Skinner auction on eBay

[Eric F.]

Check out the mandolins Skinner is auctioning on eBay. I believe the Loar starts at just $40,000 for all you bottom feeders.

[JiminRussia]

Yeah, and I'm sure they'll get that and a lot more for it. Did you happen to notice the "Buyers Premium" notation. Add 22.5% on top of the seling price and just read a few of the feedbacks on their shipping charges. This auction house seems to have more fees than a Philadelpphia Lawyer.

[MANDOLINMYSTER]

What a great collection of instruments. I wish I had a couple extra bucks...like 100 grand or better to go on a shopping spree. http://www.mandolincafe.net/iB_html/non-cgi/emoticons/wink.gif

[b.pat]

Here is a link to the Loar.
Loar (http://cgi.liveauctions.ebay.com/ws/eBayISAPI.dll?ViewItem&rd=1&item=2275206217&category=10179)

B.Pat

[Jim Garber]

Skinner is one of the foremost auctions houses in the US esp when it comes to instruments. I think they are just behind Sotheby's and Christie's imn prestige etc.

Their commissions are prob similar to any of the large houses.

It just makes it a little harder to bid, knowing that you have to add that premium.

Jim

[Strado Len]

The premium is only 15.5% for items selling for $80,000+.

[mrmando]

Interesting auction for Lloyd Loar fans. There are three Vivitone electric instruments (mandocello, mandola and guitar) -- that was the company he started after leaving Gibson.

[Dru Lee Parsec]

The premium is only 15.5% for items selling for $80,000+.

By my calculations that means that a bid of $80,000 will actually cost you $98,000
But a bid of $80,001 will only cost you $92401.155

That means any bid between $74401.15 and $80,000 ends up costing you MORE money than if you bid $80,001

That just seems to be an odd way of doing business. Why don't they just price their items 22.5% higher?

[fatt-dad]

The premium is only 15.5% for items selling for $80,000+.
I'm sure that the premium goes to 15.5 percent for lot numbers greater than 80000. There are no dollar signs on the premium postings and each instrument is given a lot number. We are just looking at the musical instruments, which may all be in lot numbers over 80000.

fatt-dad

Nope....better read it again, the lot# has nothing to do with the buyers premium.

[Jim Garber]

We are just looking at the musical instruments, which may all be in lot numbers over 80000.
The premium should be based on the hammer price not the lot number. Unless I am not understanding what you are saying.

Jim

[GVD]

fatt-dad Posted

Quote (Strado Len @ Oct. 07 2004, 13:37)
The premium is only 15.5% for items selling for $80,000+.

I'm sure that the premium goes to 15.5 percent for lot numbers greater than 80000. There are no dollar signs on the premium postings and each instrument is given a lot number. #We are just looking at the musical instruments, which may all be in lot numbers over 80000.

fatt-dad

It sure looks like dollar signs to me and the lot numbers appear to run from 1,000 to 1,340. But then again my eyes kind of glaze over when the numbers get that high http://www.mandolincafe.net/iB_html/non-cgi/emoticons/smile.gif

Buyer's Premium

# # # # # Minimum Value # #Maximum Value ###% Buyer's Premium
from #US $0.00 # # # # # # to US $80,000.00 # # 22.500% #
from #US $80,001.00 # # #and above # # # # # ## #15.000%

GVD

[Lee]

Wonder who owns them?

[mrmando]

Read the fine print:



The buyers premium on property purchased on eBay Live Auctions will be in the amount equal to 22½% of the final bid price up to and including $80,000, plus 15% of the final bid over $80,000.

So you pay 22.5% on the first $80K, PLUS 15% of any amount OVER $80K. Therefore, a $80,001 bid plus commission would be ($80,000 x 1.225) + ($1 x 1.15) = $98,001.15.

[fatt-dad]

my bad - wow!

f-d

[Rich Michaud]

One of the good things about the Skinner auction is that you can go there beforehand and try out the instruments which has been my practice for the past several years on the Friday before the auction. Given the recent inflation in the high end instruments, it should be interesting if the Loar goes high-My guess is that it will easily go for 120k or more plus fees. I hope I am wrong...
If anyone wants me to report on the condition (my subjective view) of any of the mandos please let me know and I will do so after I play them on Friday. Rich Michaud in Boston

[Jim Garber]

I bet this one will be more like approaching $150k. Just my hunch.

Jim

[f5loar]

You can count on $100K plus on this baby. I just got my bill for my purchase from Sotherby's Johnny Cash auction.
They hit me for a solid 20% over my bid price and then added 25% for shipping it 2 day express. They have to insure it and can you imagine the insurance on a Loar? I asked for regular ground shipping and was told their shipper can't do it(yeah right). The fees added on to your shipping cost are out of sight. Part of rebuilding New York after 911 so I guess I've done my part for the cause.
You do have the option of picking it up in person.

[mikeomando]

For that much moolah they couls at leas show the entire instrument. I love how they won't do the shipping themselves and will charge storage fees if you don't arrange to tkae it off of their hands within 3 days. And yet I drool over the Vivitones...

[mikeomando]

Oh yeah, and Massachusetts tax on top of it all.

[JiminRussia]

25% or shipping? for that you can fly there first class round trip and bring it home yourself.

[kudzugypsy]

they got ya there too. if you opt to pick it up, then you are hit with MA sales tax! the only way to avoid the tax is to have it shipped. so its one way or the other, you get it!

[evanreilly]

Fees notwithstanding, the last Loar mandolins auctioned by Skinner's set the price bar. I went out a few years ago & had a very enjoyable private interview with the Loar that still had the original price tag on it, as well as probably the original strings. It even had some T-S picks in the case.

[mrmando]

Again reading the fine print, you have to pay the Massachusetts sales tax no matter where you live, unless you are a dealer and have a specific exemption.

Rich, can you please check out the Vivitone mandola and cello, as well as both Gibson mandolas?

[JiminRussia]

If the Loar that is listed at Elderly's for $135,000 hasn't sold, why would the Skinner auction get more and the fees on top of it? I don't see this going much over $100,000. A mere pittance.....

[Jim Garber]

There is more to auctions than logic. There is the emotional "joy" of winning and getting to pay more money than your opponent. Think of it!

Jim

[danb]

JiminRussia- the skinner Loar is another of these under-the-bed condition ones. There aren't many like that. That said, my preference would be the Fern Larry has. Not that I'm completely biased or anything.

[jim bevins]

Has anybody noticed the serial # of that Loar F-5. 72211, Bill Monroes' is 72214. It's signed and dated by Loar Feb.26 1923 the same day as Bill Monroes.Check the Mandolin Achive.com , Cool eh!

[f5loar]

First off the Elderly Loar is on hold so not likely it will still be there after Skinner. 2nd, it's a '24 with Virzi and the this one is a '23 no virzi. Big difference in the world of Loars. Neither Loar is considered minty collector status. Both appear to be real picker's dreams.
You really do have to consider the end price paid not the bid price. This confuses many especially now that you say you pay the MA tax either way. They sure do lots of things "funny" up there in MA. Most states don't require state tax when an out of state person bought it and it is shipped to them out of state.

[Bob DeVellis]

I've bought stuff in MA and had it shipped out of state without paying tax. Has the law changed or is this some kind of special case? Actually, sales tax in MA is lower than NC, at least it was lat time I checked.

[f5loar]

But have you bought stuff from Skinner and had it shipped?
Auction houses can and do make their own state rules. Here in NC you don't pay tax at all when in person at a live auction. Something to do with "used,2nd hand goods".

[8ch(pl)]

Why do you put up with all the heartache Scott? Glad that you do.

[Rich Michaud]

Mrmando, you asked that I check out the Vivitone mandola and the Gibson mandolas. I will do so and post on Friday nite or Sat am before the auction. I happen to have a Gibson H1 mandola (1924) and a Gibson H4 (1916) to compare the ones for sale at Skinner's. I have never seen a Vivitone instrument before. I will be there on Friday afternoon to check these babies out. Rich

[danb]

Rich, if you want to be a pal of the mandolin archive you could check FONs on the headblocks and give me a list matched with serial #s as well. There'd be extra credit awarded for digicam shots of full frontal & full back views of them !

I've got the skinner shots but they're always just the low-grade B&W or the close up of the soundboxes.

[kvk]

With the ebiquitousness of Ebay, I wonder what value Skinner actually adds to the seller/buyer for their 22.5% fee. Is it a showroom so you can try out the instrument first? An appraisal to certify the instrument as authentic? A place for an heir to dump an estate lot if they don't want to sell it themselves?

Anyway, I got something to do on my lunch break Friday. The last time they had a Loar, I'd only been playing about two or three months. Now, 1.5 years later, I know four or five songs :-)

-Ken

[Jim M.]

Rich - Can you please report on that Vivitone mandocello too? And if it's not too much trouble, see how the various Gibson A's are. Thanks.

[evanreilly]

Skinner's does have a pre-auction open house where you can sniff (or whatever) the instruments on consignment. An additional feature that certainly would deflate a lot of the eBay scams.

[delsbrother]

Re: the Vivi-tones

Are these not solid body electric instruments? I was under the impression they were; it would be interesting to me how Skinner chose to display these.. Would there be amps provided?

I'm going off of stuff taken from the 'net, so I could be horribly wrong [Edit: yep, see below] but from "A Short History of the Electric Guitar" there's:

Loar worked for Gibson, possibly the most respected name in guitars at the time. In 1933, Loar started an all-electric company with some of his co-workers from Gibson, called Vivi-Tone. Vivi-Tone produced only one type of guitar: the electrified Spanish guitar. It was very aggressively marketed, and ads predicted the doom of the acoustic guitar, asking acoustic players "why lose your job?" Unfortunately, Loar’s pickup design was no match for Rickenbacker’s. The magnetic signal acquired from the pickup was transferred to the wood in the guitar’s bridge, then into a metal rod, then through a wire into an amplifier. This signal was fuzzy and weak, and destroyed the guitar’s tone.

I think there are pics of Vivi-tones in the Gruhn/Carter book.. I may also have a copy of a pic of the whole Vivi-family, including violin, somewhere in my collection of Vintage Guitar magazine.

Here's an online link to some photos of a Vivi-tone Guitar (http://www.retrofret.com/products.asp?ProductID=1418&CartID=684881522004). I can't imagine how this would sound, either plugged or unplugged.

[Jim Garber]

I think all the Vivitone instruments were meant to be played electrically. Even stranger is that the top AND back are spruce so who knows what they sound like acoustically.

Very cool collectors items but I doubt they'd be at all useful for real performances.

Jim

[mrmando]

Hm. Well, here's an acoustic/electric ViViTone mandolin (http://www.retrofret.com/products.asp?ProductID=561&CartID=69623810132004).

[delsbrother]

Sheesh, you expect me to look at other pages in my own link? http://www.mandolincafe.net/iB_html/non-cgi/emoticons/smile.gif

Wow, that's a funky monkey indeed. Dig the f-holed back.. I wonder what that thing would sound like cranked to 11..

[mandoryan]

I can't believe a guy like Loar that helped reshape and reinvent the F style mandolin...okay so he just put f holes in it and extended the neck and tuned the body after construction...would build instruments that look like those Vivi tones. They look like cheap instruments that Kay would have made. Just thinking out loud here..... http://www.mandolincafe.net/iB_html/non-cgi/emoticons/wow.gif

[lindensensei]

I've bought and sold a lot of oriental rugs at Skinners and the are very, very, very, good people. Trust is important.

[Rich Michaud]

Hey Dan Beimborn, Jim M and Mrmando,
I will check out the vivitone and Gibson instruments as requested and will post Friday nite or early Sat AM. I called Skinner's and spoke with David Bonsey. I asked if I could bring a small amp to try the Vivtones. He said the the standard cords would not work but that he has a 52 Fender Amp for other instruments. As to photos, he won't allow me to take pics but he will make available to you good jpegs photos for your website in color. Just email him at dbonsey@skinner.com.
As to to the Loar, he added that it was the cleanest one he had ever seen... Rich Michaud.

[Jim M.]

Thanks, Rich, wish I could be there. Boy, that H4 mandola is seeing a lot of pre-bidding but I guess those don't come around too often.

[TommyK]

If the Loar that is listed at Elderly's for $135,000 hasn't sold, why would the Skinner auction get more and the fees on top of it? I don't see this going much over $100,000. A mere pittance.....
'cause auctions do that to people. They get caught up in the moment, they bid their limit and they get out bid. Well, a few bucks more won't hurt... and so on. Auctions turn people trying to make a business decision into impulse buyers. Not everyone mind you, but enough to keep it interesting.
It only takes two to run up the bid and if they don't like each other or are related and a family heir loom is at stake, all Hades brakes loose. I saw a poorly made, sloppily painted, puke green high chair, worth about $7.89 on a garage sale, sell at auction for well over $700.00.
http://www.mandolincafe.net/iB_html/non-cgi/emoticons/tounge.gif
...two sisters and it was made by grandpa.

[TommyK]

I've bought stuff in MA and had it shipped out of state without paying tax. #Has the law changed or is this some kind of special case? Actually, sales tax in MA is lower than NC, at least it was lat time I checked.
Nope, just the John Law's willingness to enforce it. The more money involved, the more likely the tax man cometh!
http://www.mandolincafe.net/iB_html/non-cgi/emoticons/coffee.gif http://www.mandolincafe.net/iB_html/non-cgi/emoticons/coffee.gif

[Rich Michaud]

I am happy to report that I went to the Skinner preview this afternoon to play the Loar and the other mandos on the auction block. I was fortunate to be let in early and had the Loar to myself for almost an hour. Needless to say, it is a wonderful instrument, is in great condition and plays easily with a lot of punch. (I still like my Nugget better). As to the other Gibsons, the 1928 H4 Mandola with est value of 2400-2600 is ok but nothing great. It is missing the end pin and has old strings two of which were cross-wired so it was hard to judge tone. Its # is 81779 and FON is 8632.
The black-faced 1925A has no discernable FON It is a snakehead however. and is in good shape. Its number is 81355. The 1924 A-4 #75493 FON 11920, is a snakehead in good shape except for where the binding has separated at the top of the body from apparent shrinkage. The separation is about 1 and 1/2" in lenth. There is a F-12 (1951), #A-8772, FON 7308. great shape-not my cup of tea. I will continue this on an second posting.

[Rich Michaud]

This continues my prior post as to the Skinner auction items. The Gibson mandocello is very clean. The strings are ancient and unplayable. It is a 1928 K1 #86036, FON 9621.
The black faced mandola is an H-1, 1923, #80938< FON --31 (the first two numbers are too smudged to be indentified). The 1916 A #31855 has a FON of 3140. It is very clean and has the original one piece bridge. As to the ViviTone instruments-they are collector pieces and not anything I would ever want to play. I did not get a chance to play the electric mandocello from 1933. All I can say is that it looked Ok as far as condition. The electric mandola I would no pay any price for. One of the difficulties of trying out the instruments is that for the most part, none had new strings with the exception of the Loar. Some did not even have a full set of strings. Hope this helps anyone who wanted the infol. Rich

[mikeomando]

Thanks Rich! How did they smell?

[danb]

Thanks for the details Rich, I'll add 'em to the Archive http://www.mandolincafe.net/iB_html/non-cgi/emoticons/smile.gif

[acousticphd]

Funny - I'm not finding any difficulty in resisting bidding on these once-or-maybe-a-few-times-in-a-lifetime Gibsons priced at umpteen thousand dollars.

I'm actually more interested in the A1, for example, and the several other "everymans" instruments in this auction. Maybe it's inspired by a lifetime of bottom-feeding, but something inside me just wants to set all those As and A1s free from the mediators and marker-uppers who have too many of them. When WE should have them.

Money and circumstances aside, is there really a mandolin in existence worth $20,000 (let alone $40K) - as a real instrument, I mean, not as a collector's piece? Although, as soon as you ask that question, you realize how common that is for professional-level violins, and for a few examples of upper-echelon new mandolins. So, maybe so, to a chosen few.

But if I were given $20K and forced to spend it on mandolin(s), I would with great joy convert it into 8 or 10 or more fantastic instruments.

Here's to good feeding near the bottom,

[mrmando]

Rich, are you sure of that e-mail address for David Bonsey? I tried to e-mail him but the message bounced. Curious as to what you didn't like about the Vivitone mandola...

[Rich Michaud]

Well, I didn't get the Loar. It went for a mere 110,000 plus the 17% premium and shipping or sales tax. The H4 (1928)mandola hit 7500, the A snakehead (1925) hit 2000, the A-4 Snakehead (1924) went for $4000,the mando cello K-1 (1928) went for 2700, the 1923 H-1 mandola went for 2000, the pumpkin top A went for 1100 -all plus the 17% premium, sales tax or shipping. The Gibson 4 string banjo went for 14k. All in all, the market seems still pretty hot. Rich in Boston

[Jim Garber]

In the meantime: the Vivitones went quite well: $4000 for the mandola and$5000 for the mandocello. I wonder if one buyer bought both and is planning on a Loar quartet.

Jim

[f5loar]

That mere $110,000 bid price quickly becomes $138,600 which is way more than the Elderly Loar. Some say the buyers premium was 22.5% others say it was 17%. I figured it at 20% which is $22,000 added to the bid price. Then add the mandatory 5% MA State tax ($6,600) and hopefully the floor bid winner walked out with it avoiding those riduclously high shipping cost.

[f5loar]

I just read the buyer's premium is 22.5% for the first 80,000 which makes it $18,000 and then 15.5% for the amount over 80,000 which in the Loar was another 30,000 or another 4,650 for a total of $22,650 so I was pretty close at 20% average for the Loar. The tax is at 5% unless the buyer had a dealer's resale permit. I doubt at this price it was a dealer that got it.

[mrmando]

Exact total on the Loar with buyer's premium and sales tax: $139,125. But only the gavel price goes on the record books.

I bid on the blackface snakehead and the cheapest viola bow (which nonetheless was gold-mounted with a tortoiseshell frog), but wasn't close on either.

$7.5K is more than I expected to see for the H4. Someone here in Seattle was trying to sell one for that price a while back and was getting no takers.

[danb]

Did anybody we know here get the Loar?

[AlanN]

I have a good idea - the usual suspects.

[ethanopia]

I was expecting a bit higher price than that.

As far as who got it the quote I heard at IBMA was, (and I'm paraphrasing)
It will probably be someone who already owns one because it is in the best interest of a Loar owner/collector to have one in a public venue like this go for a higher than average price, therefore moving the price even higher.

I guess it is just interesting to note how a market can be influenced by those who hold a stake in it, unlike myself who are just the drooling bystanders.

[Seth Austen]

When you add in the Skinner buyers premium and sales tax, the highbidders paid retail and then some for most, if not all of these instruments.

Seth

[f5loar]

That's what I thought about it. And unless you were there to see and play the instruments you pretty much were buying a "pig in a poke" cause they ain't got no 48 hour approval on their stuff. It's yours "as is". Not that you would expect the Loar to be a dud but it is possible. Same for the Martins and other Gibson models. Sorta makes the Elderly Loar a bargin at $135,000 and they have the 48 hour approval. Same for Tony Williamson at mandolin central who has one to sale now.

[kudzugypsy]

i would bet also that it was one of "the usual suspects".
what has been stated here, and known in the loar community, is that there is a small, well funded, group of collectors that are aquiring as many loars as come up for sale. many have a standing order with the major dealers that they will pay $XXX for any loar they get. it is in their best interest to keep the buzz on the loar "lore" because when your sitting on 6-8+ $150k instruments, you dont need one going for a mere $90K at a big auction.
of course there is nothing "wrong" with trying to aquire as many premium mandolins as one can, but it is now become more of an investment speculation than the old "are loars really that much better" question. there are those that believe that the $250k loar is just a few years away.
as a btw, you will notice that elderly has a 1959 les paul standard for a mere $180k, i remember these being $20-45k not that many years ago, and that is the holy grail of the electric guitar world......so maybe these investors are on to something?http://www.mandolincafe.net/iB_html/non-cgi/emoticons/rock.gif

[mrmando]

I assume Skinner charges a seller's premium as well, don't they? I seem to recall paying one when I consigned a couple of things for auction ('twasn't at Skinner). Double-dip from buyer and seller on a big-ticket item like the Loar (not to mention the $400,000 Maggini viola), and it adds up to a pretty good day at the office.

The Gasparo da Salo viola looks like a relative bargain at $24K, but there must be some doubt about its authenticity. Curious about the D'Angelico Style B guitar, which went for "only" $9.5K -- when his New Yorkers go for $40K and up. What exactly is the difference between the Style B and the New Yorker?

[kudzugypsy]

the difference between a D'Angelico style A or B and the New Yorker is like the difference between the master model and the F9.

[f5loar]

When compared to other "vintage" musical instruments like the Les Paul, The Flying V,D45s, The White Pengiun,Strats and Teles there is no doubt a Loar is way underpriced at the moment. I don't believe only a few are getting them all. Those few have all they want. There is always new collectors entering the market at any price. What I am seeing is some of the older collectors getting out of it for profit. And with the threat of the "Kerry captial gains tax increase" hanging over their head, now seems to be the best time to unload at those old "bush tax breaks".

[kudzugypsy]

yeah, i agree with you. there are many in the mandolin community (ie, players) who dont quite get accept the fact that people pay premium amounts for vintage instruments with the sole purpose of investment speculation. just like any other place to "park" money. there are a lot of vintage instrument owners that dont even collect, they have buyers that invest their money and swap and sell these "assets" just like any other investment vehicle. it doesnt take a mba to realize that over the last 10 years, these have done quite well. plus, as you stated, with some creative capital gains work, you can really make a killing.

[Rich Michaud]

I would like to clarify some confusion over the pricing of the instruments sold by Skinner. For example, the Loar sold at a bid price of $110,000. Skinner charges a 17.5% premium on the first $80,000 which is $14,000. It also charges 10% of the amount above $80,000 which in this case is 10% of $30,000=$3,000. Therefore the sale price inclusive of premium was $127,000 which is the amount that is confirmed on the Skinner auction site. In addition there may or may not be a sales tax of 5% depending on whether it was shipped out of state, and if shipped, shipping charges. Therefore, the Loar price should be represented and $127,000 plus 5% tax or shipping.

[mrmando]

But when you sign up to bid online, you're quoted a higher premium: 22.5% for the first 80K and 15% thereafter.

That must mean that the premium for eBay bids is higher than the premium for actual live bids -- prob. to cover the eBay fees.

[Rich Michaud]

It strikes me that folks are and will be confused about the premiums charges. The Loar did go for $127,000 inclusive of premiums. The extra premiums for EBAY buyers sound excessive especially on high end instruments. Then again, on an expensive instrument, it would not be wise to bid it throught EBAY. My guess is that folks did not focus on or know of the difference in premiums. This is a trap for the unwary and should be a fact that is fully disclosed especially on this website. Rich

[Charlie Derrington]

This one surprised me a little. 127K is what I consider to be mid/mid-high on current market value. I anticipated it would go for a little more, but admittedly couldn't get a good feel for the condition.

Keeping up with current pricing is a bit like reading tea leaves.

Charlie

[f5loar]

So add in the 5% you get $133,300 which is in line with others selling currently. And if you didn't add the 5% state tax and had it shipped out of state the shipping costs if like other high-end auction houses will far exceed the 5% Tax. In other words you would be cheaper to fly into Boston and pick it up in person vs. paying their outrageous shipping charges as the 5% tax would be cheaper.
Bottom line is the Loar brought as near market value as you could expect in a live auction. If a dealer got it expect to see it for sale at $150,000. When Martin is selling a brand new guitar for $199,000 this seems like a steal!

[Jim Garber]

If you bought it in a store you would pay the sales tax or if they shipped it to you, you would pay the shipping on top of the selling price. In determining the selling price, I would include the premiums but not the sales tax or shipping.

Jim

[f5loar]

I don't know Jim, I've bought many without paying the tax as I doubt the dealer reported any. It does happen but in the Skinner case you will pay that 5% if you pick it up in person so why wouldn't you figure that in the total? Sales tax may be something many don't consider but bottom line is you will pay it in a legit sales. If a dealer got it he should have his MA tax resale number and would not pay it.
That's why I said a dealer could make something on this one without paying the tax.

[Jim Garber]

I guess I was just thinking of the selling price as if it were in a store. When you get up to that sort of prtice I suppose adding the addons would be logical.

On the other hand, when you tell someone the price you bought your house for you generally include the lawyers and bank fees etc.

Oh I see... you were speaking of a dealer purchasing it and whether they could make a profit selling it retail.

Jim

[Bob Sayers]

I think it's probably safest to say that the mandolin sold for $127,000, which includes the hammer price and the buyer's premium. Obviously, sales tax, packing, and shipping could add substantially to that figure. But the same would be true if you bought a Loar at Elderly or Mandolin Bros.--unless they agreed to ship it to you (or you had a dealer resale number) without charging in-state sales tax. Even then my state (Virginia) would nick you for that uncollected out-of-state tax come April 15th.

By the way, the seller receives $110,000 minus his surcharge--was it 18 percent? So his take would be just over $90,000. Now if he originally paid $20,000 for the instrument, he also owes the IRS capital gains on the $70,000 difference. (And, believe me, the IRS pays attention to high-end sales at the major auction houses.) So he might wind up with something like $80,000 when all is said and done.

So there's a lot to think about when you consign something for auction.

Bob