A Legacy Guitars auction connects buyers and sellers and operates in much the same way as a live auction.
Selling on Legacy Guitars
Legacy Guitars auction submissions work differently than other auction sites. The seller completes the Seller Form, attaches photographs and video URLs then submits to us. We write the copy and prepare each auction so every listing is consistent – just the facts, without embellishment. After submission Legacy Guitars will respond, typically in one day, with prepared copy for the seller to review. Instruments and amps must meet certain criteria and standards of Legacy Guitars – our tagline is our market. We will not accept every instrument or amp submitted for sale and will notify a seller if we feel they would do better on another venue. Once the seller approves the copy, the auction goes live for 10 days. We ask that the guitar or amp not be listed for sale on any other site during the time your auction runs. We feel that listing an item for multiple weeks dilutes the value of the guitar or amp. If an item fails to sell, we recommend not relisting the item for four weeks.
How Bidding Works
- The bid that you place is the amount you are willing to spend. There are no “proxy” bids and no automatic bid increments. For instance, if you are not willing to spend any more than $4,500 on a guitar, do not bid $5,000 – the $5,000 bid now becomes the high bid similar to a live auction.
- All bids are verified by a credit card hold to ensure commitment of potential buyers. When a bid is placed, we place a hold on the credit card on file for 3% of the bid amount. When the auction closes, the hold is released for all unsuccessful bidders and 3% of the winning bid is automatically charged to the winner’s card.
- All auctions have sniping protection that extends the auction clock by two minutes each time a bid is placed in the auction’s final moments. The auction will not end until two full minutes have elapsed since the highest bid was placed.
- All potential bidders are encouraged to carefully review the listing and comments section and ask any relevant questions before placing a bid.
When the Auction Ends
If the auction reserve is met or the auction is no reserve, Legacy Guitars provides the seller and winning bidder with each other’s contact information. The buyer and seller then work together to complete the transaction, payment terms, and arrange shipping if necessary. Legacy Guitars is happy to answer questions or provide assistance during this process.
How Our Fees Work
The fees are easy to understand and there are no “hidden” fees.
Sellers pay a $45 listing fee for a reserve auction and there is no listing fee for a no reserve auction. Commission is 3% of the final sales price. If a reserve price item sells, the $45 listing fee is refunded. There are no other seller’s fees.
Like in a live auction, buyers pay a 3% fee on top of the final sales price with a $100 minimum and capped at $2500. There are no other fees for the buyer. Legacy Guitars does not facilitate collecting payment for an auction or shipping. It is the buyer’s and seller’s responsibility to complete the sale.