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 Replies: 24 / Views: 3,624 |
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Pillar of the Community
Canada
2845 Posts |
Yes it might be possible the higher end items from the "WBYS" crew are indeed selectivity sold to dealers because I'm certain what gets bought is certainly not all common low/med end stuff. And not necessarily the typical storefront coin dealers but I notice a growing segment of highend gold and silver dealers who carry a fair amount of coin as well.
Your experience is interesting and I've had that same suspicion at other auction houses.
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Pillar of the Community
Canada
2845 Posts |
Quote:
I would think all the extra fees would leave little room for resale profits.
Just my opinion but there are so many knowledgable, dedicated people who make it a full time business and understand the coin market far better than the typical person, there is absolutely no opportunity left as the buyer market continues to diminish. The only exception might be for the collectors who are liquidating older collections that weren't recently purchased because they didn't buy at current market price. |
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Valued Member
Canada
395 Posts |
You can get good deals still but it takes far too much time and you have to catch people sleeping. Usually there are no reserves and if there are at least 2 bids it gets sold. Ive got a few NCLT for literal face value and once got 2 x $20 devil's faces(in horrible condition) for $20 dollars plus the juice and the tax so instant like 16-17 bucks profit if I just used them. If you can pick up locally still lots of decent deals, certainly much better then ebay or a coin shop for the most part. |
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Pillar of the Community
710 Posts |
All true. If you watch the auctions in real-time the unsold lots get marked as "Past" (or something like that) versus "Sold" for the lots that actually sell.
There are tons of estate sales coming onto the market going to auctions, witness the flood of 1976 Olympic coins, 193X dollars, etc.
Cheers.
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Pillar of the Community
Canada
798 Posts |
I never buy NCLT from these types of dealers because inevitably someone's grandkids have had their hands all over them. I stick with CA, Coin Cabinet. Gatewest, London Coin for raw and CA Galt for graded stuff.
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Valued Member
Canada
287 Posts |
This auction house is really shady. Make sure you know what you're buying and what it's worth!
Edit: For some reason I can't post a link to the red flag deal forum, but if you do a search for auctioneer.ca over there, you'll see a discussion about these guys. FYI - Auctioneer.ca = Auction Network
Edited by twoplustwo
01/18/2016 4:22 pm
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Pillar of the Community
Canada
3049 Posts |
I don't bother with these guys... too many "inconsistancies" in my opinion.
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Pillar of the Community
Canada
2845 Posts |
I think a lot of people have had bad experiences, especially with online auctions when the quality of photographs of listed items are poor. Most auctions don't have a return policy either so it's most certainly buyer beware. However for whatever reason a lot of people are attracted to auctions because there seems to be somewhat of an urban myth that's where to get a good bargain. That can be so, but the dynamics of auctions differ from any other type of form of buying. ( ebay auctions, listings up for days at a time, are in no way the same.) I still sort of chuckle at the thought of the last live auction that I attended. It was a collectible auction with coin, started at about 10am with it being open 2 hours in advance for public previewing. So I got there 45 minutes before the start, thinking that was plenty early enough. But the entire time a group of 6 or 8 attendees who appeared to all know each other were at that coin table, intently studying each and every coin so carefully that it almost became painful to wait and watch. By the time they were done the auction was ready to start and the majority of other potential buyers had no real idea of what they might want to bid on, other than the basic item description. Did that happen intentionally? I'd bet it did. It's not only the auction houses to watch out for, consider it similar to an aggressive buying competition as well. |
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New Member
Canada
17 Posts |
I stumbled upon their site a few years back. I'm generally leery of bidding on things I can't see in person especially with "no return" policy in place. I watched a couple of live auctions, I saw people bidding waaaay more than I would have been prepared to pay for some of the coins I had my eye on. Eventually, with patience and timing I did bid/win a couple of auctions for coins that sold for 40-60% of issue price. Not an expert by any stretch but the coins I did receive appeared to be in good condition (no grading or certification other than the RCM COA came with them). Nothing looked fishy or suspicious with eye test (no fingerprints, dings, scratches or nicks) but I stress I was VERY selective in what I chose to track/bid on. I stopped after I received incorrect coins while trying to nab the entire 2015 star chart coins set (which I'm drawn to) in two lots. I ended up with two sets of the same 2 coins. I was annoyed but I ended up paying about 55% of the issue price so it wasn't a catastrophic blow (though now I have an incomplete set). It was enough of a warning flag that I made that my last auction and haven't gone back. As others have said, it's buyer beware and there's very little recourse if they fowl up a shipment unless you happen to live near the auction house. Given the other responses in this thread, I'm glad I pushed the eject button when I did. Edited by AgentArgent
01/18/2016 5:29 pm
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Replies: 24 / Views: 3,624 |
First Page
Posted 01/17/2016 10:05 pm
