You Are Your Own Keeper

Ok, let me throw you a curve ball, now. I attend 6 different local auctions regularly. Four of these are fairly well run and two are right out of the dark ages, still they all sell coins. All but one attempts to generate some sort of list or catalog before the auction and they are a reasonable reference and gives you ideas about whether you even want to attend. The bigger question is why do we go? Yes it is to try and buy some very nice coins, at times, but as much as anything we are looking for something that has not been either correctly or completely identified. Be it one of the better Morgan VAMs not noted or something that has simply been vaguely identified. I recently purchased a lot of 5 Merc dimes for $3. I had looked in the bag and one of the coins was a bust dime. These coins were miss identified, does to consignor have any recourse with the auction house since the ID error was in the buyers favor. These happen all of the time and are what make auctions such an attraction. The chance to hit a home run. The list is never 100% accurate, just a vague representation of the item. An example would be when they sell a vehicle. They start it, you get to hear it run, and they may even move it around the parking lot. Aside from the list being "1943 Nash Rambler - starts - runs" you know very little. When you win the bid and drive it off, you find the tranny locked in first and it won't shift, does the auction house have responsibility since they did not describe these problems. I suspect not. And this takes me back to where I started. Be responsible for yourself. Don't go to a coin auction and not study the items. Letting someone else be responsible for you purchasing decision is not smart. Heck, there was not even a grade on the 1928 listed. If he had not looked at it, so that he did not know the true date, it could have had three bullet holes in it for all he knew.
Jim
Jim

Posted - Yesterday : 4:26:30 PM

I have to admit, I don't know anyone that is blind. Only deaf, and I know three of them, they are my kids, and they are instantly deaf as soon as either my wife or myself speak. But if you say some magic word like money, candy, library etc. it often jolts them out of their deafness.

Now I have to admit that was funny. However, my experience is "HUH" all the time when I say anthing. You can always tell a parent. They repeat things 3 times out of habit.

However, my experience is "HUH" all the time when I say anthing.

And I hear Wha? I swear sometimes I just want to issue printed memorandums to them reminding them of whatever they will need to know.

Remember, they are tax write-offs.
Jim

Wow, that's completely unfair and is putting a negative sign on the hobby.

quote:

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The auction house gave him his money back and will auction the coin at the next sale. A simple mistake corrected.

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I'm impressed because it probably means that the auction house will eat the loss on that coin (Unless they sell it again as a 28.) They have probably already settled with the consigners for the auction so the refund for the "1928" came out of their pocket. I'm sure they can't go back to the consigner and ask him for the money back, it was the auction houses mistake in the catalog not the consigners.

Bio, at least at the estate auctions around here, the selection of coins at any particular auction will run the gambit. There will be everything from high quality and rare keys to complete junk. I believe the reason is that when someone settles an estate thru a auction house, they sell everything. No one goes thru the inventory to determine if it even has any true value. I have seen ordinary change sold at auction as bag lot. My guess is that the person whose estate is being sold had some pocket change in their desk drawer. When the auction people come in and move everything to the auction sight, contents from the drawer is separated and sold with no concern for what it is. They get a percentage and that is all that matters. I once bought of bag of pocket change containing a little over $5 for $2. Spent it on gas on the way home.
Jim