Why Darren Julien will NOT issue refunds?

APPROXIMATE PROFITS MADE FROM THE TOMPKINS AND BUSH AUCTION HELD BY JULIEN’S AUCTIONS ON DECEMBER 2, 2012:

 

 

For the Tompkins and Bush Auction, Julien’s Terms and Conditions read as follows:  “…a 20% Buyer’s Premium will be added to the Hammer Price on individual lots $100,000 and higher, and a 25% Buyer’s Premium [will be added to the Hammer Price] on all individual lots of $0.00 to $99,999…” “In addition, there is an additional 3% Buyer’s Premium charged for any lots won on online.”  These are additional fees paid by the BUYER and calculated based on the “Hammer Price.”

 

Julien’s Auctions also charges the SELLER a 20% Commission Rate on the TOTAL “Hammer Price” that must be paid to Julien’s Auctions by the SELLER. 

 

 

Julien’s Auctions “Auction Results” which are published by Julien’s Auctions DO INCLUDE the Buyer’s Premium Fee.

 

 

Therefore, if an item was purchased online, Julien’s would receive 48% of the “HAMMER PRICE!”  So, if the “Hammer Price” for an item was $50,000, then Julien’s would receive an additional $24,000 (nearly half of the purchase price). 

 

 

So, if you look at the most recent Tompkins and Bush Auction at Julien’s Auctions of MJ Memorabilia held on December 2, 2012, the TOTAL price of all purchases (Hammer Price PLUS Buyer’s Premium) is approximately = $5,254,523.50.

 

 

Therefore, if you take an approximate percentage of 25% added to the “Auction Results” (which would be if they were all under $100,000 and purchased in person), then the approximate actual sale of the Auction based on the “Hammer Price” was = $3,940,892.62.

 

However, if you take an approximate percentage of 28% added to the “Auction Results” (which would be if they were all under $100,000 and purchased online), then the approximate actual sale of the Auction based on the “Hammer Price” was = $3,783,256.92.

 

 

So, if you Julien’s Auctions charges the Seller 20% on the “Hammer Price,” then Michael Bush would have made approximately the following:

 

–                      $3,152,714.10  (subtracting the 20% the Seller pays Juliens.  This is calculated on if Julien’s added 25% to the “Auction Results” published)

 

–                      $3,026,605.54 (subtracting the 20% the Seller pays Juliens.  This is calculated on if Julien’s added 28% to the “Auctions Results” published).

 

 

And, if you utilize the assumption that Julien’s Auctions charges the 20% Seller Commission to the “Hammer Price,” then Julien’s Auctions would have made approximately the following:

 

–                      $2,101,809.12  (this is calculated based on if Julien’s added 25% to the “Hammer Price” to the “Auction Results” published plus the 20% Seller Commission Fee paid to Julien’s Auctions based on the “Hammer Price”)

 

–                      $2,227,917.96  (this is calculated based on if Julien’s added 28% to the “Hammer Price” to the “Auction Results” published plus the 20% Seller Commission Fee paid to Julien’s Auctions based on the “Hammer Price”).