All About Pocket Knives

An Internet only auction out of Ohio with several hundred lots of mainly pocket knives plus a smaller number of autos, fixed blades, and razors. Plus lighters, watches, and other goodies. 17.5% buyer’s premium. Most lots open at $10.

https://www.liveauctioneers.com/catalog ... -and-more/

Dennis

deo-pa wrote: ↑Fri May 28, 2021 9:35 am An Internet only auction out of Ohio with several hundred lots of mainly pocket knives plus a smaller number of autos, fixed blades, and razors. Plus lighters, watches, and other goodies. 17.5% buyer’s premium. Most lots open at $10.

https://www.liveauctioneers.com/catalog ... -and-more/

Dennis

This looks interesting. Excuse my ignorance but what is meant by "buyer's premium"?

At any rate, thanks for the heads up Dennis.

Railsplitter wrote: ↑Fri May 28, 2021 10:39 am

deo-pa wrote: ↑Fri May 28, 2021 9:35 am An Internet only auction out of Ohio with several hundred lots of mainly pocket knives plus a smaller number of autos, fixed blades, and razors. Plus lighters, watches, and other goodies. 17.5% buyer’s premium. Most lots open at $10.

https://www.liveauctioneers.com/catalog ... -and-more/

Dennis

This looks interesting. Excuse my ignorance but what is meant by "buyer's premium"?

At any rate, thanks for the heads up Dennis.

That means, as the winning bidder, you get the honor of paying the auction house an additional 17.5% of your winning bid for their services.

Buyer’s premium means the auction house adds another 17.5% to the winning bid, Plus don’t forget tax (sometimes) plus shipping.

Okay, thanks guys.

I can hardly believe they are selling so many inexpensive knives a single lots!! Yeah, buyer's premiums are getting out of hand, higher and higher they go. Some auction houses charge higher premiums for phone and online bids too.

Gunsil wrote: ↑Fri May 28, 2021 1:49 pmBuyer's premiums are getting out of hand, higher and higher they go.

I took a look at a few of the lots in that auction. By the time I paid the buyer's premium and shipping, at least one wouldn't have been worth it. Yes, the auction house has to make money somehow, but 17.5% is really steep for some of those lots.

A lot of that stuff will struggle to get an opening bid.

A bunch of those aren't worth the opening $10 bid.

Having never used an auction house, I just might be totally ignorant, but I think Buyer’s Premiums came to be when people began to decline to use an auction house and pay a percentage of the sell price to them, so they’ve put it onto the buyer instead.

Seems to me, it would hold bid prices down.

Charlie

Buyer’s Premiums came to be when people began to decline to use an auction house and pay a percentage of the sell price to them, ………

The auction house still gets a percentage of the selling price, but now they get their pound of flesh from the buyers too. They make it coming and going.

Dennis