It seems there's quite a bit of confusion that showed up on another topic. Here's a chance to ask questions or offer information/advice on how internet vs in person auctions function.
Internet auction questions
- Thread starter Mobuck
- Start date
Having been involved in both as a buyer.... It's a lot easier to get caught up in the bidding frenzy in person vs. online (unless alcohol is involved, ask me how I know), online live auctions can be almost as bad as in-person.
Not too many auction houses do in-person only any more. You are more likely to find an online only than an in-person only.
Not too many auction houses do in-person only any more. You are more likely to find an online only than an in-person only.
OP
In person/on site auctions are much more prevalent in rural areas????
I still think that even the small auction houses use an aggregator to get their auctions online.
For online auctions, there are 3 "aggregators" that I am aware of; hibid, proxibid, and invaluable that make it easy to cast a wide search net. While you can bid on items through all of them, they will usually come with a higher buyer's premium to pay for the listing on the aggregator site. If I find something interesting I will search for the company online to see if they have their own bidding platform.
Always check the fine print for all of the fees BEFORE submitting a bid. I have gotten what I thought was good deal, only for the premiums and fees to equal or exceed the price of the item. (RIA is one of the worst when it comes to tacking on premiums and fees).
Besides guns, I have bought jewelry, loose gem stones (mixed bag there, half were fake, but the ones that weren't I got cheap enough to more than make up for the fake ones), and just recently a backhoe.
I don’t think your numbers add up unless I’m missing something.
I’ll second the alcohol comment
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On line auctions- find the rules on last bids. I missed a truck I really wanted due to misreading the rule. I breezed over it thinking it was a 15 minute extension. Checked at 5 minutes past and found out it was 2 minutes.
What part?
My winning bid was $1,000. They charged 17.5% Buyer's Premium, 6% "Live bidding fee", 3.5% credit card fee. They advertised a 17.5% BP, but in the end it was 27%. Then they tacked on Shipping, Insurance, and Sales Tax. On a $1000 item I wound up paying over 42% in fees. Not complaining too much about the last three, but the auction fees at RIAC are ridiculous.
I had another auction through them that was for 2 10/22's. Winning bid was $275, but all of the fees racked up to $260.... Almost 100% in fees.....
OP
I don't understand the 6% 'live bidding fee'.
The upcharge for CC fees is just part of the downside/convenience of using a CC.
Sales tax is sales tax at point of purchase/location of delivery these days-no way to avoid that regardless of in person or remote purchase.
High cost of shipping/insurance is often a 'markup' on the sellers' end- either avoid those sellers listing outrageous shipping charges or include them in the purchase price.
The upcharge for CC fees is just part of the downside/convenience of using a CC.
Sales tax is sales tax at point of purchase/location of delivery these days-no way to avoid that regardless of in person or remote purchase.
High cost of shipping/insurance is often a 'markup' on the sellers' end- either avoid those sellers listing outrageous shipping charges or include them in the purchase price.
That "live bidding fee" was the surcharge to use their fancy website during live auctions. Using one of the aggregators though and they just make it 27% with a 3.5% cash discount....
Sorry, you’re right. When I was adding it up last night I guess I didn’t add the tax in. I was coming up almost $100 less.
Old people…..
Having worked with an auctioneer it is 'buyer beware'. Know what the 'rules' are before placing a bid. Another 'suggestion' is have a 'never bid higher than' amount set BEFORE you start. Auctioneers, like used car salesmen, have ways of getting the better price.
Boy isn’t that the truth. Decades before the interweb a local auction allowed you to absentee bid if you couldn’t be there. They had .22 I wanted. I left my bid. By chance I was able to get there in time. The .22 came up and they opened with my bid. It never occurred to me they would do that.
