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 Replies: 41 / Views: 10,678 |
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Pillar of the Community
United States
3764 Posts |
Entitled much?
This was an open outcry public auction and they bid more than you did.
They bid more because - as a business - they thought they could make money on the deal. Wow. Business buying coins to sell. Film at 11?
They were wrong, based on it still being available... did you message them with an offer? "I've been watching X, I was the underbidder at GC. I'd be willing to pay up to X, but not higher. Thanks for considering this offer"
-----Burton 49 year / Life ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, OnLine Coin Club Owned by four cats and a wife of 39 years (joined 1983) PS: ANA's records are messed up, they show me as a 50-year member and I'm now Emeritus |
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Pillar of the Community
United States
2739 Posts |
This has nothing to do with entitlement bstrauss. It has to do with a collector bidding against resellers. I need to change my strategy to win the auctions, and I will win at prices below what they have to resell at. Or so I imagine....
I'm trying it out on an auction right now, bidding 60% of XF-40 on a scratched rarity. I'll know in a day whether it works.
At this point I would not offer eternitycoins anything. As I said, their mistake didn't become my mistake. The coin is worth melt.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
12/18/2021 1:17 pm
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Pillar of the Community
United States
1279 Posts |
I must say, that as a collector, you put a whole lot of analysis into the math of the process. I can appreciate that.
My hoard of '82s is up to 241! 218 BC x 1, 118 BC x 3, 18 BC x 1, 82 x 1, 182 x 1, 282 x 2, 382 x 1, 582 x 2, 682 x 1, 782 x 2, 882 x 1, 982 x 4, 1082 x 1 1182 x 8, 1282 x 2, 1382 x 1, 1482 x 6, 1582 x 13, 1682 x 17, 1782 x 60, 1882 x 68, 1982 x 45
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Pillar of the Community
United States
4463 Posts |
My takeaway/opinion/anecdote:
I have never dealt with the seller in question. From thq's stance, I had a similar situation. Coin I spotted (did not bid on), sold for around $26 on GC. Problematic variety with active corrosion. Fair price, and actually a good deal. Was then relisted on EBay for $325. There it sits for several months, overpriced, and will likely never sell at even half that cost.
Yes, dealers need a markup, understood. But that is greed. IMO. For me, I would never deal with someone who does business like this. It's unnecessary.
Ultimately, it's on said seller who will sit on this coin. It's out of our control, we move on. But, from my stance, it tarnished the dealers reputation, and can create problems in the industry, which we've already seen, especially on eBay.
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Pillar of the Community
Canada
4551 Posts |
Sort of the same situation as putting an offer on a Million Dollar Real Estate Deal .
You offer the million and 14 other crazies offer up to 2 million .
Advice to the OP just move on mate , and agree with @BStrauss.
Like a bus a different one comes by soon enough !
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Pillar of the Community
United States
8861 Posts |
I agree with Pacificoin: More than once I have placed an online bid and said to myself, "You'd have to be crazy to outbid me!" Of course, I was out bid! There are many levels of crazy out there!
You just have to move on. Stewing for months about a dealer's markup on a coin they were willing to pay more for at auction than you were is not helping you build your collection.
I'm fond of saying, "Sometimes, the opportunity is the bargain." (Told to me by a veteran coin dealer years ago.) When a true opportunity is presented, I generally have bid/paid more than I normally would. It's never guaranteed a win for me at auction, but it has increased my win percentage!
Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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Bedrock of the Community
United States
11302 Posts |
Agree with Pacificoin and commems.
An alternative would be running an ebay-like service in Pyongyang. No funny business with that one.
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Pillar of the Community
United States
2739 Posts |
The first wave of autobids hit my test auction 4 hours ago. My "60% of XF" max bid is still well above the highest.
If I don't win it's no big deal. But when only 70 examples of a coin exist it's not likely that another one will show up tomorrow. It's a distinct possibility that another collector really wants this rare damaged coin and will overbid my max to get it. I doubt that a flipper will go that high though.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
12/18/2021 5:19 pm
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Pillar of the Community
United States
762 Posts |
I've noticed a trend among some sellers where they'll list a coin at an unrealistically high Buy it Now price, then wait for people to add it to their Watch List. The seller subsequently sends the "Watcher" an offer with a slightly reduced price with the hope the Watcher will take the bait.  |
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Pillar of the Community
Canada
3724 Posts |
every dealer/ re seller will always buy something with the intention of reselling at a profit. if they decide to resell it at a higher price than the market will bear, then they will lose out.. Trust me on this there is a buyer out there for every coin for sale.. just depends on how long you are able to wait for the right one.. selling price usually determines how quickly you can flip a coin
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Pillar of the Community
United States
2739 Posts |
2nd wave of autobids hits. Within $150 of my maximum.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Pillar of the Community
United States
5770 Posts |
I recently needed a coin for my type set. I saw the buy it now price and put in 9 bids on similar coins below the buy it now price. I was hoping I wouldn't end up with 9 coins, ended up with 1 the other 6 went for higher than the buy it now price, 2 went over my price but below buy it now. Do I care? Nope it's not my money. I paid less than buy it now for the 1 I did get. What some one sells it for is not my business, I only care about what I'm willing to pay.
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Pillar of the Community
United States
1279 Posts |
Quote:
I've noticed a trend among some sellers where they'll list a coin at an unrealistically high Buy it Now price, then wait for people to add it to their Watch List. The seller subsequently sends the "Watcher" an offer with a slightly reduced price with the hope the Watcher will take the bait. I feel like I've been seeing more and more of this as well. Of the series I collect, I feel I see it happening most with Buffaloes where coins with some eye appeal can be marked up 2-4X above the NGC/PGCS guides and they are hoping to get lucky "because its really nice". If the offered price is now not too far above my opinion of market, sometimes I'll try to track down the seller off eBay and see if a deal without those fees can be worked out. Sometimes they just hold firm and see the fee savings as their profits, other times they talk. Sometimes we work something out. Sometimes we don't. I've never taken it personally, though.
My hoard of '82s is up to 241! 218 BC x 1, 118 BC x 3, 18 BC x 1, 82 x 1, 182 x 1, 282 x 2, 382 x 1, 582 x 2, 682 x 1, 782 x 2, 882 x 1, 982 x 4, 1082 x 1 1182 x 8, 1282 x 2, 1382 x 1, 1482 x 6, 1582 x 13, 1682 x 17, 1782 x 60, 1882 x 68, 1982 x 45
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Pillar of the Community
United States
2724 Posts |
I have seen high and unrealistically high BIN prices on eBay. Regardless, my final bid or offer will be a price I think is fair for the coin in question The seller either accepts or doesn't. Because in the end, there will always be another coin from another seller. In short, buyers hold all the cards, not the sellers.
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Pillar of the Community
United States
2887 Posts |
I have probably a bit of a different perspective as a former coin dealer, recently retired. Full disclosure: I never bought or sold on eBay.
There's an old joke that made the rounds back in the day:
Q. What do you call a coin dealer who doesn't make a profit?
A. A bankruptcy debtor.
Every dealer is a coin flipper. Every coin in inventory was somebody else's sale. Every coin eventually will be in somebody else's collection.
With very few exceptions, coins are fungible assets. The reality is that patience pays off. If a bidder doesn't win coin X, the solution is to move on and wait for coin Y to show up. That's still true. It's all about supply and demand.
The supply of classic coins is static, and so is the demand. The hobby isn't expanding rapidly (and maybe not at all). What has changed is the funneling of demand into a few online portals, such as eBay. Auctions live on the "gotta have it" syndrome, and eBay is one of the worst markets in that business, especially when fueled by artificial demand in the time of COVID. For the last 21 months, COVID has disrupted many local coin markets, including local coin shops, coin shows, and coin clubs. This made many people move to eBay, and created artificial demand for run-of-the-mill coins.
Looking at the specific issue, this dealer seems to have a strong niche in slabbed detailed coins. In that sense, the dealer is taking a risk buying detailed coins and creating a market for better-looking rare detailed coins. What's wrong with that? How does that differ from, say, cherrypicking for variety or crack-and-resubmit? Auctions are public. Anyone can bid. If this dealer thinks there is hidden value, remember that the dealer has cash outlay, carrying costs, and doesn't have any better crystal ball than anyone else looking at an uncertain future market. The markup on one coin may be needed to cover a loss on another. Not every item can be a loss leader. That's business in a free market economy.
This dealer has a non-eBay website with contact information. Nothing is stopping people from reaching out directly to negotiate coins.
Just some thoughts from the geezer's corner.
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Replies: 41 / Views: 10,678 |
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Posted 12/18/2021 1:13 pm
