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Heritage Buyer's Premium

Started by Thomas,

23 posts in this topic

Thomas

Thomas

Posted
Posted

Is it just me since I've never bought anything from Heritage but got a whack of emails of stuff I'm searching for from ebay this morning and the 22.5% buyer's premium seems like crazy money to add to the final selling price. I just feel shell shocked right now. 893whatthe.gif

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RaccoonRaccoon

RaccoonRaccoon

Posted
Posted

Wow, 22.5% seems like a lot, especially considering what some of the pages will sell for.

 

A final auction price of $5000 equals $1125 in premium.

Total price $6125 and then is there tax involved (not sure) but tax can add another 6% to 9%. Lets use 8%, that equals another $490.

 

Auction win price: $5000

Total $$ out of pocket: $6615 (oh yeah in addition to shipping!)

 

I'm not an auction veteran but what are typical premiums often charged?

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Thomas

Thomas

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Posted

I know. I was looking at some of the Peanuts strips and like you said, with a bid of just 5k on a strip I've got to add over 1k just for Heritage giving me the privilege of buying it.

 

There's also a comic page I'm interested in that they're selling and even with a 500.00 bid I've got to add on over 100.00 just for them again.

 

I'm kind of disappointed right now but obviously I'm probably in the minority as people pay the premiums or else they would've reduced them over time.

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RaccoonRaccoon

RaccoonRaccoon

Posted
Posted

These are PRIME pages so I guess there are people that want them bad enough. If you have $5K + to spend on a page, I doubt that another $1K or so will make too much of a difference. Also, trust me, these bids will be going much higher than they are currently!

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rob_react

rob_react

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Posted

FACTOR THE BUYERS PREMIUM IN BEFORE YOU BID AND THEN THE FINAL PRICE YOU PAY WILL BE NO DIFFERENT! BUYERS PREMIUM SHOULDN'T BE TREATED AS BEING IN ADDITION TO YOUR BID. IT'S PART OF YOUR BID.

 

also, bid through Heritage's web site and it's slightly less. Don't bid through eBay.

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Thomas

Thomas

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Yeah I thought of factoring the premium in as part of my bid. I just figured that it sucks for them to get such a large piece of the pie for essentially being a middle man.

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Stronguy

Stronguy

Posted
Posted
Wow, 22.5% seems like a lot, especially considering what some of the pages will sell for.

 

A final auction price of $5000 equals $1125 in premium.

Total price $6125 and then is there tax involved (not sure) but tax can add another 6% to 9%. Lets use 8%, that equals another $490.

 

Auction win price: $5000

Total $$ out of pocket: $6615 (oh yeah in addition to shipping!)

 

I'm not an auction veteran but what are typical premiums often charged?

 

Heritage is in Dallas so the sales tax (for Texas residnets) is 8.25%. frown.gif

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rob_react

rob_react

Posted
Posted
Yeah I thought of factoring the premium in as part of my bid. I just figured that it sucks for them to get such a large piece of the pie for essentially being a middle man.

 

It sucks for the consignor.

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Solar

Solar

Posted
Posted
Yeah I thought of factoring the premium in as part of my bid. I just figured that it sucks for them to get such a large piece of the pie for essentially being a middle man.

 

It sucks for the consignor.

 

Yep. The increased fees kept me from putting a high dollar piece in this current auction. Doesn't look like it scared too many consignors off though considering the quality of the material in this latest auction.

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Thomas

Thomas

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The thing of it is that they always get top dollar even without adding in the seller's fee so even if I bid 4k for a Peanuts strip they'll probably realize more than that. I guess I'm complaining because I can't afford more. If I could afford more then I would have nothing to complain about and would just purchase the piece(s) I like.

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blowout

blowout

Posted
Posted
FACTOR THE BUYERS PREMIUM IN BEFORE YOU BID AND THEN THE FINAL PRICE YOU PAY WILL BE NO DIFFERENT! BUYERS PREMIUM SHOULDN'T BE TREATED AS BEING IN ADDITION TO YOUR BID. IT'S PART OF YOUR BID.

 

This is not rocket science folks. makepoint.gif

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vodou

vodou

Posted
Posted
Yep. The increased fees kept me from putting a high dollar piece in this current auction. Doesn't look like it scared too many consignors off though considering the quality of the material in this latest auction.

 

a little known (or publicized) fact is that every aspect of consignment with heritage and most auction houses is negotiable IF you are bringing quality material to them. a single ken kelly painting ain't gonna matter, but bring them five + five sanjulians and you can probably work it so that your consignment fee is lower if not non-existent. as many of you know, if you consign with a reserve and the reserve isn't met the published way this is dealt with is that the consignor has to pay the c-fee against the reserve to 'pay' back heritage for their cataloging and advertisting expense. this is also very negotiable - all the way down to zero. the key is to walk in with a nice stack of good material vs. a single piece. these guys have to fill up that catalog every three months with mouthwatering material. that's not as easy as it may sound and to do so they're willing to make concessions if you're offering the right stuff.

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Solar

Solar

Posted
Posted
Yep. The increased fees kept me from putting a high dollar piece in this current auction. Doesn't look like it scared too many consignors off though considering the quality of the material in this latest auction.

 

a little known (or publicized) fact is that every aspect of consignment with heritage and most auction houses is negotiable IF you are bringing quality material to them. a single ken kelly painting ain't gonna matter, but bring them five + five sanjulians and you can probably work it so that your consignment fee is lower if not non-existent. as many of you know, if you consign with a reserve and the reserve isn't met the published way this is dealt with is that the consignor has to pay the c-fee against the reserve to 'pay' back heritage for their cataloging and advertisting expense. this is also very negotiable - all the way down to zero. the key is to walk in with a nice stack of good material vs. a single piece. these guys have to fill up that catalog every three months with mouthwatering material. that's not as easy as it may sound and to do so they're willing to make concessions if you're offering the right stuff.

 

Interesting. This is good to know, just in case...

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Kevin76

Kevin76

Posted
Posted

items would sell for more i think if heritage got rid of the buyer's premium which is the biggest rip off of the 21st century. Not only do you got to outbid someone else you have to pay extra to buy it.Plenty of other places to buy art besides Heritage.

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tth2

tth2

Posted
Posted
items would sell for more i think if heritage got rid of the buyer's premium which is the biggest rip off of the 21st century. Not only do you got to outbid someone else you have to pay extra to buy it.Plenty of other places to buy art besides Heritage.

Please read Rob_React`s post above. You don`t have to pay anything extra. gossip.gif

 

From a buyer`s point of view, the BP is completely, utterly and totally irrelevant. As a buyer, I could give a [embarrassing lack of self control] whether my hard earned money goes to the seller or the auction house. Either way, it`s no longer in my bank account.

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comix4fun

comix4fun

Posted
Posted

Personally, I'd rather they factor it into the price.

 

 

They do....when you big the amount you are bidding with the buyer's premium is right there and you have to click a button that says you accept that number as your bid.

I don't think it could be any clearer.

 

Chris

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comix4fun

comix4fun

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Posted

but the heritage premium is 19.5% and the calculator jumps from 19 to 20%...WHAT DO I DO NOW??? 893whatthe.gif893whatthe.gif893whatthe.gif FOR THE LOVE OF GOD SOMEONE HELP ME?? frustrated.gif

 

27_laughing.gif...thanks Rob poke2.gif

 

 

Chris

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