Buyer rewards programs have been used with credit card companies, hotels, airlines, restaurants, and other businesses for years. Now Kagin’s Auctions of Tiburon, California, is extending an offer to buyers at auction.
The numismatic firm has announced the implementation of the Kagin’s Auctions Loyalty Program. All purchasers will be entitled to a credit against any future purchases in a Kagin’s Auctions sale, in the amount of 1% of the total purchase prices paid (hammer plus buyer’s premium, not including taxes or other charges). The credit will extend to the next two Kagin’s auctions or a period of one year, whichever is longer. Kagin’s charges a 17.5% buyer’s premium.
“This is the first time that we are aware of that such a long-term loyalty program has ever been implemented in numismatic auctions,” said Donald H. Kagin, Ph.D., president of Kagin’s, Inc., the parent company of Kagin’s Auctions. “Actually, except for a short-term promotion, we cannot find where such a program has been available from any other auction house,” he continued.
We like the idea, but it’s going to translate much better to a coin auction house—where multiples are offered—than to a business that specializes in art and antiques. The draw at auctions continues to be the objects, many of which are singular examples, rather than the terms of the auction house. Still, kudos to Kagin’s Auctions for rewarding buyers.
Originally published in the April 2017 issue of Maine Antique Digest. © 2017 Maine Antique Digest