We’ve got some exciting news to announce at DLRC. Last week we eliminated our 15% buyer’s fees on all our auctions. All of our auctions now feature NO BUYER’S PREMIUM, so you simply “Pay Only What You Bid.”
What does this mean?
It’s simple. Eliminating buyer’s fees simplifies the buying experience on our website tremendously. Over the years, we’ve heard from countless collectors and consignors who questioned the need for buyer’s fees. Why did we need to charge them? “Everyone charges them,” I’d say. “Just back out the 15% from your bid and you’ll be fine.” But many clients still had trouble understanding the concept, and wondered whether they had to tack this 15% fee onto their non-auction purchases – like our Buy-It-Now or Make Offer items. They did not, but we always felt that this issue came at a cost of some number of sales. Additionally, consignors found the fee structure confusing.
Recently several auction houses have raised their buyer’s fees to as high as 17.5 to 20% on purchases and collectors are clearly not happy. The increases renewed the conversation and we starting hearing more grumbling about the need for these fees.
We felt it was time to act. Here at DLRC, we huddled together and thought about a response. First we considered lowering our fees to 10%. But then it hit us… let’s make a REAL statement. Who needs buyer’s fees anyway??? We all know that this amounts to a coin “tax”, like shipping and handling charges, restock fees, credit card fees, and so on. (All of which we’ve already eliminated, by the way.)
All auction companies need to make a profit but we feel that the buyer’s premium makes it more difficult for you, the buyer, to calculate your final price. We anticipate that this clarification will make you a more confident buyer. When you bid or buy coins from DLRC the math couldn’t be easier. You pay only what you bid. If you are a seller, you will receive the same percentage of the final sale amount as always.
David Lawrence Rare Coins … a leader for the next generation
For over 33 years, we’ve been a visible presence in the U.S. rare coin market. In the next decade, you will see us continue to innovate and lead in our industry. We are already one of the only major coin companies to offer coins for sale in web auctions on our web site (twice a week), thousands of coins for outright purchase, and over 5000 coins on eBay for those who prefer that platform. If you sell through us, we offer all of these channels (and others, like Collectors Corner) to get your coins to market faster than anyone — with a reputation for integrity and honesty that is unmatched in the coin business.
Thank you for doing business with us. We look forward to helping you build your collection and we hope to hear from you when you decide to sell. There is no collection too small or large for us. Give us a call and we’ll prove it to you.
John Feigenbaum, President