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 Replies: 19 / Views: 3,598 |
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Valued Member
Australia
124 Posts |
This is the third time this coin has been listed. I recall the original listing was for $48K, the second listing reduced to $45K and stated that it wouldn't be reduced in price again. The original listing stated that it had been professionally restored by a well know coin dealership. Unfortunately I can't recall the name of the company. Hope this helps.  |
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Valued Member
Australia
124 Posts |
Just checked my ebay lists and this is the details of its restoration. "Professionally conserved by Noble Numismatics in 2007 this uniquely self-documenting piece has never before been offered for sale. At that time it was estimated to be worth in the region of $85-$100,000. Regrettably the market has softened for such rarities and as a result it is now offered at a much lower opening bid." |
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Pillar of the Community
 Australia
4411 Posts |
Thanks, especially in2fish. As has been said before with coins of similar rarity; why sell on ebay? |
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Valued Member
Australia
262 Posts |
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Pillar of the Community
Australia
762 Posts |
Quote:As has been said before with coins of similar rarity; why sell on ebay? I've been thinking about this myself and I think the answer lies in the fees charged by auction houses. There is the 16% "buyers premium" and the negotiated commission charged to the seller. If he can sell it for the same price on ebay he will end up with more cash in pocket. |
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Pillar of the Community
Australia
1295 Posts |
I wouldn't touch a coin like that on ebay. If the coin was real any auction house in Australia would likely sell it with zero sellers commission. The Auction Houses would be falling over themselves to get it in their catalogues. |
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Valued Member
Australia
262 Posts |
no, I disagree, auction house will charge 25% labour fees therefore some seller will list on ebay rather than sell for auction, however, that's my own opinion :) |
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Pillar of the Community
Australia
4411 Posts |
As markn has said this would be a top attraction as part of an auction and I'm sure they would wave the sellers fees just to have the publicity of such a high profile coin. ebay and paypal work out to be about 10% fees and theres no way bidding would get as high. So even if the auction houses did charge a fee it wouldnt suprise me if the price realised was actually better after fees. |
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Pillar of the Community
Australia
7096 Posts |
Quote:I wouldn't touch a coin like that on ebay. If the coin was real any auction house in Australia would likely sell it with zero sellers commission. The Auction Houses would be falling over themselves to get it in their catalogues.  with markn, this would be a major draw card to any coin auction if genuine. The commission would be waived just to be able to list it. |
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Pillar of the Community
Australia
762 Posts |
Quote:
this would be a major draw card to any coin auction if genuine. The commission would be waived just to be able to list it. I agree, but there is still the small matter of the 16.5% buyers premium. The buyers would allow for this premium when they are making their bids. I also doubt that a prospective buyer on ebay would use Paypal for a $45,000 purchase. So if he does manage to sell it on ebay he will be charged a lot less in fees than an auction house. I am just speculating here, but that is my theory on why such high value items appear on ebay. The seller is hoping for a quick sale with minimal fees. If that doesn't work they may go to the auction houses. |
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Pillar of the Community
Australia
2830 Posts |
"This uniquely self-documenting piece ..." - how is it more unique than other dumps ? Dumps are not hard to find, if you look in the right place. Looking at Noble's site, there are seven listed for their next auction (No.99, April). In recent auctions, the highest price was $35,000 - for a much higher grade than this one. There were a few under $1,000 - barely recognizable. And there were several dozen between those bookends. Auction fees: the same website mentions a seller's commission, but apparently this is negitiable, and I can't see a specific figure: "After lots have been inspected a realistic market value can be determined. Commission rates and special instructions are also finalised at this stage." But they get you in the other direction: "Successful (purchasing) bids attract a 16.5% buyer's premium (GST included)." So, if this were "a major draw card", then it would one of eight at the next auction. I can't imagine an auctioneer having so many items in a catalogue without charging commission. I checked Lawson's and Wright's websites, and they are equally coy about seller's commissions. Perhaps someone on CCF has upto-date information ? I checked an English site: sellers pay 15%; buyers 17%; both are "plus VAT". Anyway, against the big auction houses, ebay looks very good. |
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Pillar of the Community
Australia
1295 Posts |
Without naming names I can assure you from first hand experience that a lot of Australian auction houses waive the sellers premium.
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Pillar of the Community
Australia
762 Posts |
Quote:
Without naming names I can assure you from first hand experience that a lot of Australian auction houses waive the sellers premium. Do they ever waive the 16.5% buyers premium? |
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Pillar of the Community
Australia
1295 Posts |
I know of a couple of people who have got discounted rates but in the vast majority of cases, no they don't. There's other fees that some Auction houses charge too, such as listing fees, catalogue fees, handling fees, etc etc. Auctions houses with very poor clearance rates usually load up on these other fees because they don't make much from the buyers premium (because they don't sell anything). Some of them squeeze as much blood from the stone as they think they can get.
There's a shop here in Adelaide that charges a 16.5% buyers premium for a mail auction of their own stock. They wont even take 3rd party lots for the auction! You can usually go back into the shop a month later and buy the same coins minus the bogus 16.5% charge that went unsold because they just put them back into retail stock.
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Pillar of the Community
Australia
4411 Posts |
I went to the what I think is the same shop a little while ago and they pulled out some coins they said didnt sell at auction. He offered me a halfpenny I was interested in for more than double catalogue value so I dont think they were discounting. I just put it straight back, not even worth haggling. Seemed as if they were trying to make up for all the unsold lots.
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Replies: 19 / Views: 3,598 |
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Posted 03/21/2012 09:47 am
