points, bullet. Heritage had a novel and visionary formula from the start: certified books, large scans, database, beautiful catalogs etc. The easy-to-understand credit plans and partnership with GPAnalysis are examples of other smart moves they've made later on. If I compare with Hake's, Morphy's etc. it is hard for me to understand why I should consign to them if even their owner is selling his best stuff through Heritage? I admire how the management at Heritage has been very focused on executing a crisp and smart strategy.

 

In terms of consignments, I found that their fees are competitive if you are smart and wait until you have sufficient volume to negotiate a lower commission. Like it or not, it makes business sense for them to devote the bulk of their resources to the small number of clients that bring them most of their business. Reality is that they don't have to care about what any of us have to say/post here as long as they make sure to keep the top buyers happy. As the elitist pig of a consignor that I am, I actually don't mind that at all.

 

Anyway, I mainly wanted to point out that Hake's printed January catalog in my mind was the first to be better than Heritage's catalogs. For those who didn't see it it was an absoultely beautiful hardcover with superb illustrations.

 

 

[adamstrange]

Anyway, I mainly wanted to point out that Hake's printed January catalog in my mind was the first to be better than Heritage's catalogs. For those who didn't see it it was an absoultely beautiful hardcover with superb illustrations

 

I didn't get a hard cover!

 

Elitist bidder!

[G.A.tor]

Anyway, I mainly wanted to point out that Hake's printed January catalog in my mind was the first to be better than Heritage's catalogs. For those who didn't see it it was an absoultely beautiful hardcover with superb illustrations

 

I didn't get a hard cover!

 

Elitist bidder!

me neither, but it is a cool catalog

[tth2]

The buyer did know his total purchase price but your math is off on the standard commission paid by the consignor. Total amount received by Heritage for $100 bid is $119.5. Total amount received by consignor is $85. 1 - $85/$119.5 yields a standard commission of 29%. A consignor with a book like that should be able to negotiate a better deal with Heritage.

 

Adam's right. I don't know of any consignor who accepts a 15% deal. 10% is even rare on top items.

Heck, if you have anything decent at all, Ed J will offer you a 7.5% seller's commission right off the bat.

[tth2]

If I compare with Hake's, Morphy's etc. it is hard for me to understand why I should consign to them if even their owner is selling his best stuff through Heritage?

That is such a great point! (thumbs u

[The Troll King]

This is purely speculation on my part based on an incomplete conversation that I overheard while I was at the live auction so don't quote me but I do believe that if you are spending XXX,XXX,XXX amount of dollars over a given time period with Heritage that even the BP is negotiable down to 10%

 

Now before everyone gets their panties all in a wad about elitist and conspiracies I personally think it makes good business sense to offer something like this to repeat customers that are spending very high levels on books.

[pennynike1]

1) Heritage

2) Comiclink

3) Vintage Collectables

4) eBay

5) Hake's