Soliciting experiences with fees charged by auction houses

El Biblioitecario

El Biblioitecario

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A local auction house told me they charge the seller 20% of the sale price for small numbers of firearms; over fifteen guns they charge 15% This is in addition to the 20% buyers premium they collect.

It's been years since I've attendes a firearms auction, and I was always a bidder, not a seller. Having admitted my ignorance of the subject, the above rate nevertheless seems high. I'd be curious to know how it compares with what others have paid auctioneers. TIA
 
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The current price I see quoted is 30%. I have one auctioneer that has a fee range. Based on sale price, 0-149 = 20%, 150 - 299 = flat $35, 300 - 499 = flat $40, $500 - 999 = $50, $1000 - 1999 = flat $75. I don't recall the amounts higher. This guy is good, and he will also let you set a minimum so if it doesn't sell you don't pay, but he does charge $15 for a no sale.
 
westcoast362 said:
A 20% sellers premium sounds about right, but 10% buyers premium is more like it.
Click to expand...

You'll get a 10% Buyers' Premium if you attend a local auction, but do it over the Web and it shoots up to 18-22%. Go check out Proxibid to see what I mean.
 
El Biblioitecario said:
A local auction house told me they charge the seller 20% of the sale price for small numbers of firearms; over fifteen guns they charge 15% This is in addition to the 20% buyers premium they collect.

It's been years since I've attendes a firearms auction, and I was always a bidder, not a seller. Having admitted my ignorance of the subject, the above rate nevertheless seems high. I'd be curious to know how it compares with what others have paid auctioneers. TIA
Click to expand...

Thats actually not bad. Ive seen some auction houses go as high as 35-40%. Thats why I tried selling my WWII GErman oficers tunic and cap here--ebay charges I THINK?? 20%
 
Auction houses get a commission from both the buyer AND the seller? Wow.

Glad I don't go to 'em.
 
I haven't used an auction house, but shops I've dealt with in the last several years all seem to charge 20% off the top. So no savings there...

I now use Gun Broker. Fees have are quite reasonable IMHO....
 
Buyer's Premium, NOT!

There are a couple local auctioneers who insist on charging a buyer's premium. I saw one of them with whom I'm acquainted one day away from his business, he asked me why he never saw me in attendance at any of his auctions? My reply was: "As long as you intend to charge me to buy something during your auctions I'll never be in attendance". My feeling is that the Auctioneer is making his living selling other people's stuff and is not going to increase his earnings from my purchases. If he furnishes the place from which to sell then he may have a more valid reason to charge both parties but not an auction held on the property of an Estate Sale. Yes, my opinion only but I haven't relented yet!
 
I've argued about this form of robbery for years. An auction house is the agent of the seller and therefore that's where their fees should come from. The owe nothing to the buyer legally so they shouldn't be charging them for a "service". I don't buy from auctioneers that charge a "buyers premium" and this is a PERIOD you can believe in.
This practice started with the fancy houses like Sotheby's and now Willies Corner Auction House thinks they can get away with it.
Online auctions such as Gunbroker are far more reasonable and that's one reason they've become so popular.
As an additional point. From what I've been told; Julia's charges the consignor(seller) zero fees if the collection consigned is large enough.
Jim
 
The auctioneer that I'm most familiar with with charges the seller 10% and no fee for a buy back. Some have a buyers premium but I have been told they don't do as well. I never go to one that has a buyers premium. One auction awhile back tried making the buyer pay a FFL fee for every gun sold. I was told there were not many bidders. Larry
 
Several years ago I contacted Christies to sell an original oil painting by a famous New York artist. I don't remember what the charges were but I was very satisfied with the sale and the service. They came right to my house and packed the painting right in my living room, I had to do nothing except wait for the check.
 
pawngal said:
Several years ago I contacted Christies to sell an original oil painting by a famous New York artist. I don't remember what the charges were but I was very satisfied with the sale and the service. They came right to my house and packed the painting right in my living room, I had to do nothing except wait for the check.
Click to expand...

Christies, Sothebys, etc. maintain a seller/bidder commission policy. Every sale includes a buyers premium tacked onto the catalogued selling price, and totals a combined 25% for the house. You pay for the service of selling or buying, but you have the opportunity to maximize the price as a seller, and get something unobtanium as a buyer. It's the cost of doing business.
 
Most auctions I've attended charged no buyers premium. The few that do ranged from 10 to 20% and charged and extra 2-5% to absentee phone and internet buyers. Most add another 2% to credit card purchases.
Have never sold anything at auction but have looked into it at several places. The going rate to sellers seems to range from 15 to 35%. One place told me the charged 35% for items sold bringing in less than $100 and 15% if over. They also would adjust rates lower depending on how many items you brought in for sale.
Bring in a bucket of old Iver Johnson's and H&R top breaks or a bunch of beat up old single shot shotguns and such... you will be paying 35% of the next to nuthin' selling price. But if you have a nice collection of Winchesters, Colts or S&W hand ejectors, the sellers premium drops to 15%.
It is as Mc5aw pointed out: it take's money and a lot of work to stage an auction. And good advertising isn't cheap. The better auction auction houses know that quality guns not only bring higher prices but more bidders and advertise accordingly.
I keep a constant eye on several large auction houses in my area that have regular firearm sales. They regularly have stuff that I just can't find at the LGS or shows. And the selling price are usually fairly reasonable. In house FFL transfer fees range between $5-15. The sales charging a buyers premium often charge nothing or a very nominal fixed fee.
That being said, I've found some great buys at poorly run auctions, usually estate sales where the auctioneer obviously had no expertise with firearms. I've wondered if that was because the family opted for the "lowest bidder" when it came to hiring an auctioneer. What was good for me was bad for the estate. These sale usually turn handguns over to a local FFL for transfer, often at a later date, usually for around $25.
If and when I sell mine, they will be sold at a place that knows their business and has an established client base. That comes at a price but I am confident that I will fare much better.

John
 
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