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Curious About Auction Details

 
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Author Previous TopicReplies: 5 / Views: 267Next Topic  
Valued Member
United States
414 Posts
 Posted 09/28/2021  3:02 pm Show Profile   Bookmark this topic Add howell1018 to your friends list Get a Link to this Message
I don't worry about this because it's never going to affect me, but.....Almost weekly I see in the Numismatic press a report of some coin that sold at auction for an astronomical price. I know that auction houses tend to charge on the order of 15-18%, but do they still get that for an item that hammers in the area of 7 figures, or do they have some sort of sliding scale. My Coin World that came yesterday has coverage of a coin that was auctioned for over $7 million. At 15% that's a fee of over a million dollars.
Valued Member
Learn More...
United States
402 Posts
 Posted 09/28/2021  3:25 pm  Show Profile   Bookmark this reply Add hokiefan_82 to your friends list Get a Link to this Reply
For the auction sites I use, the buyer's fees for numismatic items are fixed - 20% at Heritage and Stacks Bowers, 10% (or 12% if paying by credit card) at GreatCollections. I know for Heritage they do have a sliding scale for some types of listings, but not coins or currency...
Valued Member
United States
414 Posts
 Posted 09/28/2021  7:09 pm  Show Profile   Bookmark this reply Add howell1018 to your friends list Get a Link to this Reply
I was more interested in the fee to the seller.
Bedrock of the Community
Australia
19086 Posts
 Posted 09/28/2021  8:13 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
For coins that have the potential to be sold for huge prices, I have no doubt that some sort of negotiation can take place before the auction regarding the seller and the auctioneer regarding fees.
As a parallel,
sliding scales exist for agents for real estate negotiations, and can form part of the contract between the agent and seller.
Edited by sel_69l
09/29/2021 03:54 am
Bedrock of the Community
United States
17514 Posts
 Posted 09/30/2021  02:43 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
I was more interested in the fee to the seller.

Sellers fee is negotiable based on the value of the consignment and can run from the seller paying 5% (receiving 95% or the happer price) to receiving 105% of the hammer price. In the case of that $7 million coin the seller almost certainly received 105% of the hammer price.
Gary Schmidt
Bedrock of the Community
United States
20394 Posts
 Posted 10/03/2021  11:49 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Just one of the reasons I do not use auctions.
just carl
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