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I was told they announced a 2% raise in bidder fee at the last auction. If so that makes the bottom rate 17%. Adding the seller fee, buyer fee, and Illinois sales tax the seller is getting about 60% of what the buyer pays. Even if the seller works out a small reduction in his fee, you have to want the gun to buy there! T/R
You would want to buy a particular gun really bad and submit an offer low enough to cover the extras. I live in PA with a 6% sales tax. So I would need to figure 23% in addition to my top bid. Not to mention shipping and insurance costs. That’s a lot of extra money.
TR said Even if the seller works out a small reduction in his fee, you have to want the gun to buy there! T/R
What’s 2% to the fat-cats who make up most of RIA’s clientele? How about adding 1% to the total for the NRA, or any other 2A support group? But of course, if RIA believed it could squeeze out another 1%, it would be for their own coffers.
tionesta1 said
You would want to buy a particular gun really bad and submit an offer low enough to cover the extras.
In which case, you’d almost certainly be out-bid.
clarence said
tionesta1 said
You would want to buy a particular gun really bad and submit an offer low enough to cover the extras.In which case, you’d almost certainly be out-bid.
No doubt.
tionesta1 said
I live in PA with a 6% sales tax. So I would need to figure 23% in addition to my top bid. Not to mention shipping and insurance costs. That’s a lot of extra money.
You need to figure in 24.02%, not 23%. For example, a $100 bid with a 17% buyer’s premium, is $117. 6% of $117 is $7.02. $117 + $7.02 = $124.02.
mrcvs said
You need to figure in 24.02%, not 23%. For example, a $100 bid with a 17% buyer’s premium, is $117. 6% of $117 is $7.02. $117 + $7.02 = $124.02.
makes it even worse.
The RIA website says the buyer’s premium is 15%. Where did you see the 2% increase?
https://www.rockislandauction.com/faq/what-is-the-buyer-s-premium
Incidentally, why is sales tax allowed on a used item/resale item? Presumably, it was paid at the time of first sale. Seems like double taxation to me.
Aw hell, You guys don’t have it too bad. Here’s what We Canucks have to put up with buying at a U.S. auction; Purchase price= $1000.00 x bidders fee @ 17% = $1170.00 + shipping @ $160.00 = $1330.00 + border brokers @ 5%and $200.00 per piece =$1596.00 x difference in U. S. / Can. $ @1.28 = $2042.28. + canadian sales tax @15%=$2348.30.So now that $1000.00 gun cost Me way over double the hammer price in Canadian $’s, so the damn thing has to be really cheap , really special, or I’m down the road kickin’ stones. Last R.I.A. sale I was bidding on 12 pieces, I didn’t win any. Clarence My pockets aren’t that deep, but I have bought the odd piece from R.I.A. just because it was the only place it was available, I just hope I live long enough, (app. 114), to get My investment back.
W.A.C.A. life member, Marlin Collectors Assn. charter and life member, C,S.S.A. member and general gun nut.
November 7, 2015
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It appears the big auction houses will charge whatever the market will bear. They’ve gotten quite good at convincing well-heeled “collectors” to pay considerably more than most of us feel an item is worth, in many cases. They manage to attract some spectacular items and I occasionally enjoy browsing their offerings. It’s strictly entertainment for me though in some cases I’ll pay a big sellers’ premium to net more than I can get anywhere else. I don’t collect to sell but I generally need to sell something to buy what I want.
Mike
mrcvs said
Incidentally, why is sales tax allowed on a used item/resale item? Presumably, it was paid at the time of first sale. Seems like double taxation to me.
OF COURSE IT IS! Or triple, quadruple, etc., however many times it’s resold! But we must not complain–it’s necessary to finance the welfare-state.
I talked with some RIA reps at the Vegas show last month. I told them straight out I would not bid on any of their items anymore. I explained that for some unknown reason they get more for their items than any other auction house and way more than what most items are actually worth. I did not get into all of the other issues. They just looked at me like I was crazy.
Chuck said
I talked with some RIA reps at the Vegas show last month. I told them straight out I would not bid on any of their items anymore. I explained that for some unknown reason they get more for their items than any other auction house and way more than what most items are actually worth. I did not get into all of the other issues. They just looked at me like I was crazy.
I told them that too, more or less, over the telephone. I do bid still, just in case I somehow win something. But I never do. Other comparable bids elsewhere are often successful. I have NO IDEA why folks bid at RIA with complete disregard! Not to mention much of what they offer has been “improved” or they bid up to a reserve unbeknownst to the real bidder.
I mostly have become disinterested in RIA because of a total lack of ethical standards.
mrcvs said
I told them that too, more or less, over the telephone. I do bid still, just in case I somehow win something. But I never do. Other comparable bids elsewhere are often successful. I have NO IDEA why folks bid at RIA with complete disregard! Not to mention much of what they offer has been “improved” or they bid up to a reserve unbeknownst to the real bidder.
I mostly have become disinterested in RIA because of a total lack of ethical standards.
A few auctions ago I had one of the RIA reps get the gun I had an interest in and we then had a conversation over the phone. The answers I got from him did not match the item description printed online.
mrcvs said
The RIA website says the buyer’s premium is 15%. Where did you see the 2% increase?https://www.rockislandauction.com/faq/what-is-the-buyer-s-premium
According to a trusted friend it was announced at the beginning of this auction. T/R
TR said
According to a trusted friend it was announced at the beginning of this auction. T/R
And so what happens to folks bidding off site who think that their bid includes only a 15% buyer’s premium? On a 6 figure firearm, that extra 2% isn’t just chump change.
mrcvs said
On a 6 figure firearm, that extra 2% isn’t just chump change.
You aren’t thinking like a millionaire; for those with that kind of dough, it’s a trivial surcharge.
mrcvs said
And so what happens to folks bidding off site who think that their bid includes only a 15% buyer’s premium? On a 6 figure firearm, that extra 2% isn’t just chump change.
This auction was at the old rate.
RIA is planning an additional Auction house in Texas, I don’t know when it will open, I understand that was mentioned also.
I would suggest anyone participating in any future auctions check the terms and conditions section. T/R
Hello to all. I am a new member here, thanks Trish, and just wanted to butt in here.I was watching RIA’s latest endeavor and my understanding was that this was the last auction at these rates. From here on out it’s going up 2% across the board. BTW I need some help, I am not very talented in computers and there use, so I am wondering how do I present a question to the members?
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