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Buyer's Premiums #682997
Wed Mar 22 2017 06:22 PM
Wed Mar 22 2017 06:22 PM
Joined: Jan 2011
Posts: 182
Katy TX
lando-4 Offline OP
Petro Enthusiast
lando-4  Offline OP
Petro Enthusiast
Joined: Jan 2011
Posts: 182
Katy TX
I just got through looking at an upcoming auction on Proxibid and saw that the buyer's premium was 27%.

WOW!! How high will these premiums go? It wasn't 6 months ago, a bought a couple of items and paid a 20% premium. I thought that was crazy high!

I'm curious how much a seller has to pay the auction house to sell items. Are they also getting fleeced like the on-line buyer?

Those of you that are close enough to attend these auctions in person, are you paying the same buyer's premium as what is listed on Proxibid? I'm curious to know if I'm already starting out 27% behind a person that is bidding in house.

Anyways, the auction I browsed had several items of interest, but with the buyer's premium that interest quickly disappeared.

Oh well it is what it is.

Last edited by lando-4; Wed Mar 22 2017 06:24 PM.

Greg
On the lookout for Marland Oil / Conoco Globes
Please use For Sale forums to sell

Please - NO offers to Buy or Sell in this forum category

Statements such as, "I'm thinking about selling this." are considered an offer to sell.
Re: Buyer's Premiums [Re: lando-4] #683001
Wed Mar 22 2017 06:44 PM
Wed Mar 22 2017 06:44 PM
Joined: Aug 2011
Posts: 519
Erie Pa
B
Bill jr Offline
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Bill jr  Offline
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B
Joined: Aug 2011
Posts: 519
Erie Pa
I believe proxibid is usually higher

Re: Buyer's Premiums [Re: lando-4] #683007
Wed Mar 22 2017 09:08 PM
Wed Mar 22 2017 09:08 PM
Joined: May 2012
Posts: 1,265
Michigan, Union Pier
Done4 Online content
Veteran Member
Done4  Online Content
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Joined: May 2012
Posts: 1,265
Michigan, Union Pier
The auction houses are almost getting 50% on the sales. This will come back to bite them.


Have gas all the time
Re: Buyer's Premiums [Re: lando-4] #683010
Wed Mar 22 2017 10:04 PM
Wed Mar 22 2017 10:04 PM
Joined: Jan 2012
Posts: 650
Northern CA
Paul Bell Offline
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Paul Bell  Offline
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Posts: 650
Northern CA
I cant remember the percentages, but I know Mecum was charging a much higher percentage if your weren't local (internet buyer) too. Pretty much is making it impossible to buy anything and get a reasonable deal.

Re: Buyer's Premiums [Re: lando-4] #683027
Thu Mar 23 2017 07:10 AM
Thu Mar 23 2017 07:10 AM
Joined: Mar 2002
Posts: 6,772
illinois
Lastgas15 Offline
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Lastgas15  Offline
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Posts: 6,772
illinois
Remember when we used to complain about the 10% buyers premium that Aumann charged?

It's not just the bp, sellers commissions have crept up as well. That's a lot of money leaving the hobby.


Wanted: Gas pump globes:Sinclair & affiliates, IL companies. Ripple bodies. Anything Sinclair, Stoll, Pierce, 4 Bros.


http://www.lastgas15.com/
Re: Buyer's Premiums [Re: lando-4] #683030
Thu Mar 23 2017 08:23 AM
Thu Mar 23 2017 08:23 AM
Joined: Jan 2009
Posts: 5,124
Portland Oregon
C
Craig Osbeck Offline
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Craig Osbeck  Offline
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Joined: Jan 2009
Posts: 5,124
Portland Oregon
It is only a few occasions now I look at auctions, THE PREMIUMS ARE JUST WAY OVER THE TOP. I have not bought for years and I am sure nobody really cares. Someone with a lot of money are buying things.
I have looked at an auction coming up and will bid on just one item, just too much with premiums on the other stuff.

NO ONE CARES THOUGH, THERE ARE NO OTHER OUTLETS.


Craig
Re: Buyer's Premiums [Re: lando-4] #683038
Thu Mar 23 2017 10:14 AM
Thu Mar 23 2017 10:14 AM
Joined: Aug 2015
Posts: 171
UT
Wasatch Man Offline
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Wasatch Man  Offline
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Posts: 171
UT
I have never bought anything from a auction house other than a few things from ebay but now I am looking to buy a dump truck thru a equipment auction house . There fee is 2.5% for purchases above $2,500 to a maximum of $950 and 10% for anything under $2,500 and there is no additional charge for online or proxy bidding . Now maybe this is not a fair comparison but I thought it was worth noting. Peter

Re: Buyer's Premiums [Re: lando-4] #683041
Thu Mar 23 2017 12:00 PM
Thu Mar 23 2017 12:00 PM
Joined: Dec 2011
Posts: 150
Green Bay, WI
UpnorthNeil Offline
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UpnorthNeil  Offline
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Joined: Dec 2011
Posts: 150
Green Bay, WI
Crime typically exists to the level we allow it to exist.


When enough people see these premiums as unfair and stop bidding, the premiums will go down or go away. Until that time, why would any auction house be compelled to change?

Re: Buyer's Premiums [Re: UpnorthNeil] #683045
Thu Mar 23 2017 12:20 PM
Thu Mar 23 2017 12:20 PM
Joined: Mar 2013
Posts: 934
Just South of Nowhere in IL
PlainBroke Offline
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PlainBroke  Offline
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Joined: Mar 2013
Posts: 934
Just South of Nowhere in IL
Originally Posted By UpnorthNeil
Crime typically exists to the level we allow it to exist.


When enough people see these premiums as unfair and stop bidding, the premiums will go down or go away. Until that time, why would any auction house be compelled to change?


Nail on the head......


Steve
Re: Buyer's Premiums [Re: lando-4] #683053
Thu Mar 23 2017 02:59 PM
Thu Mar 23 2017 02:59 PM
Joined: Aug 2014
Posts: 78
CT, USA
J
jecos Offline
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jecos  Offline
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J
Joined: Aug 2014
Posts: 78
CT, USA
I don't like the high BPs either but I have a somewhat different perspective. When I go to an auction, I know what I am willing to pay for an item out the door. I therefore adjust my max bid based on the BP. If I'm willing to pay $500 and the BP is 25%, then I'll bid as high as $400. If its only 10%, then I'll go up to about $450. In a perfect world, the other buyers would have the same strategy.

This puts the onus on the consignors to put a halt to these BP increases, since they're more impacted. Higher BPs should mean lower hammer prices,which cuts into their take-home.

Of course this theory goes to hell when you have a couple knuckleheads with deep pockets show up who ignore the BPs and are willing to pay whatever it takes. Joe

Re: Buyer's Premiums [Re: UpnorthNeil] #683059
Thu Mar 23 2017 03:35 PM
Thu Mar 23 2017 03:35 PM
Joined: Jun 2012
Posts: 4,392
MICHIGAN
Steven C. Online content
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Steven C.  Online Content
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Posts: 4,392
MICHIGAN
Originally Posted By UpnorthNeil

When enough people see these premiums as unfair and stop bidding, the premiums will go down or go away. Until that time, why would any auction house be compelled to change?


Neil, I just don't see this ever happening. I wish it would. But I just don't see a day when an auction has to close down because no one is buying/bidding.
I guess time will tell.


Steve Coppens
Always interested in Sunoco items!
Really want a Sunoco National pump ad glass!!
Re: Buyer's Premiums [Re: lando-4] #683093
Fri Mar 24 2017 05:33 AM
Fri Mar 24 2017 05:33 AM
Joined: Feb 2011
Posts: 1,648
Upstate SC, USA
carolinaskies Offline
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carolinaskies  Offline
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Posts: 1,648
Upstate SC, USA
People have often complained about eBay fees on the sellers side of the equation, yet they remain under 10% and then under 5% Paypal fees. The average auction house charges 20-25% seller fee per item and 10% buyers premium IF ANY. The seller fee covers advertising and handling of the actual sale and people required.

Those of who regularly participate in the big advertising auctions are being fleeced and are willing to bend over and get reamed too. Until participants of those auctions decide to boycott them making the auction profit spiral stop it will continue to go up and up. Rich folk always have money to blow and so those who cater to them don't worry about premiums. But they are buying the cream of the crop, about 10% of overall auction sales. It's the rest of the bidders who buy the 90%, and if they quit showing up... well then you might get a correction. But unless people get together and make a concerted effort to ditch these particular auction houses they only have themselves to blame when they continue to be fleeced and bend over for the next prostate exam.


Checkout my items for sale on Pauls Picks on Facebook.

Collecting anything keeps you young at heart!
Re: Buyer's Premiums [Re: lando-4] #683097
Fri Mar 24 2017 06:04 AM
Fri Mar 24 2017 06:04 AM
Joined: Oct 2007
Posts: 11,712
Devils Lake, ND---USA
K W FRITH Offline
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K W FRITH  Offline
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Joined: Oct 2007
Posts: 11,712
Devils Lake, ND---USA
Steve--I think Neil is right on with this. If the only buyers at a big sale, are a few deep pocketed individuals looking for a few choice items, and the rest of the sale goes in the toilet, I doubt there will be many consigners knocking on that companys door?
It may be a small effort, but I have simply quit buying at ANY big auction charging those outrageous buyers premiums!


Everything Cities Service
Specializing in old Gas Pumps
kwfrith@gondtc.com
Cell#-701-739-6133
Re: Buyer's Premiums [Re: lando-4] #683106
Fri Mar 24 2017 07:33 AM
Fri Mar 24 2017 07:33 AM
Joined: May 2016
Posts: 311
Midland, Michigan
BrianH Offline
Petro Enthusiast
BrianH  Offline
Petro Enthusiast
Joined: May 2016
Posts: 311
Midland, Michigan
I don't disagree with anything you guys have said above. The BPs on these big gas & oil auctions are getting out of hand. However, as a relative new guy to this hobby, there are a limited number of places where I can buy this stuff:

eBay - forget it. Fakes are rampant and unless you really know what you're looking at you'll get taken.

Big auctions - fairly safe, but as everyone said, expensive.

Petro shows- Well, I still have a day job Mon-Fri and a limited number of vacation days/year. From what I have seen/heard on here, most of the action takes place during the week at these shows and I just can't take several days off and drive 8-12 hours to go to a show. That won't make me popular at home.

Personal contacts/network - For a new guy like me, not many exist yet. Working on this but it takes time.

Facebook - Some groups are good, some aren't. Sometimes good deals, sometimes not.

Oldgas - Great place but good deals get snapped up quick.

I think that pretty much sums it up for me. So I have Oldgas, Facebook and the big auctions as my sources right now. Again, I don't like the high BPs but my sources are limited.

BrianH

Re: Buyer's Premiums [Re: lando-4] #683120
Fri Mar 24 2017 12:22 PM
Fri Mar 24 2017 12:22 PM
Joined: Aug 2014
Posts: 78
CT, USA
J
jecos Offline
Active Member
jecos  Offline
Active Member
J
Joined: Aug 2014
Posts: 78
CT, USA
As I've already stated, at auctions where the buyers adjust their bids based on the BP, the sellers/consignors effectively end up sharing the BP. Here's an interesting article on the subject:

http://www.antiquetrader.com/featured/buyers-premiums-price-auction-business

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