Did Heritage bump up their buyer's premium?

[Monster_A_GoGo]

I was just looking at my latest watch list on Heritage...and noticed that the buyers premium is $19 now. Wasn't $14 like just last week or the week before? Jeepers! That's a big jump.

[erik1925]

Weird.

According to Item 2 in HA's Terms & Conditions, the BP for movie posters is 19.5%, but in doing the math, it looks to be about 21.1% for this Sunday's upcoming movie poster auction.

For example, one lot that I randomly selected that is currently at $90.00 (and if won at that amount on Sunday) should be $107.77, with the added 19.5%, but instead it states that with the added BP, the amount would be $109.00 (http://movieposters.ha.com/itm/foreign/8-1-2-embassy-1963-italian-locandina-115-x-27-foreign/a/161625-53004.s?ic4=ListView-ShortDescription-071515)

Buyer’s Premium:
2. All bids are subject to a Buyer’s Premium which is in addition to the placed successful bid:
 
•  Nineteen and one-half percent (19.5%) on Comic, Movie Poster, Sports Collectibles, and Gallery
Auction (sealed bid auctions of mostly bulk numismatic material) lots14. The highest qualified Bidder recognized by the Auctioneer shall be the Buyer.

Seems confusing, or maybe a hiccup? Dunno.

[Monster_A_GoGo]

Oh yes...it's a percentage. Duh... just woke up a bit ago. But thank you. I wasn't imagining things. They DID go up. Grrr.

[erik1925]

Tho it looks like the minimum bid amount on a 1.00 poster, has been upped from 14.00 to 19.00 (if I'm looking at it right).

[MoviePosterBid.com]

Heritage BP has been 19.5% for years.
there is a minimum $14 premium added to any sale

[erik1925]

The minimum did go up, looks like. Here's a side by side screen grab. The item on the left, from last Sunday (6/12/16) got a bid of 1.00, so with the added 14.00, sold for 15.00.  The image on the right, is for an upcoming item this Sunday (6/19/16). The small info box shows that the minimum premium added has gone up from 14 to 19 bucks (in the red font).

So if the item on the right sells for a buck, it will now cost that winning bidder 20.00 vs 15.00, had it been sold last Sunday.

[Monster_A_GoGo]

ARGH!!!  Sooooo not fair.

Thanks for posting those examples though, Jeff.

[hepcatpunk]

I do like Heritage, but in general BPs are for the birds.  They're already getting a giant cut of the final price from the seller, then to squeeze the buyer too?  Hate it.  And Heritage aren't even the highest...didn't Invaluable have like 24-28% for the Morrie auctions?  Definitely have to factor that into your bid.

[erik1925]

When I sorted the items for this Sunday's upcoming auction (high to low), it appears that any item that has gotten a bid of over 100.00 uses the 19.5% BP, but anything that is currently UNDER 100.00 so far, has the flat, minimum 19.00 premium added to the bid amount, rather than using the calculated BP percentage.

I looked at about 7 items, all with bids under 100.00 and they all came up the same way. (current bid + 19.00)

And the few items that are currently over 100.00, all have the 19.5% BP used as the calculation.


Edit: Those items that have bids of $97.50 (or above), will use the 19.5% BP figure, since that calculated percentage will be greater than the 19.00 minimum that is added to lower priced posters.

Im thinking it's always been this way. The min. premium fee has just been raised, starting this coming Sunday.

[MoviePosterBid.com]

When I sorted the items for this Sunday's upcoming auction (high to low), it appears that any item that has gotten a bid of over 100.00 uses the 19.5% BP, but anything that is currently UNDER 100.00 so far, has the flat, minimum 19.00 premium added to the bid amount, rather than using the calculated BP percentage.

I looked at about 7 items, all with bids under 100.00 and they all came up the same way. (current bid + 19.00)

And the few items that are currently over 100.00, all have the 19.5% BP used as the calculation.

they went up this week I guess. May not actually have all that much of an effect, seeing as the average HA auction price in a weekly auction is $80-100 (they sold I think 494 posters Sunday and did just short of $41,000). It doesn't affect me a whole bunch as for the most part, there are no inexpensive items needed for my collection much anymore (just expensive, or rare.. dammit)

inflation!

[jayn_j]

Personally, I resent the whole concept.  As such, I have never even registered on the HA site.  I find enough on the other sites to feed my habit.

[MoviePosterBid.com]

Personally, I resent the whole concept.  As such, I have never even registered on the HA site.  I find enough on the other sites to feed my habit.

who cares if they charge a BP?
It's just a math solution. If I want to wind up paying $120 for an item, I only bid $100

if you can't do math (I know you can do math J), I can understand where that might create a problem.

[eatbrie]

Rich loves his heritage.

T

[jayn_j]

who cares if they charge a BP?
It's just a math solution. If I want to wind up paying $120 for an item, I only bid $100

if you can't do math (I know you can do math J), I can understand where that might create a problem.

Yeah, I can do math.  The problem is that other folks can't or won't and that drives prices up.  Good for Heritage, not so good for buyers.

[MoviePosterBid.com]

Rich loves his heritage.

it isn't love or hate. I think they do a good job, and the BP doesn't threaten me

Yeah, I can do math.  The problem is that other folks can't or won't and that drives prices up.  Good for Heritage, not so good for buyers.

well then HA isn't the problem. the problem is mathematically challenged collectors. The answer? Teach more math in your spare time.
T, is it okay for Jeff to create an educational sub-forum "Know Your Math! Learn How to Calculate Buyer's Premium."?

 

[JCM]

who cares if they charge a BP?
It's just a math solution. If I want to wind up paying $120 for an item, I only bid $100

I won't buy anything from them, either.

Make life easier for your clients, not harder.

[MoviePosterBid.com]

I won't buy anything from them, either.

Make life easier for your clients, not harder.

and there's nothing wrong with that Jim!
there are businesses I refuse to deal with myself.
For instance, I boycott all hair salons, because I think they are biased towards people who have hair and so I don't spend my money at those places.. take that HairCutts!

[50s]

and there's nothing wrong with that Jim!
there are businesses I refuse to deal with myself.
For instance, I boycott all hair salons, because I think they are biased towards people who have hair and so I don't spend my money at those places.. take that HairCutts!

But you'll never give up the beauty salon for some manscaping

[MoviePosterBid.com]

But you'll never give up the beauty salon for some manscaping

come on down and do the trimming. maybe you can shape it to Australia

 

[Simes]

Good for Heritage, not so good for buyers.

A real time celebration of capitalism then.

[50s]

come on down and do the trimming. maybe you can shape it to Australia

 

I've only heard this in relation to women... Are all your bits there?

[MoviePosterBid.com]

I've only heard this in relation to women... Are all your bits there?

I have big hands... unlike Donald Trump

[MoviePosterBid.com]

now here's one auction I will def avoid.

aside from the retail starting prices (or higher)

http://www.ebay.com/itm/Brown-Lederer-Ocean-s-11-Screenplay-ca-1959-Lot-58-/182164976745?hash=item2a69e0f469:g:UZ8AAOSwmtJXWXPJ

the auction states: Buyer's premium:    Up to 30% applied to the winning bid

holy crap.. the kicker? The listings do not have any additional text to explain further.

[erik1925]

Let alone the other huge RED flag, that their positive feedback is all of 71.4% 

[erik1925]

Does anyone know how long the HA BP has been set at 19.5%?