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 Replies: 9 / Views: 1,027 |
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Bedrock of the Community
United States
19935 Posts |
Anybody ever trying buying masses of coins at estate auctions? I'm not talking about online, but REAL, live estate auctions in person. I'm looking at one in my area and they claim "tons of coins". Wondering if it's worth the effort or if, like most auctions, fools bid WAY to high on stuff like this.
Thanks
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Pillar of the Community
United States
772 Posts |
That is what I have found at most auctions. That is why I consign to local auctions... :-)
But it probably just depends on the area. Is your area a big coin area?
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Valued Member
United States
239 Posts |
I've noticed in similar auctions that people bid way too much on lots of coins and currency.
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Valued Member
United States
264 Posts |
I've had mixed results at online and in-person auctions. If they have advertised tons of coins you are sure to get either 1) over inflated starting bids for bad coins or 2) people acting fools and spending more than a coin or lot is worth. Sometimes you can get surprised. A few times the auciton company under estimates an item or has no clue what it really is other than a "coin" or "coins".
Some companies will also advertise coin lots and it really be US and World coins mixed. Those are then hard to judge if you can't look at each coin.
Good luck
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Pillar of the Community
United States
1984 Posts |
Definitely a mixed bag. It could be anything from dealer cast-offs to an old collection of wheat cents, to who knows what. I always think it's worth a trip myself.
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Pillar of the Community
 United States
5953 Posts |
I have never had much luck buying at auctions prices always go way over retail but I have often wondered if I should consign to local auctions
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Bedrock of the Community
United States
20753 Posts |
My experience with estate auctions is they are spiked by the auction house with their products. They usually use the estate location so people would think this is sort of like an estate sale. The auction houses bring in their merchandise that is difficult to sell and they do usually get rid of it that way. Yes the prices are exagerated and that is usually due to ringers the auction house provides in the audiences to boost the prices.
This is not an unusual practice. I first found out about it when a chain type store called Venture went out of buisness. There was a massive going out of buisness sale and then an auction to eleminate everything left. I found a person there I grew up with at the auction. He told me he worked for this large auction type organization that buys up estates, stores, etc and pretends like it is the owners trying to get rid of their stuff. They then bring in left overs from other auctions. It is fairly common practice and good business.
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Pillar of the Community
United States
1454 Posts |
The estate sales I have gone to usually don't have any coins to sell. Most of them are run by members of the family. I did go to one once where they were selling off stuff that you could tell just didn't belong in the house. Didn't stay there but 10 mins. If I go to one of these I am usually looking for books anyway as I know the good coins aren't there in my experience.
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Pillar of the Community
United States
2269 Posts |
I seldom see coins at estate sales. When I did see coins, they were so overpriced and the people running the sale would not budge on a price.
Edited by Spider5689
08/15/2007 12:14 am
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Bedrock of the Community
United States
62064 Posts |
quote:
Just Carl said:
I found a person there I grew up with at the auction. He told me he worked for this large auction type organization that buys up estates, stores, etc and pretends like it is the owners trying to get rid of their stuff. They then bring in left overs from other auctions. It is fairly common practice and good business.
That is something to think about. I appreciate your comment. |
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Replies: 9 / Views: 1,027 |
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Posted 08/14/2007 2:43 pm
