Proxiblog focuses regularly on the auctioneer’s perspective in the selling of coins on the portal. Today Proxibidder Dick Fee discusses what service terms and consignments compel him to bid with confidence.
“As a collector I have certain ‘standards, I adhere to,” Fee says. “I don’t try to obtain MS66 or up or PF70 – in the modern series. For earlier series, I modify my approach to say, MS63, and Pf62 to Pf64. The coins in these grades are generally far more affordable – actually, FAR more affordable. For one, the speculators and ‘investors’ aren’t really interested in coins without the flash and potential quick buck profit for them. So, as I view auctions I look for the nice coin, lower grades overall to add to my collection.
“A second point, also very critical, is the fee added to the selling price and the cost of shipping. Say, for example, I believe a fair price for a coin is $100 and the seller’s auction site says 18% plus some specified shipping/handling costs are to be added; my maximum bid is not going to exceed $85, and I would hope to stop at about $80. Now I realize I am going to lose a lot of items to floor bidders since they don’t pay the shipping/handling cost, but this is life – reality. I see some crazy bids for material and mentally then add all the extra charges – wow!”
Dick Fee looks for auctions “with lower buyer add-ons, as I know I will win more of the material on which I bid in such auctions.”
What kind of auctions and service terms compel you to bid with confidence? Proxiblog appreciates hobbyists’ views on bidding and buying on the portal and thanks Dick Fee for sharing his perspective. If you are a bidder and would like to share yours, contact us at mjbugeja@yahoo.com.
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Michael:
Great post and I am glad you added the buyer’s perspective to this post. We decided to charge 10% buyer’s premium a year or so ago because we have streamlined our processes. In addition, we use BP to offset additional costs to our clients (sellers) and not as a profit center as some other companies do.
Even at 10%, a buyer will divide the amount by 1.1 to come up with the maximum price they will pay for an item. 10% is EASY compared to the 15-18% and up that some companies charge. Now granted, everyone has their rationale for how and what they charge, so I am not chastising anyone with these comments. We choose to go our own way.
We closed out our auction last Wednesday and had every package to the USPO by their 430 pm closing time that day. We even surprised ourselves! Again, we go our own way. We turn so many auctions it is important for us to get the items to the bidders and out of our hands as quickly as possible.
Keep up the awesome work and please let me know if we fail the customer (buyer) in any way. Pats on the back go so far, but constructive criticism makes us all better!
Best,
Darron Meares, MBA, CAI, MPPA, BAS
COO – Meares Auction Group
You are one of our heroes, Darron, because you care about buyer and seller and uphold standards to high degree. Thank you so much for adding your voice. I will excerpt a few sentences and feature those in our Quotable Auctioneer segment next week.