Consigning to Heritage 2 2

[lou_fine]

44 minutes ago, jmg3637 said:

Is there a better place to try and sell runs of Silver/bronze books

I would venture to dare say that any of the major auction houses, and HA in particular, would definitely not be my go to places to sell runs of mid-grade mid-run SA/BA books.  

This is where I think I would probably get a bigger ban for my buck if I go to dealers such as Harley here. 

Probably a good idea to leave a little meat on the bones here in terms of not pulling out every key or seim-key from the run also.  

Edited December 22, 2019 by lou_fine

[buttock]

5 minutes ago, lou_fine said:

I would venture to dare say that any of the major auction houses, and HA in particular, would definitely not be my go to places to sell runs of mid-grade mid-run SA/BA books.  

This is where I think I would probably get a bigger ban for my buck if I go to dealers such as Harley here. 

Probably a good idea to leave a little meat on the bones here in terms of not pulling out every key or seim-key from the run also.  

Or mycomicshop.  But I agree, the big 3 are not the right place for those books.

[lou_fine]

18 minutes ago, buttock said:

Or mycomicshop.  But I agree, the big 3 are not the right place for those books.

I was actually thinking of them, but being aware of their well-known reputation for drastically undergrading their books, I am not fully confident about being able to receive top dollar for large batches of books.  

If it was something significant enough that they would be able to sell as a standalone book in an individual lot by itself so that potential bidders can actually view it, but yet not significant enough for a major auction house, I would then definitely give them some consideration.  

Edited December 22, 2019 by lou_fine

[LearnedHand]

There is another aspect to selling through Heritage I don't think anyone mentioned?  The 20% buyer's premium is going to be factored into any intelligent bidder's max bid to the potential detriment of the seller.  Example: in an auction where there is no buyer's premium and say a 10% seller's premium, if the bidder wants to pay a max of $1k, he/she bids $1k and say wins the book at that price.  The seller nets $900.  With Heritage, the bidder can only bid to approx. $830 to stay at/below the $1k bid cap, given the buyer's premium.  This means that even at a 10% seller's premium (I know their default is 15%), the seller nets approx. $747.   

Now, Heritage can do things to off-set this, but you have to negotiate this assuming you have books were it makes sense for them to negotiate.  

Full Disclosure: Despite the above facts, I prefer selling through Heritage in cases where the deducts can be negotiated.  

 

Edited December 29, 2019 by LearnedHand
Ambiguity

[Mr. Lady Luck]

Have any of you ever received a 6 page Form W-9 from Heritage? I have no idea what this is all about.

[lou_fine]

9 hours ago, Mr. Lady Luck said:

Have any of you ever received a 6 page Form W-9 from Heritage? I have no idea what this is all about.

I just Googled this Form W-9 and it appears to be a document that you complete for the IRS with your Tax Identification Number.  

Based upon this, I assume you must be consigning books for auction with Heritage and this is probably their way of ensuring that all of your sales proceeds are captured by the IRS for your tax reporting purposes. 

So, I assume it must be Heritage's way of saying that since their auction fees are not egregious enough, they just want to provide the IRS with all available info to ensure that you pay every single penny owing on any gains you might have realized from the sale of your funny books.      

[GreatCaesarsGhost]

29 minutes ago, lou_fine said:

I just Googled this Form W-9 and it appears to be a document that you complete for the IRS with your Tax Identification Number.  

Based upon this, I assume you must be consigning books for auction with Heritage and this is probably their way of ensuring that all of your sales proceeds are captured by the IRS for your tax reporting purposes. 

So, I assume it must be Heritage's way of saying that since their auction fees are not egregious enough, they just want to provide the IRS with all available info to ensure that you pay every single penny owing on any gains you might have realized from the sale of your funny books.      

This is shocking 

[MrBedrock]

10 hours ago, Mr. Lady Luck said:

Have any of you ever received a 6 page Form W-9 from Heritage? I have no idea what this is all about.

Since this involves the government it is impossible to adequately answer your question without wandering into that tricky area that the mods around here refer to as "politics".

[october]

10 hours ago, Mr. Lady Luck said:

Have any of you ever received a 6 page Form W-9 from Heritage? I have no idea what this is all about.

I got one about a month ago, which is strange, because I have never directly consigned with them before. 

[Ricksneatstuff]

@october @lou_fine @Mr. Lady Luck @GreatCaesarsGhost 

I want to let everyone know A/P may have sent out some W-9's inadvertently. 

Heritage does not send W-9s for inventory purchases.

W-9's are sent for finders fees however. If you received a W-9 and did not receive a finders fee you can disregard.

Thanks 

[lou_fine]

58 minutes ago, GreatCaesarsGhost said:

1 hour ago, lou_fine said:

So, I assume it must be Heritage's way of saying that since their auction fees are not egregious enough, they just want to provide the IRS with all available info to ensure that you pay every single penny owing on any gains you might have realized from the sale of your funny books.      

This is shocking 

What part..............that Heritage's auction fees are not egregious enough?  

If it's the IRS portion, that is only my assumption from simply looking at the form.  

[lou_fine]

35 minutes ago, october said:

11 hours ago, Mr. Lady Luck said:

Have any of you ever received a 6 page Form W-9 from Heritage? I have no idea what this is all about.

I got one about a month ago, which is strange, because I have never directly consigned with them before. 

Well, since we are dealing with Big Brother here, you should know that their tentacles reach far and deep and they certainly also know all about any INDIRECT dealings that you may have.    

Edited December 30, 2019 by lou_fine

[GreatCaesarsGhost]

1 hour ago, Ricksneatstuff said:

@october @lou_fine @Mr. Lady Luck @GreatCaesarsGhost 

I want to let everyone know A/P may have sent out some W-9's inadvertently. 

Heritage does not send W-9s for inventory purchases.

W-9's are sent for finders fees however. If you received a W-9 and did not receive a finders fee you can disregard.

Thanks 

Ok I didn’t know Heritage pays finders fees, but that makes sense to me. I send in W9s for people who help me in my business: private investigators, medical experts, translators and the like. My concern would be if they are sending in W9s for the consignors.

 

But if I understand correctly, they aren’t filing W9s in the names of their consignors, right?

Edited December 31, 2019 by GreatCaesarsGhost

[Ricksneatstuff]

4 minutes ago, GreatCaesarsGhost said:

Ok I didn’t know Heritage pays finders fees, but that makes sense to me. I send in W9s for people who help me in my business: private investigators, medical experts, translators and the like. My concern would be if they are sending in W9s for the consignors.

 

But if I understand correctly, they aren’t filing W9s in the names of their consignors, right?

That is correct. Consignors do not get W-9s

[manetteska]

On 12/29/2019 at 1:39 PM, LearnedHand said:

There is another aspect to selling through Heritage I don't think anyone mentioned?  The 20% buyer's premium is going to be factored into any intelligent bidder's max bid to the potential detriment of the seller.  Example: in an auction where there is no buyer's premium and say a 10% seller's premium, if the bidder wants to pay a max of $1k, he/she bids $1k and say wins the book at that price.  The seller nets $900.  With Heritage, the bidder can only bid to approx. $830 to stay at/below the $1k bid cap, given the buyer's premium.  This means that even at a 10% seller's premium (I know their default is 15%), the seller nets approx. $747.   

Now, Heritage can do things to off-set this, but you have to negotiate this assuming you have books were it makes sense for them to negotiate.  

Full Disclosure: Despite the above facts, I prefer selling through Heritage in cases where the deducts can be negotiated.  

 

This. Even with 0% seller’s fees, a “final” auction price of $1000 is about $70 less in your pocket than feebay. 

Edited December 31, 2019 by manetteska

[tth2]

11 hours ago, october said:

22 hours ago, Mr. Lady Luck said:

Have any of you ever received a 6 page Form W-9 from Heritage? I have no idea what this is all about.

I got one about a month ago, which is strange, because I have never directly consigned with them before. 

Let me tell you how it will be
There's one for you, nineteen for me
'Cause I'm the taxman, yeah, I'm the taxman

 

Should five per cent appear too small
Be thankful I don't take it all
'Cause I'm the taxman, yeah, I'm the taxman

 

If you drive a car, I'll tax the street
If you try to sit, I'll tax your seat
If you get too cold, I'll tax the heat
If you take a walk, I'll tax your feet

 

'Cause I'm the taxman, yeah, I'm the taxman

 

Don't ask me what I want it for
(Ah ah, Mr. Wilson)
If you don't want to pay some more
(Ah ah, Mr. Heath)
'Cause I'm the taxman, yeah, I'm the taxman

 

Now my advice for those who die (taxman!)
Declare the pennies on your eyes (taxman!)

 

'Cause I'm the taxman, yeah, I'm the taxman
And you're working for no one but me (taxman!)

Edited December 31, 2019 by tth2

[GreatCaesarsGhost]

51 minutes ago, tth2 said:

12 hours ago, october said:

 

Let me tell you how it will be
There's one for you, nineteen for me
'Cause I'm the taxman, yeah, I'm the taxman

That’s funny. I have about the same amount of love for the IRS as George 

[Callaway29]

On 12/18/2019 at 11:37 PM, lou_fine said:

+1

I would definitely agree with the gist of your comments here.  

This is why I could never understand when sellers of vintage collectible books would try to auction off their vintage collectible comic books on eBay.  Especially when they could do it on any of the specialized comic book auction sites like CC, CL, or even HA at a lower percentage cost (except possibly for HA) where you have a much better chance of the right eyeballs looking at your books, along with the additional bonus of not having to do any of the hard selling and associated shipping work.

Now, if you are talking about the much more recent or Modern common books with hundreds of uber HG copies already slabbed, Yes for eBay, since the client base for the specialized auction houses generally don't care for these kinds of speculative books.  Especially since these kinds of books would tend to do much better in an eBay setting, with their client base generally being graded label chasers which is pretty much what the majority of these books would be.  

This is a great thread, and a lot of questions I myself had are being answered. I also acknowledge HA brings a lot to the table...

However, one major draw with eBay is the $250 cap on seller fees if you have a store. If you are able to successfully connect with an honest buyer on a big book via eBay, you can avoid a LOT of fees.

[fifties]

On 12/29/2019 at 11:39 AM, LearnedHand said:

There is another aspect to selling through Heritage I don't think anyone mentioned?  The 20% buyer's premium is going to be factored into any intelligent bidder's max bid to the potential detriment of the seller.  Example: in an auction where there is no buyer's premium and say a 10% seller's premium, if the bidder wants to pay a max of $1k, he/she bids $1k and say wins the book at that price.  The seller nets $900.  With Heritage, the bidder can only bid to approx. $830 to stay at/below the $1k bid cap, given the buyer's premium.  This means that even at a 10% seller's premium (I know their default is 15%), the seller nets approx. $747.   

Now, Heritage can do things to off-set this, but you have to negotiate this assuming you have books were it makes sense for them to negotiate.  

Full Disclosure: Despite the above facts, I prefer selling through Heritage in cases where the deducts can be negotiated.  

 

Actually if you consider the best alternative to be eBay, they take 10%, and require payment by PayPal, which is another 2.9%, so the total deduction would be 12.9%.

So in the above example, a $1,000 sale would net the seller 87.1%, or $871.  

AFA Heritage, their basic fee is 15%, so the seller would net (assuming the buyer won't spend beyond $1,000 total because of the buyers fee) $830 minus 15% = $705.50.

Looks like a no-brainer to me, unless Heritage's hammer price would very certainly go beyond what an eBay auction would garner, to justify listing with them.

For that $165.50 difference, I would gladly accept a PayPal payment directly, put the book in a mailer with cardboard, print out a mailing label, and take it to the local Mail 'N More for pickup by the mailman.

[lou_fine]

32 minutes ago, fifties said:

Actually if you consider the best alternative to be eBay, they take 10%, and require payment by PayPal, which is another 2.9%, so the total deduction would be 12.9%.

So in the above example, a $1,000 sale would net the seller 87.1%, or $871.  

AFA Heritage, their basic fee is 15%, so the seller would net (assuming the buyer won't spend beyond $1,000 total because of the buyers fee) $830 minus 15% = $705.50.

Looks like a no-brainer to me, unless Heritage's hammer price would very certainly go beyond what an eBay auction would garner, to justify listing with them.

For that $165.50 difference, I would gladly accept a PayPal payment directly, put the book in a mailer with cardboard, print out a mailing label, and take it to the local Mail 'N More for pickup by the mailman.

    The other alternative is that you could simply consign it with either CC or CL and you should be able to net $900 after the fees are taken in account.  

If you choose either of these 2 alternatives, you also don't have to worry about doing any of the associated tedious work in terms of auction listing and shipping.