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 Replies: 16 / Views: 3,000 |
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Valued Member
 Canada
103 Posts |
I've been to auctions where a lot has garnered no bids, so the auctioneer then re-opens lower than what the catalog indicated. Unfortunately, this has the effect of rewarding those in attendance, and punishing the bidders who would have bid at that lower level (who are not in attendance), but who were turned off by the excessively high opening bid. Additionally, if an auction is run where there are few bidders, and lots of coins which don't sell the "dead" atmosphere can have a depressing effect on the other lots.
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Valued Member
Canada
371 Posts |
I too think that the 1921 5 cent piece in MS-67 is rediculously overpriced, and I'm going to be watching it to see if anyone will bid on it just because PCGS said it was that grade. The least they could have done was to get it cross-graded by ICCS.
Since it's not even cross-graded, it'll be a miracle if it one sells...
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Pillar of the Community
Canada
1442 Posts |
I actually dont mind people trying to get more money for their unique coins :)... If someone pays the $143k for the 1921 5 cent MS67...then it's not overpriced :)... Was the 5c 1954 NSF that sold recently for $15,000 overpriced? Is my 5c 1965 large beads attached jewel EF40 for sale now on ebay for $12,500 overpriced? ;) Hard to say, for a unique coin, until the coin changes hands... However if similar coins are selling on ebay for much less, then definitely... |
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Valued Member
Canada
103 Posts |
@danlos9551 The funny thing with the lot 487 example, is that when the 1924 5ยข pcgs ms 66 sold in the Heritage Auction in 2010, it was a "solo finest coin", (with a population of 1 with none finer), whereas now this 2nd coin of the same grade means that the population is now 2, with none finer. Usually in that case, the value of the coin drops as the coin is no longer "unique", instead of doubling!
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Pillar of the Community
 Canada
617 Posts |
I've never sold at auction. Are the minimum prices the least the vendors are willing to sell for, or are they set on the "advice"/instructions of the auctioneer?
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Valued Member
Canada
372 Posts |
If you send your coins on consignment to be sold at auctions,you can place a reserve price on them.
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Valued Member
Canada
103 Posts |
even if there is a reserve, the auctioneer sets the starting bid. For instance, let's suppose that you're selling a coin with a reserve of $1000. The auctioneer may start the bidding at $500 to get the action going. Then you bid $500, the next bid is $600 "to the book", you bid $700, the next bid is $800 "to the book", and on and on until the reserve is met. If it fails to meet the reserve, the coin is "sold to the book". As an observer of the auction, it can be hard to tell if the coins are failing to meet the reserve or if there are just strong advance bids from other bidders. On the other hand, it can be pretty boring to observe an auction where each coin opens, receives no bid, and then closes.
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Pillar of the Community
Canada
1733 Posts |
Some people don't set reserves, they let the auction house decide where to to place them.
My understanding is that they protect their reputation for bringing certain prices for different pieces by setting the reserves and that I do acknowledge others are set by the seller. It entirely depends on market appetite at the moment the sale is being held in my opinion.
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Pillar of the Community
Canada
1554 Posts |
 Would there be any C.C.F. Member kind enough to Paypal me $50,000 Can. so I can go on a spending spree in this week's Torex Auction? I promise to pay ya back someday! Glenn  |
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Pillar of the Community
Canada
1733 Posts |
I will if you come out here and help me finish this stone house.... all the shine you can consume and venison steaks.
There's some nice coins, I hope I get decent prices for some of what I threw in. Someone has gotta pay for all this "green" energy stuff I'm installing.
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Pillar of the Community
Canada
1051 Posts |
It was an interesting session. A good day to be a cent buyer, I'd say...but not so good when you think about what the stuff you already own is probably worth at the moment.
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Pillar of the Community
Canada
1733 Posts |
What did everyone buy? I got one modern lot of silver I bid on, I was OK with where my coins sold. I had an earlier debate with someone that the prices were dropping on all but the rarest so everything lived up to my more limited expectations.
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Valued Member
Canada
103 Posts |
@1cent...any examples in particular?
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Pillar of the Community
Canada
1051 Posts |
Quote:
@1cent...any examples in particular? Literally, just about everything. The 1953 SF cents in MS-65 sold for half what they were worth a couple years ago. 1940 MS-66: $400 ($1000+ before). 1944's and 45's - well below Trends (I saw a PCGS 1944 in MS-65 go for over $6000 not all that long ago), now you can get close to one for 1/6 of that. 1948's in the $150 range (close to $500 before). 1955 NSF MS-64: around $3500 on a cat value of about $7500. 1961 and 1962 1c PL-66 UHC: $150 for the pair. These were needed for my set, and I came prepared to bid hard to make sure I got them, but I didn't have to. There was a time I would have expected to pay $150 for each of them, more if a bidding war broke out. 1985 pointed 5, lot of two coins - one MS-65, one MS-66. Selling price for the pair: $55. That's got to hurt if you're the consignor. |
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Valued Member
Canada
103 Posts |
@1cent...thanks for the examples. I agree with you, that it would hurt to be the one consigning some of the coins that sold so low. Were they top notch coins for the grade, ie with good eye appeal and properly designated color?
PS sorry for the late reply, I've been on vacation...
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Replies: 16 / Views: 3,000 |
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Posted 06/22/2011 11:32 pm
