Discussion - Member to Member Sales - Research Center
Discussion - Member to Member Sales - Research Center
I have an uncle who had been an avid collector continuously since childhood, with only one break in his devotion: 1941-1945, when he was in a Japanese Prisoner of War camp in Hong Kong (he was with the British Colonial regiment). I sold occasional lots for him on eBay and bidStart over the years and in early July he asked me to choose what I wanted from his remaining collection and sell the rest. Two weeks later, he passed away suddenly and quickly in his sleep. I will fulfill his wish for me to sell his stamps, and give the proceeds to charity, as my aunt wishes it so.
I'm keeping all the QVs and HK and any cover addressed to him, of course, but the rest just overwhelms me with respect to selling on my own. So I'm going to use Regency Superior for their upcoming November auction. If you attend that APS meeting or bid online, you may encounter some of his lots. Four of these boxes are US stamps, covers, etc.; three are British Commonwealth; the rest are mixed worldwide. Lots of covers. He was truly one of the last worldwide collectors of stamps AND covers that I know.
Peter
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Thanks for sharing that personal philatelic moment or two, "cocollectibles".
Just recycling all those cardboard boxes, to say nothing of the postage stamps,
would be overwhelming for me.
John Derry
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Sorry about the loss of your uncle.
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Thank you, both.
UPS is late picking up these boxes! I feel "encastled" by these.
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Just to follow up for those interested in using Regency Superior.
The items were sorted by Regency into 10 lots, and priced starting at $100 per lot. The final valuation was a bit over $3500 for all 10 lots, with one or two going for the opening bid, and all selling. From my very cursory valuation using Scott 2013, that would be about 10% CV, which is what I would expect selling to a dealer. There were some higher value items but they mixed them in with more common and duplicated smaller lots, as is their practice for "collections."
However, that auction ended in November and I have yet to see my payment. After twice contacting the consignor who coordinated things at their end, he now says he is "at a loss" as to why I haven't been paid and to consult "the President of Regency"! What? That is unacceptable to me and I will certainly be contacting someone in charge.
I was hoping this would be a good venue for selling the rest of the collections, and even mine when that time came. I've bought many lots from them in the past with no problems. But now, I'm not likely to use their service as a seller or as a buyer, as it certainly has left a bad impression. Now I have to rethink what to do with the other items and my own (and no, selling them myself isn't what I really want to do).
Cheers,
Peter
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Unless you have something really stellar and rare, I think that after all the fees, commissions and waiting for the auction and then waiting for the money , you will be at or less than you would if you had sold the stamps outright to a dealer.
A good case in point is the upright Jenny sheet. I checked around auction houses, and decided on a dealer. My payment was more than the net that the couple received from Regency after they had their sheet auctioned off for $51,500 (including the buyer premium of which the seller is not entitled to). I know that they would have gotten quite a bit more for the sheet than they did had they sold it to a dealer.
If I ever have to sell my collection in whole due to some unforeseen problem, I will sell it to a dealer. I have instructed my family to sell it to a dealer if the collection is still around and I am not.
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Thanks, Peter, for the update, and for the cautionary tale re Regency (and other auction houses). Since I live in Central Florida, my hope was to be able to use Michael Rogers Inc. to purchase my collection when that time came, but since MRI is no more, I will have to look at other options. BOB
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I only recall one time I had any contact with Regency: I spotted two covers in their auction valued at $300. I emailed them and wondered about the valuation, particularly when the covers (Hennig Covers) were suspect among collector circles--at best philatelic at worst bogus. I gave them a link to the son of Werner Hennig who had popped up on eBay and was selling the same franked covers (he had mulitples) for $12 each. I asked them if they were currently being sold for $12 each by the people who created them during the Third Reich, how did they, Regency, value them at $300? What was their source? They never replied and my name was removed from the auction catalog mailings. Coincidence? No, don't think so.
I hope you get this resolved quickly.
Bruce
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I called the main office and spoke with the person in charge of payments. Evidently the first installment was mailed Feb 12, and the rest will be paid when the dealer who purchaed them finally pays up. I asked why the consignor rep could not just tell me that information and instead give me BS about emailing the President of the company. The person was agahst and said that was not right and he would look into it. Not that I care at this point, as long as they pay what they said they would pay.
If I didn't hate selling on eBay so much, I would have resurrected my old store (or started a new one) but every time I'm about to take the plunge, I literally get a bit nauseated from the thought. Hammer/Schau is another option I guess.
@ Stampme: I've noticed on a space collection website that they routinely call into question the veracity of space theme items, especially autographs without COAs. A Regency rep either attempts to address the issues on that forum, or the item does get removed. I recall seeing a Neil Armstrong signed photo that I was interested in, which was pulled; Armstrong autographs without provenance are notorious for being forgeries, as he didn't sign many in his lifetime.
@ Michael #s: Unfortunately I cannot find a dealer in Georgia who truly specializes in the stamps I have; the couple I spoke with simply consulted Scott and didn't truly appreciate the varieties, cancels, etc. that is the focus of much of my collection. I'm actually thinking of selling them in the UK.
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cocollectibles wrote:
"If I didn't hate selling on eBay so much, I would have resurrected my old store (or started a new one) but every time I'm about to take the plunge, I literally get a bit nauseated from the thought. "
I suspect I know the answer but why do you hate it so much?
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I have never understood people's lack of trust in dealers. I have bulked out portions of my collection over the years, once because I needed the money. I was always pleased with offers by local dealers and the beauty is you get an instant check.
A friend was requested to appraise and broker a lifetime accumulation put together by a gentleman with the thought of opening a stamp shop when he retired. My friend worked with the widow and had put the material into 3 lots that he was quite certain he could broker for $250K (he does this for a living - he is usually right on the money). After talking to her attorney she told him she wanted them auctioned off to make sure that she got "true" value. She had a large, reputable auction firm come out and they told her that they were going to sell the better items individually and put the rest in lots and that it should bring in the neighborhood of $350-400K.
Of course she called my friend and more or less accused him of trying to cheat her out of a lot of money. She called a few months later and apologized - her share of the proceeds was a little over $100K.
Most dealers pay good money for items they can sell within a couple of months to known customers or other dealers - they pay little for the rest of the material.
My two cents
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@Webpaper: I would have no problem with dealers, but I have yet to find one locally who appreciates the specialty collections.
@Ningpo: Back in 2008 when I stopped selling on eBay, it was the dawn of many changes that I found increasingly aversive to selling there, starting with the star ratings, and proceeding through the lack of ability to leave a deserved negative to buyers for bad transactions, the PayPal only requirement (at that time), the addition of shipping to the PayPal fee cost computation, and the increasing listing and final value fees.
Then the one or two times I did venture back and list items for auction I had about 25% non-payment, a handful of challenged shipments (all found in my favor but my payment was held in PP until resolved), and, the coup de grace, I found that because I had not sold consistently I was put on "probation" where my PayPal payments were held until the buyer noted receipt or 30 days after mailing.
Perhaps "hate" is too strong a term, but in the balance of things, the hassles outweighed the benefits for me. That's entirely a personal opinion about selling; I still buy from a handful of favorite sellers there (hmmm, I wonder if any are here!?).
Peter
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Peter, a specialty collection without a knowledgeable dealer makes sense to go to the auctions.
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"The items were sorted by Regency into 10 lots, and priced starting at $100 per lot. The final valuation was a bit over $3500 for all 10 lots, with one or two going for the opening bid, and all selling. From my very cursory valuation using Scott 2013, that would be about 10% CV, which is what I would expect selling to a dealer. There were some higher value items but they mixed them in with more common and duplicated smaller lots, as is their practice for "collections.""
Thanks for posting your experience, Peter. I have instructions to my heirs to sell through an auction house. Maybe I'll change that.
Ed Foster
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My condolences Peter....
Quite a project you have on your hands.....Good Luck at the auction
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Received a partial payment after calling Regency; they actually said "the check is in the mail"!! And it was. But only a partial payment so far. Auction was in November; this is March.
Peter
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This response was to my inquiry today for an update.
"We expect payment for the last outstanding lot shortly. Once received we will make payment to you.
Thank you.
"
I responded to their solicitation to sell more lots "when I am ready"!
Needless to say, they have lost my selling, and buying, business. I have a strongly worded email to the President of the company about my dissatisfaction with this whole process, and I'll send it once I'm paid in full.
Peter
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I finally got the balance payment for my lots; far longer than their advertised 45 days post auction!
It arrived in the mail with no explanation or apology or anything in email or with the check. I have not heard again from them since, and I will not buy or sell with them again.
Thanks for the support and help here.
Peter
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hmmmm. 5 months for payment after their sale. and impersonal at best.
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One time I participated in an online auction (not Regency). The only time I have paid a buyer's fee, but, alas, it was something that I really wanted. Of course on top of the buyer's fee one has to pay shipping costs (can't that be part of the buyer's fee?). Anyway, when the package arrive, it came postage due. I was not happy. I called them and gave them a piece of my mind. I was reimbursed the postage I had to pay the post office.
I guess auction houses figure that they have you captive whether you're the buyer (they have your money) or seller (they have your stamps and your money). After other interactions I have had with auction houses, and other "war stories" from fellow collectors, I won't deal with auction houses again. I'll go directly to a dealer, or sell the items myself.
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Good to know, Michael; I guess my experience isn't that unique, and that's sad to note.
When the time comes to sell my collections, I may have to bit the bullet and open that old eBay seller's account again.
Cheers,
Peter
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11:36:21am
Thought I would share this personal philatelic moment.
I have an uncle who had been an avid collector continuously since childhood, with only one break in his devotion: 1941-1945, when he was in a Japanese Prisoner of War camp in Hong Kong (he was with the British Colonial regiment). I sold occasional lots for him on eBay and bidStart over the years and in early July he asked me to choose what I wanted from his remaining collection and sell the rest. Two weeks later, he passed away suddenly and quickly in his sleep. I will fulfill his wish for me to sell his stamps, and give the proceeds to charity, as my aunt wishes it so.
I'm keeping all the QVs and HK and any cover addressed to him, of course, but the rest just overwhelms me with respect to selling on my own. So I'm going to use Regency Superior for their upcoming November auction. If you attend that APS meeting or bid online, you may encounter some of his lots. Four of these boxes are US stamps, covers, etc.; three are British Commonwealth; the rest are mixed worldwide. Lots of covers. He was truly one of the last worldwide collectors of stamps AND covers that I know.
Peter
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The past is a foreign country, they do things different there.
26 Jul 2014
06:52:56pm
re: My Uncle's collection
Thanks for sharing that personal philatelic moment or two, "cocollectibles".
Just recycling all those cardboard boxes, to say nothing of the postage stamps,
would be overwhelming for me.
John Derry
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re: My Uncle's collection
Sorry about the loss of your uncle.
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02:04:02pm
re: My Uncle's collection
Thank you, both.
UPS is late picking up these boxes! I feel "encastled" by these.
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01:17:39pm
re: My Uncle's collection
Just to follow up for those interested in using Regency Superior.
The items were sorted by Regency into 10 lots, and priced starting at $100 per lot. The final valuation was a bit over $3500 for all 10 lots, with one or two going for the opening bid, and all selling. From my very cursory valuation using Scott 2013, that would be about 10% CV, which is what I would expect selling to a dealer. There were some higher value items but they mixed them in with more common and duplicated smaller lots, as is their practice for "collections."
However, that auction ended in November and I have yet to see my payment. After twice contacting the consignor who coordinated things at their end, he now says he is "at a loss" as to why I haven't been paid and to consult "the President of Regency"! What? That is unacceptable to me and I will certainly be contacting someone in charge.
I was hoping this would be a good venue for selling the rest of the collections, and even mine when that time came. I've bought many lots from them in the past with no problems. But now, I'm not likely to use their service as a seller or as a buyer, as it certainly has left a bad impression. Now I have to rethink what to do with the other items and my own (and no, selling them myself isn't what I really want to do).
Cheers,
Peter
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01:42:49pm
re: My Uncle's collection
Unless you have something really stellar and rare, I think that after all the fees, commissions and waiting for the auction and then waiting for the money , you will be at or less than you would if you had sold the stamps outright to a dealer.
A good case in point is the upright Jenny sheet. I checked around auction houses, and decided on a dealer. My payment was more than the net that the couple received from Regency after they had their sheet auctioned off for $51,500 (including the buyer premium of which the seller is not entitled to). I know that they would have gotten quite a bit more for the sheet than they did had they sold it to a dealer.
If I ever have to sell my collection in whole due to some unforeseen problem, I will sell it to a dealer. I have instructed my family to sell it to a dealer if the collection is still around and I am not.
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re: My Uncle's collection
Thanks, Peter, for the update, and for the cautionary tale re Regency (and other auction houses). Since I live in Central Florida, my hope was to be able to use Michael Rogers Inc. to purchase my collection when that time came, but since MRI is no more, I will have to look at other options. BOB
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03:02:47pm
re: My Uncle's collection
I only recall one time I had any contact with Regency: I spotted two covers in their auction valued at $300. I emailed them and wondered about the valuation, particularly when the covers (Hennig Covers) were suspect among collector circles--at best philatelic at worst bogus. I gave them a link to the son of Werner Hennig who had popped up on eBay and was selling the same franked covers (he had mulitples) for $12 each. I asked them if they were currently being sold for $12 each by the people who created them during the Third Reich, how did they, Regency, value them at $300? What was their source? They never replied and my name was removed from the auction catalog mailings. Coincidence? No, don't think so.
I hope you get this resolved quickly.
Bruce
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03:11:46pm
re: My Uncle's collection
I called the main office and spoke with the person in charge of payments. Evidently the first installment was mailed Feb 12, and the rest will be paid when the dealer who purchaed them finally pays up. I asked why the consignor rep could not just tell me that information and instead give me BS about emailing the President of the company. The person was agahst and said that was not right and he would look into it. Not that I care at this point, as long as they pay what they said they would pay.
If I didn't hate selling on eBay so much, I would have resurrected my old store (or started a new one) but every time I'm about to take the plunge, I literally get a bit nauseated from the thought. Hammer/Schau is another option I guess.
@ Stampme: I've noticed on a space collection website that they routinely call into question the veracity of space theme items, especially autographs without COAs. A Regency rep either attempts to address the issues on that forum, or the item does get removed. I recall seeing a Neil Armstrong signed photo that I was interested in, which was pulled; Armstrong autographs without provenance are notorious for being forgeries, as he didn't sign many in his lifetime.
@ Michael #s: Unfortunately I cannot find a dealer in Georgia who truly specializes in the stamps I have; the couple I spoke with simply consulted Scott and didn't truly appreciate the varieties, cancels, etc. that is the focus of much of my collection. I'm actually thinking of selling them in the UK.
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re: My Uncle's collection
cocollectibles wrote:
"If I didn't hate selling on eBay so much, I would have resurrected my old store (or started a new one) but every time I'm about to take the plunge, I literally get a bit nauseated from the thought. "
I suspect I know the answer but why do you hate it so much?
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03:45:06pm
Auctions - Approvals
re: My Uncle's collection
I have never understood people's lack of trust in dealers. I have bulked out portions of my collection over the years, once because I needed the money. I was always pleased with offers by local dealers and the beauty is you get an instant check.
A friend was requested to appraise and broker a lifetime accumulation put together by a gentleman with the thought of opening a stamp shop when he retired. My friend worked with the widow and had put the material into 3 lots that he was quite certain he could broker for $250K (he does this for a living - he is usually right on the money). After talking to her attorney she told him she wanted them auctioned off to make sure that she got "true" value. She had a large, reputable auction firm come out and they told her that they were going to sell the better items individually and put the rest in lots and that it should bring in the neighborhood of $350-400K.
Of course she called my friend and more or less accused him of trying to cheat her out of a lot of money. She called a few months later and apologized - her share of the proceeds was a little over $100K.
Most dealers pay good money for items they can sell within a couple of months to known customers or other dealers - they pay little for the rest of the material.
My two cents
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04:12:23pm
re: My Uncle's collection
@Webpaper: I would have no problem with dealers, but I have yet to find one locally who appreciates the specialty collections.
@Ningpo: Back in 2008 when I stopped selling on eBay, it was the dawn of many changes that I found increasingly aversive to selling there, starting with the star ratings, and proceeding through the lack of ability to leave a deserved negative to buyers for bad transactions, the PayPal only requirement (at that time), the addition of shipping to the PayPal fee cost computation, and the increasing listing and final value fees.
Then the one or two times I did venture back and list items for auction I had about 25% non-payment, a handful of challenged shipments (all found in my favor but my payment was held in PP until resolved), and, the coup de grace, I found that because I had not sold consistently I was put on "probation" where my PayPal payments were held until the buyer noted receipt or 30 days after mailing.
Perhaps "hate" is too strong a term, but in the balance of things, the hassles outweighed the benefits for me. That's entirely a personal opinion about selling; I still buy from a handful of favorite sellers there (hmmm, I wonder if any are here!?).
Peter
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05:03:03pm
re: My Uncle's collection
Peter, a specialty collection without a knowledgeable dealer makes sense to go to the auctions.
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re: My Uncle's collection
"The items were sorted by Regency into 10 lots, and priced starting at $100 per lot. The final valuation was a bit over $3500 for all 10 lots, with one or two going for the opening bid, and all selling. From my very cursory valuation using Scott 2013, that would be about 10% CV, which is what I would expect selling to a dealer. There were some higher value items but they mixed them in with more common and duplicated smaller lots, as is their practice for "collections.""
Thanks for posting your experience, Peter. I have instructions to my heirs to sell through an auction house. Maybe I'll change that.
Ed Foster
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re: My Uncle's collection
My condolences Peter....
Quite a project you have on your hands.....Good Luck at the auction
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09:06:48am
re: My Uncle's collection
Received a partial payment after calling Regency; they actually said "the check is in the mail"!! And it was. But only a partial payment so far. Auction was in November; this is March.
Peter
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12:33:00pm
re: My Uncle's collection
This response was to my inquiry today for an update.
"We expect payment for the last outstanding lot shortly. Once received we will make payment to you.
Thank you.
"
I responded to their solicitation to sell more lots "when I am ready"!
Needless to say, they have lost my selling, and buying, business. I have a strongly worded email to the President of the company about my dissatisfaction with this whole process, and I'll send it once I'm paid in full.
Peter
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03:40:30pm
re: My Uncle's collection
I finally got the balance payment for my lots; far longer than their advertised 45 days post auction!
It arrived in the mail with no explanation or apology or anything in email or with the check. I have not heard again from them since, and I will not buy or sell with them again.
Thanks for the support and help here.
Peter
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re: My Uncle's collection
hmmmm. 5 months for payment after their sale. and impersonal at best.
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03:57:09pm
re: My Uncle's collection
One time I participated in an online auction (not Regency). The only time I have paid a buyer's fee, but, alas, it was something that I really wanted. Of course on top of the buyer's fee one has to pay shipping costs (can't that be part of the buyer's fee?). Anyway, when the package arrive, it came postage due. I was not happy. I called them and gave them a piece of my mind. I was reimbursed the postage I had to pay the post office.
I guess auction houses figure that they have you captive whether you're the buyer (they have your money) or seller (they have your stamps and your money). After other interactions I have had with auction houses, and other "war stories" from fellow collectors, I won't deal with auction houses again. I'll go directly to a dealer, or sell the items myself.
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04:43:58pm
re: My Uncle's collection
Good to know, Michael; I guess my experience isn't that unique, and that's sad to note.
When the time comes to sell my collections, I may have to bit the bullet and open that old eBay seller's account again.
Cheers,
Peter
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