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 Replies: 46 / Views: 6,696 |
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Valued Member
United States
282 Posts |
I just won my first coin from a Heritage Auction. It was on my list for a while so I'm happy to have won but I'm still a little peeved at the total price paid. My total was lower than I believe market to be but still higher than expected, mostly due to the shipping and sales tax. Having an $850 winning bid become an $1,100 purchase is a little annoying. $150 buyer's premium + $90 sales tax + $15 shipping for a total of over $1,100. The selection of nice coins is definitely not the same but I'm wondering if I could have done better on ebay, especially given the sales tax. Just my little post-auction rant.  Thanks for this little therapy session!  Edited by syeb
06/14/2016 11:47 am
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Pillar of the Community
 United States
2843 Posts |
I have never, but would definitely feel the same way. $250 over the final bid would make me upset. Hopefully your investment will appreciate to well higher than $1,100 and you will start to fell good about it.
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Valued Member
 United States
282 Posts |
I feel good because it's a coin I really wanted, and a beautiful one to boot. But that little voice in the back of my head telling me I should have found one on ebay! |
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Pillar of the Community
United States
2843 Posts |
That voice would feel really stupid if you got one on ebay and had trouble with it. An expensive coin like that may be smart to go with Heritage even if you could have found one on ebay for a little bit less. |
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Pillar of the Community
United States
7390 Posts |
So heritage has a satellite office in NY? That's the only way they could've charged tax. I live in cali and they have an office here so by cali law they can charge tax on invoice totals under $1499 but if I buy enough to make the invoice over $1500 there is no tax. It looks like NY law says that all coins nomatter value can be taxed however bullion is only taxed under under $999 and not taxed over $1000... https://thecoinologist.com/sales-ta...e-breakdown/Edited by Cascade
06/14/2016 12:38 pm
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Pillar of the Community
Canada
1747 Posts |
So really it is not the fact that you are upset with the coin, or even the selling price of that coin, but more indeed you are upset at yourself for not fully understanding all the rules of buying at the auction?
I get the fact that $250 over the hammer price is a lot, and I personally would not have bought it just because of that fact.
Did you not read or ask about the rules of the auction? I am sure that there were statements all over the place about final costs.
If I were you (and I have been in a similar place) pull up your man pants and chalk this up to your education.
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Pillar of the Community
United States
1054 Posts |
Hate to break it to you, but that's the nature of the game. The disclosures for all these fees were there, so it shouldn't have been a big secret. The good news, Heritage has a great return policy if you so inclined to use it.
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Valued Member
United States
269 Posts |
I have to say I think the buyers premium on Heritage is pretty absurd. 17.5%! Definitely keeps me away; impossible to get a final price paid that is anywhere near true marketplace.
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Valued Member
United States
282 Posts |
Ace, Kook: I actually love the coin and will not return it.
It is really the sales tax that gets me. The sales tax and shipping were over $100, 12% of the coin's cost. Paying sales tax on what can be considered an investment item hurts. Imagine paying almost 9% sales tax when buying a share of stock.
I fully understood the buyer's premium - and in fact it is clearly disclosed in bright red numbers during the auction. The premium was factored into my bids. The tax and shipping were not - yes I probably should have done some more homework on that aspect.
Edited by syeb
06/14/2016 12:54 pm
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Pillar of the Community
United States
4085 Posts |
My experience is that most of the coins offered on Heritage are not really available on ebay or if they are, they are usually priced as Buy It Now items at well above market price. It is too bad about the sales tax. I guess the only thing you can do is look at total price in the future, including sales tax. |
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Pillar of the Community
Canada
4227 Posts |
It's a valuable learning experience and I'm sure that once you get the coin so you can appreciate it, you'll be happy in the long run.
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Bedrock of the Community
United States
10982 Posts |
And 9% sales tax? Wholly cow Batman! Where the heck in NY is tax on goods that high? Sounds like the hotel rate to me.
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Valued Member
United States
282 Posts |
It's actually 8.875% total sales tax in New York City. Crazy.
Edited by syeb
06/14/2016 3:55 pm
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Rest in Peace
United States
4078 Posts |
Quote:
Having an $850 winning bid become an $1,100 purchase is a little annoying. $150 buyer's premium + $90 sales tax + $15 shipping for a total of over $1,100. Wait, a novice question, Is there always a buyer's premium? Is there a sales tax if you buy from another state? Does this apply to Heritage only or other Auction houses? The only coins I have bought is from CCF members.  |
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Valued Member
United States
282 Posts |
Winning Bid: $850 ($998.75 w/ BP )
Sub-Total $998.75
Shipping $15.65
Sales tax has been applied according to applicable law.
Tax $90.03
Late Fee $0.00
Accrued Interest $0.00
Total $1,104.43
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Pillar of the Community
Canada
1747 Posts |
in Canada sales tax ranges from 5-13%
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Replies: 46 / Views: 6,696 |
Posted 06/14/2016 11:51 am
