Classic & Vintage - Buyers premiums at auction?

I was cruising ebay the other night and I found a Schwinn I was interested in. It was listed as an "auctionLive" coming from the Copake bicycle auction.

As I read the description it said there was a 17 percent buyers premium. I politely e-mailed the seller and said that while I was interested I would not make an attempt at the bike because I found it offensive to charge a surcharge just because I bought something.

Am I insane or is this BS?

Seems to me they should make the starting bid, or reserve, higher if they want more money. I understand it's business but to me it's crap.

Thoughts?
PJ

Sounds like crap to me.

buyer's premiums work at high end auctions because what the auctioneer is selling is one of a kind and many people want it. In order to attract high quality, rare items to auction, the seller usually doesn't pay a premium, but generally has to pay for up front costs like printing in the catalog, etc. I think, generally, that bikes don't fall into this category, and there shouldn't be an exhorbitant (17%!) buyer's fee. ebay charges listing fees, etc, and the buyer has to pay for getting the stuff shipped. That works because its fair, ebay makes a lot of money, and we can all find the brake adjusting screw that we need to complete a 25 year old set of brakes. Looks like Copake specializes in really antique things so they can probably get away with the premium. If you want to bid, just keep in mind the extra 17% and set your bid accordingly. Most of the experienced gamblers, um, bidders try to bid that way.

buyer's premiums work at high end auctions because what the auctioneer is selling is one of a kind and many people want it. In order to attract high quality, rare items to auction, the seller usually doesn't pay a premium, but generally has to pay for up front costs like printing in the catalog, etc. I think, generally, that bikes don't fall into this category, and there shouldn't be an exhorbitant (17%!) buyer's fee. ebay charges listing fees, etc, and the buyer has to pay for getting the stuff shipped. That works because its fair, ebay makes a lot of money, and we can all find the brake adjusting screw that we need to complete a 25 year old set of brakes. Looks like Copake specializes in really antique things so they can probably get away with the premium. If you want to bid, just keep in mind the extra 17% and set your bid accordingly. Most of the experienced gamblers, um, bidders try to bid that way.

I'd avoid a hoi-polloi place like Copake. Even if you win an auction, you're going to pay too much - and then another 17% on top of that. :mad: I don't suffer snobbery well, so maybe its just me.

Absolutely. You are right; the auction business is kind of seedy all around, but still, you may need that one thing that they have, and its nice to try to keep it in perspective.

Absolutely. You are right; the auction business is kind of seedy all around, but still, you may need that one thing that they have, and its nice to try to keep it in perspective.

Understood, but I enjoy a rant now & then. Would help if they kept it in perspective too though. It's only old stuff after all - deemed special only at the pleasure of the buyers.

They would make fine candidates for a visit from the original "Z-man" ;)

I guess the responses here make some sense but do you think a mid 50's Schwinn Speedster, not new, NOS or even MINT, is worth tacking on another 17 percent?

I would have gone to the auction, it's only 1.5 hours away, but I had family obligations...but after reading about the buyers premium I figured no way. If I was chasing THAT ONE part I'd have no problem.

Just seems pretentious and crappy to me. Either start the bidding higher or let it sell for what the market will bear without gouging another 17%.

I was only interested as I have a mid 50's kids version of the same bike for my boy. Of course, he's only 8 months old so I have plenty of time to find a project and rebuild it.

PJ