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 Replies: 16 / Views: 2,145 |
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Moderator
 United States
23522 Posts |
quote:
No grade, picture or description? Sounds like a pig in a poke!
In-person auctions like that have a pre-inspection period when you can look at the items being auctioned, usually just before the auction itself. Like any other auction-style venue, though, it's still pretty easy to get caught up in auction fever. TSOTL, here's a place I frequent - it's the best of both worlds: http://www.proxibid.com/asp/home.asp |
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Valued Member
 United States
439 Posts |
This isn't an online auction. It's held about 45 minutes from me. You go there and you can check out things in advance.
I'm thinking I'll go just to see what it's like if nothing else. I just don't know how these things go though so any opinions could help.
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Valued Member
United States
439 Posts |
Thanks SuperDave. I'll check that out.
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Pillar of the Community
United States
7123 Posts |
If they work like the ones here, the big dealer in town and the auctioneer are good ole boys,, the dealer has an open check in front of the house and the auctioneer bids for the dealer ,,I have never seen anyone else win a coin at a reasonable price. all the auctioneer does is look at the dealer for when to quit bidding to the item.
Metalman
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Valued Member
United States
439 Posts |
I was afraid of that. Thanks for the input Metalman. When I ran across this outfit that was the first thing I wondered about.
Fortunately, I'm more of a "lot of 1000 wheaties" kind of guy so I'm hoping that something will fall under the radar of the guys with a lot of money if I decide to go.
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Valued Member
United States
135 Posts |
TSOTL I like going to local auctions around here. The more well known stuff at auctions here typically bring more than they are worth. Especially silver dollars. One suggestion I would make is to hang around until the end of the auction if you can. A lot of times people leave before the end of the auction. When the crowd thins down the prices can come down. Another sugestion I would make is snatching up something like a sack of foriegn coins especially if you ever go to estate auctions. I once bought a sack of foriegn coins at an auction like this. The bag had a couple of of nice large cents, and an Indian Head penny. I got more than $100 worth of coins out of the bag that I paid $7.50 for. BenVA |
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Valued Member
United States
256 Posts |
Out of frustration I usually don't bid on coins at estate auctions (but I do keep an eye on them). I have found that the average auction visitor usually bids the coins up way too high because they think they just have to be valuable, especially large coins like morgans.
Around here anyway, I have never found or seen a good bargain on coins at auction. All the local auctioneers have appraisers on contract and know exactly what the coins are worth and already have reserve bids in place.
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Valued Member
United States
256 Posts |
P.S. Have you ever tried to out-bid an Amish person for coins? Well, I can pretty much guarantee that you'll lose if they really want the coin! LOL.
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Pillar of the Community
United States
751 Posts |
I just went to an auction last night. Won four lots, including an 01-0 (MS-63?) I'll post a pic of later for $22. Also won 16 Walkers in an album (short set, missing 45-DS and 47-PD) for $55, about which I'm still smiling.
He doesn't give the stuff away, but there are deals to be had, especially late. Watch for lots of circulated dimes in quantity--the market is cool, and they can sometimes be had for less than melt.
The annoying thing about this particular auction is that the lots have reserves/start prices that are only disclosed when the lot is reached. As a result, there are some lots you figure you'll bid on, only to find that the consignor needs twice you top bid. It works the other way too: there are lots you don't even inspect because you figure they are out of your league. But when the bidding starts, you are shocked to find out how cheap they are.
Case in point: last night, a raw 1884-CC Morgan listed as MS64. I didn't even look at the coin. However, the bidding started at $100 and ended at $120 (add 10% BP). It was over before most of us knew what had happened. When the buyer saw his coin for the first time, he was elated!
Another piece of advice: always keep the juice (buyer's premium) in mind.
Finally, Ernie was his usual character.
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Pillar of the Community
United States
2254 Posts |
Texas, aren't you around the Lowell area? What auction did you attend last night? You may have told me already, but where do you find the info for local auctions? Online, or in the local paper?
Thanks,
Tighe
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Moderator
United States
23522 Posts |
quote:
Finally, Ernie was his usual character.
I want to meet him. Everybody talks about his optimistic grading and pricing, and then in the next breath they talk about how much they like the guy. He sounds like a real character, and a solid person to do business with if you know what you're doing. |
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Pillar of the Community
United States
751 Posts |
Tighe, There are monthly shows in Nashua and Westford (Ernie owns both IIRC). You can pick up fliers there for auctions and such. This local auction is 4-5x a year (in Nashua), http://www.smallcents2.com/ Next one is March 31. GO BEARS! |
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Valued Member
United States
228 Posts |
I did pretty good at an auction recently. I think if you can see the coins first and set a limit and stick to it, you CAN find good buys....
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Valued Member
United States
111 Posts |
Estate type auction houses sometimes post photos, but they are always just a quick shot, not a good pic with details. You need to brush up on your skills and go look at them. Estate type auctions frequently have cleaned coins. Seems like the family's get the set cherry picked, and then the rest of it off at auction. Once in awhile you can get a good deal, but only if the house doesn't sell a lot of coins. The ones that sell a lot of coins will have the gallery full of collectors, a few dealers, and some folks who think they'll get rich flipping coins.
But, nothing ventured, nothing gained. There are worse ways to spend a few hours. Today I was doing my books for my TINY little part time company. 5 hours later, I was about half done. Checking out coins at the auction would have been way more fun.
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Pillar of the Community
United States
2600 Posts |
I go to an auction at least twice a month. Expect no deal on any great coin, too many eyes have seen it. However, it is not the dealers who out bid you, it is collectors like you and me. A dealer needs room for profit. We can quite often catch a coin above what a dealer will pay, but below his selling price. There is always something that falls thru the crack, though. Quite often it is late in the auction, but not always. I just picked up a 3 cent nickel in 15 to 20 condition. It had been put with a bunch of foreign coins and no one had looked at it. Got it for $2. The primary reason I go, is to look at coins. It is a wonderful opportunity to try your hand at grading because quite often there are multiple examples of the same coin. Also, I have found that the local auction prices are about the same as on ebay. At the last auction I went to there was a $3 gold piece in 45+ condition. Had never seen one, let alone hold one and study it. I know the gentleman that bought it for $1400 including buyers premium I asked him if he thought the price was too steep. He smiles and said "I have one, do you?". The reason I say this is that if coins are bringing these prices from dealers and collectors, perhaps the run up on coins has started and we are not willing to accept it, yet Jim |
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Posted 02/03/2007 6:42 pm
