Auctions

Hey there coinkid... I actually live IN nyc. I too sometimes search auctionzip.com even there however, mostly they are "live internet auctions", I had a TERRRRRRRRRRRIBLE experience with one of the "live internet auctions" the auction house was US Seize & Forfiture, or something like that.. I don't recommend doing any business with that specific one.

There is an auction house on Long Island, (the name I cant remember right now, but its a guys name, they are in Oceanside NY) that does live auctions of coins and stamps occasionally--I've never been, but always mean to go.

I understand your want to go to a live auction, as I really want to too...I know I can't trust myself lol.. I will end up thinking I am on TV and will make it my business to foolishly win HAHAHA...

One other bit of advice that seems to be easier in "our neck of the woods", go to estatesale.net, put a coin search word. You will have more luck looking for coins that way. Just get to the estate sales early, they hand out numbers and only let a certain amount of people inside at a time... these treasure hunters take it seriously! The last one I went to, people were lining up at 4am!

I've actually been having a bit more luck at some estate auctions recently. A new auction house recently opened up in my area and they occasionally have small coin auctions of 40-50 lots before their main auction starts.

They seen to make their money on modern stuff like proof sets, gold plated State Quarters, and other telemarketer/magazine type stuff. I guess the pretty packaging gives the bidders a false sense of value and thus they greatly overpay for the items.

However some of older pre 1900 stuff (excluding Morgan dollars which always sell high) sells for prices that aren't too bad. You really need to be able to grade and spot problems like cleaning but some of the stuff is decent.

I hate auctions. I've found over many years of attemding all sorts of auctions, that most are really set ups. By that I mean small local ones have already been gone over by neighbors and people that know the auction people. This is the small neighborhood type. The larger ones I've been to also are sort of rigged. At one auction house I met a person that was bidding on almost everything. Later I found I knew him from college. He told me he worked for the place and that was his and a few others jobs to bid on stuff to get the prices up. They rotate so it is not so noticable.
At a company that was so called going out of buisness, they too had an auction to get rid of all merchandise. It was a several day event. I went to a few of them and noticed more and more STUFF being added constantly. Odd for a place to be going out of buisness to still buy more STUFF to sell.Ebay is one of those that has so many different ways to cheat, I keep away from there.
In other words, I just don't trust auctions.

I have had great success at our local coin auctions. They seem to happen once or twice a year near me and typically have 400 lots or so.

My Keys
- Do your research beforehand. The auctioneer usually publishes a listing a few weeks ahead, try to find what really interests you and do your research. Also, identify FMV for each lot.
- Get to the viewing time early and make sure you visit and hold each lot you are planning on bidding on.
- Bring good notes and keep track of winning bids on all lots, this will establish "going rates"
- Find a comfortable spot where you can use your notes, etc. and be easily seen by auction staff
- Stay on target with your bids, don't get carried away. With 400 lots and perhaps 12-20 serious bidders, plenty of items for everyone.
- The local dealers are there for the big ticket items and generally will have the cash to buy them, the better deals tend to be less desirable lots.
- be prepared to stay all day. 400 lots can take the better part of the day. Sometimes the best deals come at the end when everyone is out of money.

Some Wins
- Roll of 39-D Jefferson nickels for $7, all EF or better
- Complete Jefferson BU (most Choice or better) Album for $30
- 1906 IHC MS64 for $15
- Many mislabeled lots with more value than stated

Of course, you will have your stinkers in there too. The odd thing is, I usually go looking for specific mint and proof sets, but they almost always go for above retail.

I guess I happen to live in an area where auctions are common (farm country) and everyone knows each others and it would be hard to pull a fast one.