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Discussion Starter #1
I am on an email list for Rock Island Auction. I can spend hours enjoying the photos. I have a few collectible guns and I like to compare RI's pre-auction estimates to the value I assign to my guns. The more I browse the more guns I find that have been refinished and are plainly identified as such in the description. I have sold quite a few guns on GunBroker as a private seller (non-FFL) but I have never bought a gu​n without holding it first. Clearly many of you purchase from online auctions. How satisfied have you been with the accuracy of RI's and other similar companies descriptions and ease of sale? Also, the 17.5% buyer's premium is too much for me.
 

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Also, the 17.5% buyer's premium is too much for me.

Simple solution to that. Just divide the price you are willing to pay by 1.xxx (in this case, it would be 1.175).

So, if you're willing to pay $1,250

$1,250 / 1.175 = a bid of $1,064.

$1,064 x 17.5% auction premium = $186.

$1,064 + auction premium of $186 = $1,250.

(All numbers round off)

John Gross
 

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John, THAT is not a SIMPLE solution. It is just a solution.

Actually, it's one of those things that takes longer to explain than to do. In 1971 I had to go to summer school because I failed math, and when I went to college I had to take a "refresher" course on math (no credits). So if I can do it anybody can! :cool:

John Gross
 

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Discussion Starter #5
Actually when I said it was too much for me I meant paying the fee on top of the purchase price seems excessive. Having said that, I get your point about your adding the fee to your bid to equal the total you are willing to pay. Have you found you can purchase from RI or similar, pay the premium and still have a satisfactory (subjective, I know) transaction? I guess in general, I am curious how pleased most people are buying from a "premium" auction company.
 

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I have bid on several guns at RIA and purchsed (they call it "won") many guns at auctions, James Julia,Amoskeag to name two.They all have a premium,it used to be 10% then 15% ( and they had a couple points of vig for the CC costs).They are a business and either get the money form the buyers or the consigners,since the competition has been getting larger, they have alll pretty much gone up on the buyers premium and down-or free if you have a large enough collection on the consigners.

Its works for me, just factor in your bid the vig and don't go higher then you want.
 

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Actually I believe the Auction house gets a cut from both the buyer and the seller. But I may be mistaken. I recently bid on and bought a Colt Defender from an Auction house in Dallas. - I think the premium was 18% - but I thought I still did OK - Then I got the shipping bill !! They charged $49.00 to ship to my FFL ! I paid it but wrote a note telling them of cheaper ways to ship firearms. Well you live and learn.
 

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I get the RIA e-mails and catalogs and always look for things that interest me (Colt .22 single actions and Randall knives). I bid on a few in the recent premier auction, but didn't "win" anything. I looked at the upcoming regional auction pretty closely because they have a number of Colt .22s. There are a couple I might bid on.
My biggest complaint about RIA is their practice of putting several different guns in a single lot. Often there will be a single gun that I am interested in, but the others in the lot are either poor condition or something in which I have absolutely no interest. And I think their "buyer's premium" is too high.
On the other hand, they have always responded quickly and courteously to my questions, so I'll continue to participate when I see interesting items.

- - - Buckspen
 

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I bid on a LOT of guns in the RIA auctions - but am only successful on only very few.. I have never paid over what I considered the going market price - with the buyers premium included. Their shipping charge is fairly steep - but I have never had a gun packaged by anyone else that even comes close to the quality of their packaging. I am amazed at the pristine condition of some of the guns I have received from them.. It is definitely getting harder to be a successful bidder and stay within current market prices with increasing buyers premiums and more people bidding. In the last auction I bid on about 15 guns and got one.. But that one gun was a 'sleeper' and was almost $1000 under what I sold an identical one for a couple of months ago - so there are bargains to be found - just few and far between...
 
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