ONLINE AUCTIONS ARE THEY WORTHWHILE

News: Registration is free here at the CPMF!

I noticed that the show in Vancouver has an online auction available via ebay. (as I assume is common)
I also understand that living in Ontario any of your bids chalk up the 14% tax as well as the 18% buyers premium. Thats 32 cents on a dollar
Has anyone ever got a deal on any online auction item?
It seems like a lot of extra money

Your opinions or actual dealings with online auctions is appreciated

FRIEDSQUID

Some things to keep in mind when bidding on eBay Live auctions:

1) The Buyer's Premium is always higher for eBay Live bidders than for the floor bidders.  This is usually around 2 - 3% extra
depending on the auction house.  This premium is charged to cover the eBay selling fees incurred by the auction house.

2) Most knowledgeable auction bidders realize that the final price bid (hammer price) is not the final price you end up paying.
As such, their bidding is discounted by the premium they will end up paying (buyer's premium plus applicable taxes).

3) As an online bidder you lose the advantage of being able to physically view the lots up for auction.  This can be of enormous
value as many online auction winners are disappointed when they get their notes and examine them.  The integrity of the auction
house and their reputation for grading paper money should be taken into account when viewing the description of the auction
lot.

4) Many times you can save on the provincial sales tax by having the winning notes shipped to you.  For example, if C&P is
having an auction in Toronto and you are located in Ontario, it may be better to wait and have the notes shipped to you from
their Quebec office then to pick-up the notes at the auction.  No PST will be charged if the notes are shipped to you from out of
province.

5) In most cases, mail and online bidders have the right to return an incorrectly described lot but sales are usually final for floor
bidders, as they have the opportunity to physically view the lots.

There are other nuances to take into account when bidding online but I think the above points cover most of the major issues.

...Arthur

Has anyone ever got a deal on any online auction item?

Once !
I got an AU-UNC 1937 Narrow Panel H/A $ 1
for $ 325*1.30= $ 425.00
The Note books for $ 750-1000  but often sells for less.
I got it for 1/2 book but it sells for -20,30% of book anyways
I put in one bid and no one else bid.
Not like it's a big steal, it's an over priced issue in my opinion
But if filled in my collection

And that ain't many

The grading for the online auctions is lax

My rule:

Reduce whatever your buying by AT LEAST 1/2 grade.
A FULL GRADE for some . That way your safe.
Especially if you can't view the items.
If you can view the item and are in agreement a grade reduction
mat not be required.

Then take into account the 25-32% Hammer price.

The thing with auctions is there is often notes available the aren't offered
very often. Like devil replacements, tough Dominion Issues and rare asterisk
notes to name a few. In these cases you may have to bid well over book
to get these issues.

Many dealers who operate on line auctions are registered in Ontario for tax purposes. Mike Walsh & C&P, even though they are from another province, collect the taxes in Ontario as well as GST/HST.
Hammer fees have been increased to cover higher expenses associated with internet auctions. For example, notes sold in Ontario and shipped to BC are subject to BC tax and GST if sold by Walsh, notes sold in Ontario and shipped to Quebec at subject to both taxes, GST & Quebec if sold by C&P.
Taxes are not something we all like. Only shipping them to the US or to status Indians will cause the taxes not to be collected.

Rick