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 Replies: 14 / Views: 1,528 |
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Pillar of the Community
United States
814 Posts |
So I'm going to my first estate auction this weekend and no clue have to expect or how it works. Anyone have any advice for this rookie? Any funny stories or words of wisdom? Please experts grace me with your experience!
Edit- Perhaps.i should include whats in The auction. Aproximately 40 morgan/peace.dollars, silver quarters dimes and lots of pennies, some currency. 2 full cases of coins. I'm not sure how they will be auctioned off. Edited by GoldenChest
12/11/2012 01:08 am
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Bedrock of the Community
13014 Posts |
My only advice would be obviously know the value of things, but set limits for yourself on items and stick to them. Dont get caught up in the auction frenzy and overpay just because you feel like you have to buy something
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Pillar of the Community
United States
1436 Posts |
 w/ basebal21. Know what everything is worth and set limits based off of value. In-person auctions can get like a feeding frenzy and it's too easy to get caught up in the moment & over-spend. Good luck! |
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Valued Member
United States
230 Posts |
Yep, good advice from basebal21 and Dave H. Years ago I was at an estate auction and the auctioneer held up a coin and announced he was selling a " Buffalo nickel that you know has to be really old because the date is completely worn off!" He got a dollar for it. I don't think the loss of a dollar was a tragedy to the seller but it was ten times what the coin was worth. Just be careful and not let what happened with that guys dollar happens to ten, fifty or a hundred of your dollars. |
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Valued Member
United States
77 Posts |
Agree with the above...
Know your values, set your max and do not ever go past it. Take a very good look at what ever you are bidding on before you actually bid.
Try and learn how the auctioneer talks, you will see their pattern when they are about to finish a sale and you can throw in a final second bid, I've seen this throw people off before at auctions.
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Pillar of the Community
United States
3843 Posts |
Make sure you preview the lots that you are interested in beforehand because the auctioneer will not likely be able to detect cleaning, authenticity, or other potential problems. Also auctioneers make mistakes. They might claim that Ike dollars have silver content thus driving the bid far past the real value of the item. Remember that everything is sold 'as is' and once its sold its yours for better or for worse. |
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Pillar of the Community
United States
3283 Posts |
Don't forget to have fun, auctions are a blast.
Don't feel bad if you walk away without making a purchase.
Sometimes things go high so heed the advice above, that is,
make sure to preview and have a top price in mind.
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Pillar of the Community
 United States
1888 Posts |
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Pillar of the Community
 United States
814 Posts |
Thanks everyone. I appreciate it.
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Valued Member
United States
292 Posts |
No mention of a buyer's premium? That's something you have to mentally tack onto each bid. Say you bid $40 and there is a 10% buyer premium, if you win that bid the item will cost you $44.
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Bedrock of the Community
13014 Posts |
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No mention of a buyer's premium? Is that even common at smaller auctions? |
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Pillar of the Community
United States
3843 Posts |
Quote:
Is that even common at smaller auctions? It varies from auction firm to auction firm but at most auctions that are not held in auction houses there is usually no buyers premium or sales tax on items. |
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Bedrock of the Community
13014 Posts |
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It varies from auction firm to auction firm but at most auctions that are not held in auction houses there is usually no buyers premium or sales tax on items. Thanks, I figured that was something that mostly applied to the large houses |
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Pillar of the Community
United States
814 Posts |
My first auction went well. I got a worn 1847 seatd half for $2 under melt, and a 10 cent military payment certificate for 7. Ill post pics when I can. When I got there, there were perhaps 50 morgans and Peace dollars. But 20 plus of them.turned out to be fake, magnet test. They were then sold as.replicas and still brought.$10 a piece. Is this normal to have happen at an estate sale? I would figure fake would have to be destroyed or something. |
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Pillar of the Community
Canada
1177 Posts |
fake coins catch my eye, and many other collectors, I'm thinking about starting a key date counterfeit collection!
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Replies: 14 / Views: 1,528 |
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Posted 12/11/2012 06:53 am
