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oldcopper

Bad News on the Auction Front

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I notice DNW have put their premium up to 24% for the forthcoming Sept general auction. This means ~29% extra for those of us not VAT registered.

Ouch!

 

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That's not good. Makes some coins that were just in reach unattainable now.

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Not good for anyone except DNW

Buyers will factor in that 30% when they bid so the sellers will get even less..

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Yes, in theory if buyers stick to their budgets then the hammer prices will be that bit lower (although I doubt it!)

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Yep, same as many other areas of life - greed that can't be stopped.

I wonder if any of the big players will eventually be brave enough to announce they are going back to 15% or some such,

thus grabbing all the sellers......

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I must admit I thought it was already 24%. What was it? 

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20% Mike. Here's their statement. 

I don't see that it will make much difference to me as a buyer. I have a limited budget - I will either win what I want within that budget or someone with deeper pockets will want it more than me. Nothing changes.

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It was 24% including the VAT (20% + (20% of 20%)) which might be why the number rings a bell - and might be why they have chosen this number, as it might go unnoticed

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Thanks gents. 

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13 minutes ago, Paulus said:

It was 24% including the VAT (20% + (20% of 20%)) which might be why the number rings a bell - and might be why they have chosen this number, as it might go unnoticed

Any business will try to make the most profit that they can. Where will it stop though.

It reminds me of the proverbial camel. It sticks his head in the tent to see you and before you know it he has got the whole tent, and you are on the outside looking at him....

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Yes 15% too 20% seems much more reasonable , by putting up their fees so much they will effectively drive all sellers to the oposition.

Shrewd move

NOT!!!!

Edited by copper123

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They will all follow suit soon I’m sure and jack it up to 24%

I tend to agree I’m sure there’s a market for one of them to put their head above the parapet and go 15% .. which is still a good profit especially if they’ve taken it from the other seller side too.

Anyone fancy starting an online Auction company ? ! ... actually I would if I was 30 years younger ... actually I would start a revolution if I was 30 years younger...and thinner .. ! 

 

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There again most auction stuff is either single coins worth £100 plus or bulk collections again worth £100 plus  the single coins tend to be bought by collectors to boost their collection and the bulk lots tent to be bought by dealers .

Obviously this is just a generalisation and the two sorts of buyers can slip into either camp.

 

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1 hour ago, Colin88 said:

They will all follow suit soon I’m sure and jack it up to 24%

I tend to agree I’m sure there’s a market for one of them to put their head above the parapet and go 15% .. which is still a good profit especially if they’ve taken it from the other seller side too.

Anyone fancy starting an online Auction company ? ! ... actually I would if I was 30 years younger ... actually I would start a revolution if I was 30 years younger...and thinner .. ! 

 

POWER TO THE PEOPLE!!!

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Seller's premium I can understand but buyer's premium...

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How much is their standard buyer'a premium, anyone know? I can't find it on their website ...

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Sellers premium can be fully negotiable whatever is stated in print .. buyers premium is not negotiable , by law I believe ? 

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4 hours ago, Colin88 said:

Sellers premium can be fully negotiable whatever is stated in print .. buyers premium is not negotiable , by law I believe ? 

That would make sense.......

Equality for ALL buyers, in a open free marketplace. High bid takes it, everyone pays the SAME premium.

As for selling, you can negotiate the sellers premium as it would only affect the seller and the auction house, essentially a private transaction.

 

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6 hours ago, Paulus said:

How much is their standard buyer'a premium, anyone know? I can't find it on their website ...

 

Sellers commission is usually based on the volume, or value of the coins being sold. I approached Heritage and London both with the same coins (about 50k), and Heritage charged 5%, while London wanted 10%. I went with Heritage.

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heritage is 5% for signature items or 10% for  other 

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On 7/30/2019 at 5:50 AM, oldcopper said:

I notice DNW have put their premium up to 24% for the forthcoming Sept general auction. This means ~29% extra for those of us not VAT registered.

Ouch!

 

That will just push more people to ebay and dealers. 

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On 7/30/2019 at 2:07 PM, 1949threepence said:

I must admit I thought it was already 24%. What was it? 

That is Baldwins, I wonder if its anything to do with the weakening sterling

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On 7/31/2019 at 1:41 PM, Bronze & Copper Collector said:

That would make sense.......

Equality for ALL buyers, in a open free marketplace. High bid takes it, everyone pays the SAME premium.

As for selling, you can negotiate the sellers premium as it would only affect the seller and the auction house, essentially a private transaction.

 

Baldwins is zero seller fees over £1000 hammer

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On 8/1/2019 at 2:54 PM, jaggy said:

That will just push more people to ebay and dealers. 

Those sellers also buy at the same auction houses as we do 😉

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On 7/31/2019 at 6:18 PM, rpeddie said:

heritage is 5% for signature items or 10% for  other 

They don't accept consignments under $5k

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