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 Replies: 21 / Views: 1,949 |
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Pillar of the Community
United States
2724 Posts |
I was wondering if any of the members use the major auction houses such as Bowers and Merena, Heritage, or Superior? If not, why?
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Pillar Of The Community
3147 Posts |
I have only internet bids a couple of times but very hesitant to bid due to buyers fees which I feel like are extremely high at this time. Maybe, if those fees were split between the buyer and seller at 50% each I wouldn't feel such negativity towards these auctions. The seller, for the most part, stands to gain especially with the market as hot as it is now so I see no reason to penalize the buyer? It all seems backwards to me and that is exactly the reason I quit bidding on Teletrade. Won a couple of items there (couple years ago) and was shocked at the final costs. Don't much care for surprises so I am sticking to paying a dealer for items I think I must have as the finished price is the purchase price!
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Rest in Peace
United States
2884 Posts |
ND, I tried bidding a few times on Heritage online auctions. The 15% buyers fee is brutal! I guess the dealers that buy from these venues pass the costs off to the retail market. The funny part is with the fee; the sale price often approaches the retail level. Of course the entire auction realized prices include the fees so the fair market trading prices reflect the cost including the buyers fee. When I bid on ebay I use the heritage site prices realized as a base for my bidding. I take the last 5 or 6 same coin prices realized, in the same grade and if possible the same TPG (quite important) , average those out, multiply by.85 and start my bid there. Then I will go as high as .95 or even 100% of the average if I really want the coin. I have never won an auction on heritage. Mike  |
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Valued Member
United States
157 Posts |
I bought an SLQ from Superior, back in October I think. The 15% buyers fee is punitive, but if you think about what you're willing to pay overall and factor it into your bid, it doesn't really matter.
They really took their own sweet time, though. It took almost two weeks to receive an invoice after I won the coin, and after I immediately called in my credit card info to pay for it, it took almost another two weeks to get the coin. I love the coin, though, so it was worth it.
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Rest in Peace
United States
2684 Posts |
I've looked at them many times, but didn't get serious about it until recently when I was looking for a particular coin and couldn't find anything satisfactory until I looked at Heritage's most recent auction where they had a couple listed. While the 15% buyer's premium bothered me only a little, what really caused me to hesitate was the fact that Heritage didn't take PayPal in which I had all my expendible money. I couldn't figure out a good workaround, so I had to let it go.
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Rest in Peace
United States
2884 Posts |
Transfer from PayPal to linked account, back to checking, go to the bank, cut a money order...Done
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Rest in Peace
United States
2684 Posts |
I put in an online bid on a Morgan in the Bowers & Merena auction which ended yesterday. I didn't win since someone, persumably on the bourse bid it up well over retail, not counting the 15% BP. I was a little shocked since it was just an average MS-64, but since this was also the first sale of coins from the SS Republic, I suspect it attracted more than the usual attention from buyers with money to burn; I noticed a fair number of other coins which went for retail or more. Ironically, another MS-64 one lot removed from mine didn't sell at all; this somewhat reinforces my observation that one bid "breaks the ice" and attracts others. Too bad there's no mechanism for snipes.
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Forum Mom
 United States
5877 Posts |
A very astute observation about that first bid, Fred. We noticed that a long time ago. That's why a coin that is started so low that it is practically guaranteed a bid can go for much higher than a coin that is started at around half of retail. We've had $10-15 coins that we have started at $4.95 and others that started at $.99. Most of the ones started at $.99 will reach close to retail, while often the ones started at $4.95 will only get a couple of bids or go for the opener. It is true that bids beget bids.
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Rest in Peace
United States
2684 Posts |
quote:
Originally posted by Susanlynn9
A very astute observation about that first bid, Fred. We noticed that a long time ago. That's why a coin that is started so low that it is practically guaranteed a bid can go for much higher than a coin that is started at around half of retail. We've had $10-15 coins that we have started at $4.95 and others that started at $.99. Most of the ones started at $.99 will reach close to retail, while often the ones started at $4.95 will only get a couple of bids or go for the opener. It is true that bids beget bids.
This is also the reason I've used a sniper service for some years: if I see a coin I want and nobody has bid on it, I won't draw attention to it by submitting a bid but instead will snipe it, hoping that nobody else bids on it. This works perhaps 75% of the time. I use a sniper almost exclusively unless I'm just bidding casually. But, I don't believe there's any way to snipe with these major auctions where online bidding is in competition with floor bids; I'm not even sure the auction houses would permit electronic sniping even if it were technologically feasible. |
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Valued Member
United States
382 Posts |
I like Heritage and keep the majority of my certified inventory on-line with their "My Collection" feature. This way, I can see instantly current retail/wholesale prices for the coins in "my collection". It is like a free coin collection software. This is good for them as well as they are always looking to auction off coins and look at me as a possible seller in the future.
As for their auctions, I only have bid on their internet auctions and only where I take into accounnt their buyer's premium upcharge before I make any bids. I have won only a few items and that is when I "sniped" the auction item just before the hammer. Their pictures are excellent!
Their service is very good and I can't say anything but good things about them.
Edited by zakgold
04/09/2005 3:40 pm
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Forum Mom
United States
5877 Posts |
It's nice to hear about a positive experience. Thanks, Zak!  |
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Rest in Peace
United States
2684 Posts |
After 1 PM yesterday when B&M closed bidding to pre-session internet bidders, I tried switching to the live auction section to monitor the auctions and perhaps even bid some more. However, I was disappointed to find that the software for these auctions required Windows only, leaving us non-Windows types out in the rain. I would think they would use platform-immaterial software so that everyone could watch their live auctions and be able to submit bids, not just the 80% who use Windows; those of us with Macs tend to be the ones with money.
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Pillar of the Community
United States
980 Posts |
quote:
Originally posted by Morgan Fred
After 1 PM yesterday when B&M closed bidding to pre-session internet bidders, I tried switching to the live auction section to monitor the auctions and perhaps even bid some more. However, I was disappointed to find that the software for these auctions required Windows only, leaving us non-Windows types out in the rain. I would think they would use platform-immaterial software so that everyone could watch their live auctions and be able to submit bids, not just the 80% who use Windows; those of us with Macs tend to be the ones with money.
Or those of us without money, but who prefer Mac os |
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New Member
United States
19 Posts |
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I tried bidding a few times on Heritage online auctions. The 15% buyers fee is brutal!
Mike, on a practical basis the 15% seller's fee comes out of the seller's pocket, not the buyer's pocket. Here's how/why - let's say that I as a bidder am willing to pay $1150 maximum for a coin...Being aware of the 15% buyer's charge, I simply take that into account and bid $1000 hammer, instead of $1150. Since the seller is paid based upon the hammer price (+ or minus some %) my reduced bid of $1000 instead of $1150, results in a lower amount for the seller. In reply to the question that started this thread - I bid in most auctions conducted by ANR, Bowers, Heritage and Superior, as well as a few others. I aslo consign to some of them occasionally. If anyone has any specific questions, I'd be more than happy to try to address them. |
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Pillar of the Community
 United States
2724 Posts |
Coinguy1 you got this backwards. Buyers pay 15% and sellers pay 5%. Anyways, back to the topic. None of the major services use the "sniper" feature, and hopefully never will. I know that it does help in the online auctions for the buyer, but often the better material is not available in the mass auctions. My thought while bringing this topic up was that with the major services, you have far more protection. Coins are certified or accurately graded by the service with guarantees of authenticity and grade. Coins will be shipped and all fees paid. You don't fall into the whole "Buyer Beware" scenerio. Many of the major auctions are attracting lower priced material these days. Heritage often offers coins in the internet only auctions that sell for less than dealer bid. Comparing this with coins sold on ebay is very even. So why would collectors use a service that is "buyer beware" versus a well known and trusted source? Now granted I only use major auction houses for buying and selling, but I do keep an eye on ebay to see what collectors are thinking and buying. I know that what I offer is outside the normal collectors channels, but I love learning new things. Thanks all! |
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New Member
United States
19 Posts |
quote:
Coinguy1 you got this backwards. Buyers pay 15% and sellers pay 5%
National dealer - I do not have it backwards at all - please re-read my previous post. While the 15% is added on to the hammer price bid, the practical/net effect is that the experienced/knowledgeable buyer merely reduces his hammer bid and the lower hammer price affects the proceeds that the seller receives. If I'm willing to pay $1150 for a coin as a maximum, it makes no difference whether I pay $1000 plus a 15% "buyer's" premium" or $1150 with no buyer's premium - $1150 is $1150 either way. But, when there is a buyer's premium involved, the hammer price (upon which the seller is paid)is reduced. I repeat, the net effect is that the so called "buyer's" premium comes out of the seller's pocket. |
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Replies: 21 / Views: 1,949 |
Posted 04/04/2005 09:22 am
