SMC Discussion Areas

I know many of us collect gas and oil and soda memorabilia as well and this may have slipped under the radar, but Dan Morphy just bought out Matthews Auction.  Morphy Auctions now has the soda as well as the gas and oil memorabilia market almost entirely.  I guess that it is good for him, but will it be good for the collector?  I guess that we will see if the buyers premium continues to rise.  Here is the article below:

http://artdaily.com/news/66088/Petroliana---automobilia-specialist-Matthews-Auction-Co--to-operate-as-division-of-Morphy-s#.UqmwN5HnnHg

I don't buy much at auction, actually haven't every bought from one of these big outfits... but only local ones...
but as the big collections start to sell, most use one of these big companies as they feel they can get the bigger money, we can only hope that they don't monopolize it by raising buyers premium,, they are high enough already in my opinion...

we'll see... :hopefull:

I've always wondered, do the auction houses get it from both ends? That is, Is there a buyers premium AND a sellers premium? With local auctions here the seller pays and that's it. I think somewhere around 10-15%.

Yes, for Morphy's it is 20% for buyer and 20% for the seller. 

I go to a lot of auctions, but I will not go to one that requires a buyer's premium.  If I use my gas and other travel expenses to get to your auction, I think that I have paid my share. 

I find plenty of really nice stuff at small auctions houses that just appreciate you coming to the auction.  If enough people refuse to pay that 40 percent commission then it will turn around,  I would hate to think I paid a fair price of 100.00 for an item then know that I have 120.00 in it. 

Sounds like this auction company is gouging at both ends and I would sure not do business with them...Anyone selling with this company is really getting gouged because the buyer can at least make allowances for his or her 20 percent.

     The only reason I have never bid on online auctions is because of the 20% sting.

     The stuff in these sales was purchased a long time ago by collectors, they are the ones making up to $1000% profit, they should pay the fee.

I have bought two signs from Matthew's auctions in 3 years. Yes the buyers premium sucked but in another view I was able to acquire two signs in amazing condition that I would never have been able to buy otherwise. It's a double edge sword the fees suck, but sometimes it may be the only chance to acquire that rare piece.

The way they get me to pay the 20% buyer premium is by having unique hard to find items. If I can't find it in another market place I don't really have an option. You either pay or walk away. I think people are crazy though who pay the 20% for common item you can pick up for less on EBay or locally. Now believe me I don't want to pay the 20% and agree the seller should pay the fee's not the buyer. However the sellers must be making out good even if they do have to pay the 20% seller fee otherwise they wouldn't be selling through an auction house. If they thought that another venue would put more money in their pocket they would most likely go that route. So until the seller's find another way to sell their item and put more money in their pocket we will be stuck paying these fee's. We can only hope that sellers start using another venue without a buyer premium. Then and only then will the auction houses eliminate the fee's in order to attract sellers and buyers to come back. OK that's all for my business 101 for the day. :laugh:

I think what we have to keep in mind is that these are specialist auctions. The big time collectors know these auctions and use them.
When selling something you want a couple of big time buyers in the room bidding against each other.

the Victoria coin op auction in Vegas has pieces that will never appear on eBay. They go for big prices because people fly in every year to bid on the items. Collectors with far more money than me and who don't have to flick through eBay hoping to come across something
nobody else has even seen.

Me, I'd rather hold onto my 20% or factor it into what I am bidding .

Dave