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#682997 - Wed Mar 22 2017 08:22 PM Buyer's Premiums
lando-4 Offline
Petro Enthusiast

Registered: Fri Jan 21 2011
Loc: 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.


Edited by lando-4 (Wed Mar 22 2017 08:24 PM)
_________________________
Greg
On the lookout for Marland Oil / Conoco Globes

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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.
#683001 - Wed Mar 22 2017 08:44 PM Re: Buyer's Premiums [Re: lando-4]
Bill jr Offline
Petro Enthusiast

Registered: Sat Aug 27 2011
Loc: Erie Pa
I believe proxibid is usually higher

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#683007 - Wed Mar 22 2017 11:08 PM Re: Buyer's Premiums [Re: lando-4]
Done4 Offline
Veteran Member

Registered: Mon May 07 2012
Loc: Michigan, Union Pier
The auction houses are almost getting 50% on the sales. This will come back to bite them.
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Have gas all the time

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#683010 - Thu Mar 23 2017 12:04 AM Re: Buyer's Premiums [Re: lando-4]
Paul Bell Offline
Petro Enthusiast

Registered: Sun Jan 08 2012
Loc: 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.

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#683027 - Thu Mar 23 2017 09:10 AM Re: Buyer's Premiums [Re: lando-4]
Lastgas15 Offline
Veteran Member

Registered: Mon Mar 04 2002
Loc: 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/

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#683030 - Thu Mar 23 2017 10:23 AM Re: Buyer's Premiums [Re: lando-4]
Craig Osbeck Offline
Veteran Member

Registered: Tue Jan 06 2009
Loc: 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

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#683038 - Thu Mar 23 2017 12:14 PM Re: Buyer's Premiums [Re: lando-4]
Wasatch Man Offline
Petro Enthusiast

Registered: Mon Aug 03 2015
Loc: 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

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#683041 - Thu Mar 23 2017 02:00 PM Re: Buyer's Premiums [Re: lando-4]
UpnorthNeil Offline
Petro Enthusiast

Registered: Thu Dec 29 2011
Loc: 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?

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#683045 - Thu Mar 23 2017 02:20 PM Re: Buyer's Premiums [Re: UpnorthNeil]
PlainBroke Offline
Petro Enthusiast

Registered: Wed Mar 20 2013
Loc: 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......
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Steve

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#683053 - Thu Mar 23 2017 04:59 PM Re: Buyer's Premiums [Re: lando-4]
jecos Offline
Active Member

Registered: Fri Aug 15 2014
Loc: 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

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#683059 - Thu Mar 23 2017 05:35 PM Re: Buyer's Premiums [Re: UpnorthNeil]
Steven C. Offline
Veteran Member

Registered: Fri Jun 01 2012
Loc: 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 add glass!!

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#683093 - Fri Mar 24 2017 07:33 AM Re: Buyer's Premiums [Re: lando-4]
carolinaskies Offline
Veteran Member

Registered: Tue Feb 08 2011
Loc: 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!

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#683097 - Fri Mar 24 2017 08:04 AM Re: Buyer's Premiums [Re: lando-4]
K W FRITH Offline
Veteran Member

Registered: Sun Oct 21 2007
Loc: 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

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#683106 - Fri Mar 24 2017 09:33 AM Re: Buyer's Premiums [Re: lando-4]
BrianH Offline
Petro Enthusiast

Registered: Sun May 01 2016
Loc: 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

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#683120 - Fri Mar 24 2017 02:22 PM Re: Buyer's Premiums [Re: lando-4]
jecos Offline
Active Member

Registered: Fri Aug 15 2014
Loc: 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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