Philatelic Foreword by Jay Bigalke
As buyer’s premiums increase at auction houses – not just in the stamp world – I wonder if there might be different ideas out there.
Many philatelic auction houses charge a 20% buyer’s premium, and some offer a small percentage off if payment is received promptly.
But last week, a collector friend told me about an antique auction house that went one step further with a payment and pickup method.
The auction house went the standard route of the hammer price plus a 15% premium, but if the lots are picked up in person on auction day, the buyer’s premium dropped to a percentage minimal.
I understand the tax would be imposed on the in-person purchase, but with South Dakota v.
Wayfair ruling that allows states to require an out-of-state seller to collect and remit sales tax on sales to in-state consumers, which will eventually become the expected situation in the future.
I can see potential cost savings here for collectors and the auction house.
A collector could either attend in person or send an agent to save a few dollars, especially on higher priced items.
After a sale, the auction house usually has a lot of purchase fulfillment, and money could be saved in labor, supplies, and shipping.
For a future Philatelic Foreword or Letters to Linn’s column, let me know your thoughts on the subject. Email [email protected] or send a letter to Linn’s Stamp News, Box 4129, Sidney, OH 45365.
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