Mastro Auctions is hiking the fee its buyers must pay from 17.5 to 20%.
Mastro Auctions wasn’t shy about it.
"We didn’t want to bury this type of information in the small print of the catalog. Instead, it’s best to communicate the new terms to everyone before the bidding starts … on what we expect to be one of our largest offerings ever," wrote President Doug Allen in an e-mail to the company’s customers.
The announcement Monday that Mastro was increasing its Buyer’s Premium from 17.5% to an industry high 20% was met with some anger on message boards across the hobby. Some collectors who had consigned items for the firm’s December Premier Catalog auction expect to receive a lower realized price as buyers adjust their bids according to the new structure. However, Allen believes Mastro’s long-running, phone-book sized catalogs bring better prices which the company says offsets any fees it takes off the top.
"As a Company, we have always adhered to the principle that our customers demand the very best, and that they rely upon us to deliver at that highest level. We constantly apply this top-tier approach to every aspect of our business, from our custom on-line bidding system to our quality event catalogs, and in the most painstaking authentication and cataloging process in the business. This all costs money — and the expenses associated with "going the extra mile" are always rising — but it also produces extraordinary results."