Grey Flannel Raises Buyer's Premium

[Eric]

This was included in an email I got advertising grey flannel's next auction

"We would also like to take this opportunity to inform you that our buyer’s premium will be raised by a mere 2-1/2% and will be effective for our May 16, 2007 auction."

What will it go up to exactly?
ERIC

[ChrisCavalier]

This was included in an email I got advertising grey flannel's next auction

"We would also like to take this opportunity to inform you that our buyer’s premium will be raised by a mere 2-1/2% and will be effective for our May 16, 2007 auction."

What will it go up to exactly?

Hello Eric,

This is what was on their website for their last auction:

Buyer's Premium — All winning bids will have a 17-1/2% buyer’s premium added to the final hammer price. (Example: Your final bid is $1,000. A $175 buyer’s premium will be added to your final bid.) All bidders must pay buyer’s premiums; no exceptions.

Given the quote in the email to you, I would assume the "mere" increase of 2-1/2% is going to raise their buyer's premium to 20%. Does anyone else know if that is correct or not?

Thanks,
Chris

[sammy]

A rate of 17.5 percent was effective for the December auction as quoted on GF's website.

So the privilege of spending your money with GF will go to 20 percent, which generally reduces the amount someone will be able to bid on an item.

This hurt's the bidder and the consignor, but increases the profit for the auction house.

Due to the amount of garbage sold by all auction houses, this is just another slap in the face to collectors.

Just one word to say to these auction houses......EBAY!

[jake33]

The problem is that the auction houses are becoming more passive agressive instead of taking care of the real problem of not have enough quality items, OBVIOUSLY they want to make more $$$ but instead of TRYING HARDER TO GET MORE people to consign with their particular company, they raise rates with no to little logical justification.

Poor buisness plan.

Everyone is in it for themselves which is fine, but when you step on your customers that is weak.

[blackbeard]

The problem is that the auction houses are becoming more passive agressive instead of taking care of the real problem of not have enough quality items, OBVIOUSLY they want to make more $$$ but instead of TRYING HARDER TO GET MORE people to consign with their particular company, they raise rates with no to little logical justification.

Poor buisness plan.

Everyone is in it for themselves which is fine, but when you step on your customers that is weak.

Taxes in the Hamptons have gone up......

[rose14]

I just received their catalog. The BP is now 20%.

[ironmanfan]

This was included in an email I got advertising grey flannel's next auction

"We would also like to take this opportunity to inform you that our buyer’s premium will be raised by a mere 2-1/2% and will be effective for our May 16, 2007 auction."

What will it go up to exactly?
ERIC

That "mere" 2-1/2% increase equates to about a 15% price increase....I know there is inflation, etc. but what else has gone up 15% within the last year?

[blackbeard]

That "mere" 2-1/2% increase equates to about a 15% price increase....I know there is inflation, etc. but what else has gone up 15% within the last year?

I told you, property taxes in the hamptons............