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 Replies: 22 / Views: 3,395 |
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Valued Member
United States
223 Posts |
Went to an estate auction this evening that had some coins. This is the first auction I've been to in a couple years and the first since I became interested in coins.
Didn't buy a single thing. Everything went for more than what I can get stuff for at my LCSs. I bid on several lots and went to what I know they are worth.
As an example, 66' special mint set brought $25, 69' & 70' Canadian mint sets went for $27.50, junk condition 1922P Peace $25, 150 g-vg wheats went for $13. There were more lots but these were the ones I remember clearly.
Is this type of pricing normal for an estate auction? I it is, I won't be going to auctions for coins if there is nothing else on the sale bill that interests me.
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Moderator
 United States
23522 Posts |
Quote:
Is this type of pricing normal for an estate auction? I it is, I won't be going to auctions for coins if there is nothing else on the sale bill that interests me. Yes, it's normal. You might have been the only bidder in the room who had a clue what the stuff was actually worth. |
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Bedrock of the Community
13014 Posts |
Never been to one, but from what I've heard all physical auctions usually bring higher prices for coins especially lower priced ones like that where everyone can afford it. Youll get a lot of people that think its cool and dont know what its worth or where to get one, and then the people that just have to leave with something.
If the auctions close cant hurt to check it out you can always get lucky, but I wouldnt go out of my way to go to one
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Valued Member
United States
212 Posts |
$25.00 is pretty high for that 66 SMS.
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Pillar of the Community
United States
561 Posts |
I am with basebal21, if it is close and not keeping you away from anything important it can't hurt to go. You never know what you are going to find and it can be a lot of fun. I wouldn't go into it with any expectations and than you can't be disappointed.
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Valued Member
 United States
223 Posts |
I've got two in my collection and I paid $15 combined. It was hard to believe. I even bid a box of 20 Buffalo nickels up to $10 before dropping out and the sold for $17.50. |
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Pillar of the Community
United States
1195 Posts |
I'da gone up to $20 for that box of nickels.
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Pillar of the Community
United States
1211 Posts |
$13 for 150 bulk wheaties? Wow.
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Bedrock of the Community
United States
20753 Posts |
Sounds like you went to a real auction. Not just an estate sale. Big difference. I used to go to lots of auctions until I met someone I went to school with at one. He worked for the auction house and told me his job was to sit in the audience and bid on things that they would signal him to bid on. This was for items that were not going well and his bid would make the prices go up. After that I stopped going to auctions.
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Pillar of the Community
United States
950 Posts |
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He worked for the auction house and told me his job was to sit in the audience and bid on things that they would signal him to bid on. This was for items that were not going well and his bid would make the prices go up.
im certain this happens all the time. As long as you end up paying a fair price for the stuff, I think its okay to do this. They work for the seller, not the buyer, and make a comission on what is sold, so its only natural that they would do that. Sometimes the auctioneers will even make it SEEM like they get a bid, even if there wasnt one, just to make it look more desireable. I still get great deals at auctions. I just dont buy anything if it isn't worth it. |
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Valued Member
United States
198 Posts |
If you know what it is worth and stick to your guns and not bid over you set price.... emotions can make you forget your self and over pay for stuff, you will not get burnt.
I too heard about auctioneers placing their onw people in the crowd to bid up on items just to raise the price or just point to someone in the back of the room and fake a bid just to get the price higher.... I quit going to one auctioneers sales when I caught him at it.
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Pillar of the Community
United States
2335 Posts |
The same people that overpay sometimes let the best item slip past them. I went to an antique auction a few years ago that had about a half dozen coin lots. All but one of those lots sold for twice retail. The lot I bought sold for around 25% of it's retail value. I took part of that lot to a coin show later that month & sold it to a dealer for almost 3 times what I paid for the entire lot.
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Bedrock of the Community
United States
17884 Posts |
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I too heard about auctioneers placing their onw people in the crowd to bid up on items just to raise the price or just point to someone in the back of the room and fake a bid just to get the price higher.... I'm sure this does happen with some shadier auctioneers, but it is illegal and they can lose their license if they are caught doing it. The problem is proving it. It is often hard to for a participant to tell where a bid is coming from. and since most auction houses reserve the right to bid on items for their own accounts you have to prove the bid was placed strictly in order to raise the selling price and not because the auction company was buying it for themselves. |
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Valued Member
291 Posts |
The bottom line at all times is easy to figure out:
Always know what you are bidding on and never pay more than it's worth.
Don't get caught up in auction fever and bidding wars.
If someone wants to pay too much for an item, let him.
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Pillar of the Community
United States
2224 Posts |
I used to go to local estate auctions to try to buy coins (and sports cards when I was dealing on those) and rarely won anything. Items would almost always go way higher than their worth. Bought a 5000 count Wheat cent bag at one a year ago for $195. Obviously searched, but not for varieties, as I pulled a pair of 1944 d/s out of it. |
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Pillar of the Community
United States
7840 Posts |
just carl, I find this surprising...then again, it's kinda like shill bidding online;
"his job was to sit in the audience and bid on things that they would signal him to bid on"
It's pretty sad that lots of people get too caught up in the auction action. Being armed with knowledge is your best defense, IMO.
Edited by oih82w8
07/20/2012 12:06 pm
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Replies: 22 / Views: 3,395 |
Posted 07/12/2012 10:50 pm
