Bad News on the Auction Front

[pokal02]

Croydon Coin Auctions still charge only 5% BP I think.  Their sellers premium is  12% so that's half or less of the DNW mark up.  (24% + ?10%)

[damian1986]

It's a shame really, coins around the £300 mark are costing £400 with postage, which puts a lot of reasonable but still common Saxon coins out of reach tbh. Vendor is only going to see £270 back on such a sale, so assuming they want most of their money back, £400 is only getting you a coin worth £270 a few years ago, which isn't a lot. Obviously over simplifying this, but I did see my 1c/1a E1 mule sell on here with coinery for probably only half what I paid through DNW (of course I got carried away 😅)

Let the dealers have em. No point whinging about this and then hitting the bid button.

Likewise they're running a business and and provide a good service and this is how it is. 

All in all... 🤷‍♂️ 

Edited August 10, 2019 by damian1986

[Paulus]

6 hours ago, damian1986 said:

It's a shame really, coins around the £300 mark are costing £400 with postage, which puts a lot of reasonable but still common Saxon coins out of reach tbh. Vendor is only going to see £270 back on such a sale, so assuming they want most of their money back, £400 is only getting you a coin worth £270 a few years ago, which isn't a lot. Obviously over simplifying this, but I did see my 1c/1a E1 mule sell on here with coinery for probably only half what I paid through DNW (of course I got carried away 😅)

Let the dealers have em. No point whinging about this and then hitting the bid button.

Likewise they're running a business and and provide a good service and this is how it is. 

All in all... 🤷‍♂️ 

Well the dealers sell them on to us don't they? With another margin on top of course ...

[damian1986]

 

2 hours ago, Paulus said:

Well the dealers sell them on to us don't they? With another margin on top of course ...

I meant sell to them in the first place 

[Colin88]

The 24% (29% with the juice )  from DNW is either greed or to cover large overheads ... also I suspect there’s more pressure from sellers to get zero commission for selling so the auction house has to squeeze more profit from the buyer ... bad state of affairs 

[azda]

24% does make me think twice on what I'll bid on, I wonder if buyers will be less inclined to bid up coins to higher end estimates, although I still think this increase has something to do with weaker sterling, Londoncoins next?

[Rob]

If working to a strict budget, just reduce your bids by 5% from what you would have gone prior to the increase. Alternatively, if the increase really bugs you - sit on your hands. Although we all have boxes that need ticking, when it comes to a hobby there isn't a single thing that can't wait for another day. If you really want it so badly, you are unlikely to be affected by the increase as it is only £50 per £1K, which is easily lost in a fit of frenzied bidding whatever the premium.

[1949threepence]

Thing is, if I saw some dream item, I'd pay the extra. But if it was something that I would quite like, but not that bothered about, the 29% overall addition would probably put me off.    

[Rob]

25 minutes ago, 1949threepence said:

Thing is, if I saw some dream item, I'd pay the extra. But if it was something that I would quite like, but not that bothered about, the 29% overall addition would probably put me off.    

As I said.

The makeup of the final price can be whatever you want. Only the total cost matters.

[VickySilver]

IMHO, most bidders don't fully take into account all the "extras" in fees, VAT, etc. when they bid and just suck it up as more expense.

[mrbadexample]

2 minutes ago, VickySilver said:

IMHO, most bidders don't fully take into account all the "extras" in fees, VAT, etc. when they bid and just suck it up as more expense.

One thing I like about the DNW changes is that they are to have an actual cost calculator running as you bid.

[VickySilver]

Yea, that is good - kind of taken off of Heritage. thanks to them at least for that.