my profile |
register |
faq |
search upload photo | donate | calendar |
12-19-2017, 06:35 PM | #1 |
User
Join Date: Oct 2013
Location: Florida/Penna
Posts: 890
Thanks: 856
Thanked 511 Times in 274 Posts
|
Hammer down at the RIA
This is for the folks who have never bid at an online auction and what to expect.
|
The following member says Thank You to hayhugh for your post: |
12-19-2017, 06:56 PM | #2 |
User
Join Date: Jul 2007
Location: US
Posts: 3,843
Thanks: 132
Thanked 729 Times in 438 Posts
|
Live Bidding Fee $217.50 -- So, you went there? They charged you a fee on sitting there bidding?
In Julia, I saw a sign saying for winners spending $15,000, they discount $200. For winner spending $18,000, they discount $300. Of course, no one intentionally spending thousands to get that discount. It's not enough to cover the traveling cost either. But, at least, they do encourage bidders going there. And, RIAC discourage bidders going there? Too crowd, maybe? I heard Julia only had 50 bidders sitting there. All other bidders were on phone. Those 50 must be local people. Not many bidders in Poulin either according to what I saw. I guess most were dealers. Some items sold from Poulin quickly turned to gunbroker.com and sold again. Poulin is not an auctioneer carrying high end items, frequently sold at relatively low price, but their items do fit gunbroker.com or gunauction.com well, and belong to "high end items" on those online sites, so some items were moved around in this layered selling system by people. |
12-19-2017, 09:36 PM | #3 |
Lifer
Lifetime Forum Patron Join Date: Jul 2006
Location: West Coast, USA
Posts: 541
Thanks: 116
Thanked 382 Times in 157 Posts
|
Hugh,
Was the Live Bidding fee the 3% they charge for using Proxibid or Invaluable? I won a gun in the last RIA auction and here were my charges. I used their phone bidding service. Winning bid= $2000 Buyers premium= 300 Shipping= 67.70 Insurance= 21.85 Live Bidding fee= 0 Tom |
The following member says Thank You to tharpo for your post: |
12-20-2017, 01:47 AM | #4 |
User
Join Date: Oct 2013
Location: Florida/Penna
Posts: 890
Thanks: 856
Thanked 511 Times in 274 Posts
|
[QUOTE]Was the Live Bidding fee the 3% they charge for using Proxibid or Invaluable?
I won a gun in the last RIA auction and here were my charges. I used their phone bidding service. Winning bid= $2000 Buyers premium= 300 Shipping= 67.70 Insurance= 21.85 Live Bidding fee= 0] Tom, Were you on the phone when your item came up for auction or did you call in your bid before the auction? |
12-20-2017, 04:51 AM | #6 |
User
Join Date: Jul 2007
Location: US
Posts: 3,843
Thanks: 132
Thanked 729 Times in 438 Posts
|
I used RIAC selling service on small scale. Not really because I have to do that, I could sell those items without them, but I did have curiosity on their process. So I consigned a few items to them.
I have to say,,, they are very professional. They gave a market estimate, informed owner on which auction session the items would go, they called consignor to confirm arrival of the package, and they took care of picturing and text description. Almost zero effort on owner's side. What else an owner could expect?? One thing that they could improve is sending relevant items' description to owners before printing, that would avoid some obvious mistakes. Other than that, I had nothing to complain on them. |
12-20-2017, 07:22 AM | #7 |
User
Join Date: Oct 2013
Location: Florida/Penna
Posts: 890
Thanks: 856
Thanked 511 Times in 274 Posts
|
Alvin, are you as a seller charged for putting an item up for sale? How much of the Hammered down price does the seller receive?
|
12-20-2017, 07:45 AM | #8 |
User
Join Date: Jul 2007
Location: US
Posts: 3,843
Thanks: 132
Thanked 729 Times in 438 Posts
|
Yes. In premiere auction, RIAC charges seller 20% on C&R, 17.5% on pre-1899 antique, 25% on non-gun and modern guns. In their regional auction, they charge flat 25%. The charge is on hammer price. Consignor did not see 15% buyer's premium, that has nothing to do with consignor.
So the fee is not low. In the past, I saw people buying expensive guns from them (e.g. C96 Carbine), and selling it via them a year or two later. Those people must lose money, due to as a buyer, he/she paid 15% buyer's premium, and as a seller, he/she paid 20%... with this 35% difference, a $15,000 hammer priced gun has to be sold $20,700 hammer in future session to be flat (15000 x 1.15 x 1.2). But, if expensive guns were acquired cheaply elsewhere, or bought many years ago, or inherited from family,,,, consigning to them does save owner lots of effort. Especially on high value items. |
12-20-2017, 09:43 AM | #9 |
Super Moderator
Eternal Lifer LugerForum Patron Join Date: Jun 2002
Location: North of Spokane, WA
Posts: 15,925
Thanks: 2,014
Thanked 4,520 Times in 2,088 Posts
|
Hugh, what was the live bidding fee?
I have bought an item or two on proxibid and the smartest, but most expensive items were direct on the phone live with them, but then I ensured I got the item. As I have bid on an item, proxibid said I got it and later in the day it didn't even mention i had won. I was told, someone live there must have bid same amount... |
The following member says Thank You to Edward Tinker for your post: |
12-20-2017, 10:06 AM | #10 |
User
Join Date: Oct 2013
Location: Florida/Penna
Posts: 890
Thanks: 856
Thanked 511 Times in 274 Posts
|
As stated in the invoice:$217.50
|
12-20-2017, 12:18 PM | #11 |
Super Moderator
Eternal Lifer LugerForum Patron Join Date: Jun 2002
Location: North of Spokane, WA
Posts: 15,925
Thanks: 2,014
Thanked 4,520 Times in 2,088 Posts
|
|
The following member says Thank You to Edward Tinker for your post: |
12-20-2017, 03:02 PM | #12 | |
User
Join Date: Oct 2013
Location: Florida/Penna
Posts: 890
Thanks: 856
Thanked 511 Times in 274 Posts
|
Quote:
That is what they charged me for placing my bid over the internet instead of over the phone or actually being there at the live auction. |
|
12-20-2017, 06:08 PM | #13 | |
Super Moderator
Eternal Lifer LugerForum Patron Join Date: Jun 2002
Location: North of Spokane, WA
Posts: 15,925
Thanks: 2,014
Thanked 4,520 Times in 2,088 Posts
|
Quote:
If that is RIA charging that, I think its BS, its there site?? |
|
The following member says Thank You to Edward Tinker for your post: |
12-21-2017, 02:46 PM | #14 |
User
Join Date: Oct 2013
Location: Florida/Penna
Posts: 890
Thanks: 856
Thanked 511 Times in 274 Posts
|
OK, today I called IRA and got the skinny - to save the $200+ I should have signed up for the phone service. I could watch the auction on the internet and they would call me just before my item came up on the block. I would place my bid and either raise my bid or dropout for no fee. Like I said this thread was for people to learn about auctions - I learned how to save a couple of hundred. In the future I will not click on the bid button but just tell the person on the other end of the line my intentions...............
|
12-23-2017, 12:21 AM | #15 |
Lifer
Lifetime Forum Patron Join Date: Aug 2002
Location: Kentucky
Posts: 1,108
Thanks: 82
Thanked 204 Times in 112 Posts
|
RIA charges for everything and I mean everything.
__________________
charlie |
The following 3 members says Thank You to lew1 for your post: |
12-23-2017, 05:39 AM | #16 |
User
Join Date: Jul 2007
Location: US
Posts: 3,843
Thanks: 132
Thanked 729 Times in 438 Posts
|
After acquiring Julia Auction, hopefully, Morphy Auction could compete with RIAC on fees and on item qualities.
But collectors are both suppliers and consumers of C&R items, auctioneers are just middle men. If collectors could trade among themselves privately, that is very efficient and does save a lot of fees. Auction service is used only when necessary. I heard "baby boomers" are retiring at the rate of 10,000 persons per day. I expect more guns will show up on the market over next few years. |
The following 2 members says Thank You to alvin for your post: |
12-25-2017, 05:11 PM | #17 |
User
Join Date: Feb 2010
Location: Tennessee
Posts: 1,149
Thanks: 159
Thanked 663 Times in 318 Posts
|
I'm sure. It's still very backwards to charge an extra fee for internet bids, but not for keeping their staff on the phone to receive bids. Would make more sense the other way around, wouldn't it?
|
The following member says Thank You to Olle for your post: |
12-25-2017, 05:25 PM | #18 | |
User
Join Date: Oct 2013
Location: Florida/Penna
Posts: 890
Thanks: 856
Thanked 511 Times in 274 Posts
|
Quote:
|
|
|
|