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3 amazing things about our new auction platform

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This weekend we listed Auction 11 on our new auction platform, on a subdomain on our website,

https://auctions.thecoincabinet.com/

The new platform allows us to do some amazing things, all aimed at providing our customers a better service and making their life easier. How so? 

1. The Buyer Premium is 0 %. Our 'eBay style' auctions are going against the stream of companies that are increasing their fees and commissions.

In the long term, the new platform works out cheaper for us than the old, which allows us to take this important step. The biggest beneficiaries to scrapping the Buyer Premium are not us, the auction house, but our consignors--How so?

Without Buyer Premium, bidders will go higher, still paying the same amount. This means a larger proportion of the total sale amount goes to the vendor/consignor.

Example: A UK buyer is prepared to pay £600 all in for an 1869 sovereign in MS62. With our previous 15 % +VAT Buyer premium, his max bid would be £500. (Someone based outside the EU could have gone to £520 as they do not pay VAT). We were charging such consignments at 5 % +VAT so if this coin hammered for £500 a UK based consignor would have received £470. With our new platform, the UK buyer can bid up to the full £590 hammer (actually he can go higher--to £600!) and the foreign buyer is not at advantage and can bid to the same amount. While now charging consignors 10 % instead of 5 % (we still need to make money!) they still make much more: £590 - 10 % - 2 % (VAT) = £519.20 The consignor is £49.20 better off!


2. We are in full control of registered users and bids. We ensure all registered users are real and bids placed with the intention to pay.

A big problem on eBay and many other online-only auctions is that there are fake users placing bids without intention to proceed with payment if won. There are several reasons for doing this and some market participants seem to believe that they can benefit from higher sales prices. However, I know that bidders can easily work out if items have been bid up, so the result of this is instead that

Fake bids corrodes confidence in the market and has a negative effect on the market at large.

We believe that confidence is one of the most important contributors to a growing market, especially from new market participants. Our overarching goal of increasing the size of the market can only be attained if there is confidence is the market and belief that market makers and their platforms are responsible, secure and trusted.


3. Download The Coin Cabinet auction App and bid on your smartphone (App will be ready in a few days)

We live in 2019, so this shouldn't have to be on this list, but it is. It's strangely rare to be able to bid in coin auctions on your smartphone!

Our goal is to reduce the friction of auction participation. 

Our auctions normally take just a couple of hours on a Sunday afternoon or evening, from now on ALWAYS on the last Sunday of the month. We think this time is the best for most people to participate in an auction. It may not be the best for us--we would love to have auctions on weekdays when we don't have to pay clerks extra for working Sunday evening. With our App, you can sign up for push notifications and reminders about lots and bids and you can follow collecting interest areas (such as 'gold sovereigns'). 

We hope you will enjoy the platform. If you have any questions do not hesitate to contact us, best by sending an email to contact (at) thecoincabinet.com.


 

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