Masto Increased its Buyer's Premium to 20% !!!!

[ripkengamers]

When will it end ?????

Please Note - Effective immediately, Mastro Auctions will raise its Buyer’s Premium from 17.5% to 20%.
This will ensure that we do not have to compromise in any way, with respect to conducting our auctions in the industry's most thorough, professional and efficient manner. As a Company, we have always adhered to the principle that our customers demand the very best, and that they rely upon us to deliver at that highest level. We constantly apply this top-tier approach to every aspect of our business, from our custom on-line bidding system to our quality event catalogs, and in the most painstaking authentication and cataloging process in the business. This all costs money -- and the expenses associated with "going the extra mile" are always rising -- but it also produces extraordinary results. We didn’t want to bury this type of information in the small print of the catalog. Instead, it's best to communicate the new terms to everyone before the bidding starts ... on what we expect to be one of our largest offerings ever!
Sincerely,
Doug Allen
President
Mastro Auctions

[staindsox]

Some auction houses will hit the buyer with 20% and will not charge consignees in order to attract more big items. Mastro hits hard at both ends. I just sold an item in their past auction and am so completely unsatisfied, I would never do business with them again. Goodwin & Co is excellent. If it's for big ticket items, I would go to Robert Edward first because they are unquestionably #1 and Hunt is excellent too.

[richpick]

I believe buyers premiums are wrong! They (auction houses) want to dip their hand in the cookie jar at both ends. I must admit I have consigned some items to MASTRO over the last couple of years and their 15% commission is not that bad. I buy and sell antiques and attend an auction here in California and they charge 30% to sellers and 15% buyers commission and on top of that a $2-$5 lot fee for the buyer. That means they get 45% plus lot fees of everything they sell AND the owner sells his own stuff through the auction, getting 100% plus the 15% plus lot fees. It is criminal but buyers and sellers agree to the rates when they attend the auction. I am for GUU no buyers or sellers fees!

[nate]

I'm not sure why it is such a shock. When bidding I add the premium to my bid and bid accordingly. On a $1,000 item it's an additional $25.

[skipcareyisfat]

Buyer's and seller's penalties stink, there's no debating that. But I'm gonna take the side of the house on this one since no one ever forced to me to buy from them. If it's something I can't live without and I'm pretty certain I'll never see another one like it, I'm willing to spend a little extra to get it. On the other hand, buyer's penalties do make me think twice before bidding. And for an extra 20%, Lou Lampson's signature better not be on the LOA.

[sammy]

Hi Nate,

Time for a little math refresher course.

On 1000.00, the rate is:

200.00