Not 20%

A recent post that questioned the justification for a 17.5% buyer's fee at Heritage generated quite a few responses. Toward the end of the exchange it was claimed by the original poster that HA charges a 20% seller's fee as well as the 17.5% buyer's fee. Based on my own experience seven years ago, when they charged me a 5% seller's fee (except for coins for which I had no seller's fee coupons), I questioned the claim. Mark Feld of Heritage responded that they have never had a seller's fee that high for coins, but did not say anything more about past or current policy.

Rather than continue a pointless argument there in the chat boards, I decided to ask Heritage what the policy is. (I could not find it on their web site.) Bob Marino called me Thursday about my question. Here is the gist of what he told me:

1) Consignors can negotiate terms.

2) The largest seller's fee they charge is 10%. He said repeatedly that would be for "large, bulky" consignments.

3) The 5% I was charged (without negotiation, for a consignment of seven slabbed coins) was a reduced fee based on my status as a frequent buyer.

While writing this, I realized I could check my consignment form from seven years ago. I just got it out. It says: "For our services, you agree to pay us a Seller's Fee equal to five percent (5%) of the aggregate of all Hammer Prices realized from the auction of your Properties, except the Seller's Fee is 15% for currency; sets and partial sets; binder lots; rolls; misc.; and post-1950 Proof and Mint Sets; and 10% on medals and tokens."

So here at least we have a possibly out-of-date actual statement of terms, and a current verbal statement from the source. My comments on seller's fee in that chat boards thread were based on my own experience, but some folks were spreading hearsay that now appears to be false. All I can say is 1) "don't believe everything you read on the internet", and 2) please don't make allegations without checking your facts.

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