Just got this email:
Thanks for all your support in helping K&L launch the fastest growing online wine auction of the past several years. We have a couple changes to K&L’s auctions for 2016, beginning this month. We believe these updates will result in an even greater number of fantastic lots for you over time, but there are a couple significant changes to bring to your attention in advance.
This month you will start to see lots coming online with a 5% buyer’s premium.
•You remain in full control of the purchase price you’d like to pay. When typing in your maximum bid, the net total of your bid plus premium will be auto-calculated and displayed for your convenience. NO mental math and NO surprises, so you can bid within your desired budget.
•By adding in a buyer’s premium and adjusting our seller commission structure, we aim to attract the top collections from around the country and provide an ever greater array of the world’s top wines.
•Our competitors all charge a buyer’s commission ranging from 15-25%. Our goal is to remain an industry low on commissions for both buyers and sellers.
Changes for Auction Consignors:
There are some new commission incentives available on the top collections (consignments of $10,000 and up), including lower commissions, or our new 105% store credit option. Please contact our Library Wine Department for details at firstname.lastname@example.org
In the past, we’ve offered sellers the option of a cash payout, or 100% of the hammer price in store credit paid in the form of gift cards. While the latter option has been very popular, it’s resulted in a pile of different K&L gift cards for top sellers, which has often become a hassle to manage. We are replacing the gift cards with a “K&L Credit Account” system that works as follows:
•When a lot sells, the hammer price (less the listing fee & applicable shipping charges) is automatically deposited into your K&L Credit Account. Any funds in your account used towards K&L retail purchases are not subject to seller’s commission. It’s easy to view your balance and apply the credit during checkout online or when shopping in our stores. Please note that as before, store credit via auctions cannot be used to buy other auction lots.
•Once you have funds in your K&L Credit Account, you may request a check online for any available amount. The current account balance will show both the total proceeds available for check payment (reflects deduction of seller commission) and funds available for store credit. A full transaction history detailing all deposits and withdrawals from your account will also be listed and accessible for Excel export.
•For all new consignments starting in January, your K&L Credit Account will be displayed in the “Auctions-Selling” page under the My Account section of klwines.com. Any consignments initiated prior to our January roll-out are not eligible for payment through the new K&L Credit Account system. However, if you have multiple older gift cards, we are happy to help you consolidate them on to a single gift card. Contact email@example.com and we’ll take care of it!
I always loved the fact that they were a no buyers commission auction site, but like the email says, if they are really trying to attract better consignment lots, then having a lower sellers commission structure could help somewhat.