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Re: RIAC auction

Posted by Dan on Tuesday, 11 July 2017, at 10:45 a.m., in response to Re: RIAC auction, posted by John S. on Monday, 10 July 2017, at 5:52 p.m.

Thanks for the response John. I would add that every auction house that lists their auction catalog on Proxibid get charged 3% for doing so. And from what I have seen in the terms almost all the larger auctions companies pass that along to the bidder. Now Invaluable does the same thing only a bit different. The auction house lists the terms and buyer's premium (BP). Invaluable then charges the buyer the 3% or adds it on to the auction house BP. I list the catalog online so I am fully aware of the charges. Plus what you all don't see is the charge per day just for listing the catalog with them.

I read on another forum about a bidder that was bidding using Proxibid and he said many guns sold went for his top bid amount and he did not win. (same issue but) The auctioneers have no idea what is on Proxibid. But the item still sells for the top bids in this case. I tried to post the link so you can read it your self but this site treats it as spam and will not let me post it.

The post that followed his spot on for the reason this happens. If you consider the auctioneers are selling items at 100-150 lots per hour here at RIAC, they have to keep moving or the auction would get over at midnight. I have heard so many times from customers who are frustrated that the bidding started above the low estimate. Which some bidders assume they do this to spend all their money, not so, they do this because it makes no sense not to. If an item has a low est. of $1,000 and there are absentee bids for $1000, $1200, it has to sell for $1100. Starting the bidding off at $500 is just wasting time.

John it sounds like I cannot change your mind, but from my chair with thousands of bids rolling in the week of the auction and during the auction. The staff here just pushes them into the database. Then they pop up on the auctioneers screen who are super busy selling 100+ lots per hour, and like I said there are 5 auctioneers.

Much of the day I monitor the bids and run verification between sales prices and the selling amount the clerk on Proxibid records into Proxibids system. To be sure they match...I don't see these folks spending all a bidders money unless they have to while bidding against the crowd, the phones, Proxibid and Invaluable.

I would like to see you keep your 3% Proxibid fee, but its not my money and everyone has to do what they feel comfortable with.

We here at RIAC are working on a solution for live bidding how we can do so without the higher 3% for our customers. But details will be out about that later. If you care to find out follow our blog.

I do appreciate you taking the time to read my post, and I can say everyone here appreciates your business no matter how you bid.

One last thing worth mentioning are the buyer's premiums.

RIAC: 17.5% credit card, reduced to 15% if you pay with cash or check. Yes we charge the 3% if you use Proxibid, so 18% cash/check or 20.5% paying with Credit card.

Our competitor Julia charges much more. 1-23-17 I just pulled this information off their website so it is accurate. You are talking 24%. I assume they too charge the 3% when on Proxibid as it says as much in their terms i copied for you below.

if so 27% !! WOW they are right up there with Sotheby’s and Christie's.

14. Buyer’s Premium Shall be reduced to 21% of the final bid price up to and including $100,000 and reduced to 19% of the final bid price over $100,000 which will be applied to each lot sold, to be paid by the Buyer as part of the purchase price. This is assuming the account is paid by cash, check or any equivalent of cash. If you settle your account by credit card, the Buyer’s Premium shall be the standard 24% of the final bid price up to and including $100,000 and in addition shall be 22% of the final bid price over $100,000 which will be applied to each lot sold, to be paid by the buyer as part of the purchase price.

Winning bids placed through a third-party online platform may be subject to a higher buyer’s premium. If the Buyer’s Premium set forth on any such platform exceeds the Buyer’s Premium set forth herein, Buyer agrees to pay such additional premium charge.


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