Unethical? Auction House Practices.

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Author	Replies: 5 / Views: 1,515
Joe2007 Pillar of the Community United States 3843 Posts	Posted 09/04/2014 6:07 pm A few years ago a small auction house in my area started having regular coin auctions. They were mostly full of lower end type coins, newer mint products, and TV coin show/telemarketer junk -- basically anything that looks more valuable than it actually is to a newbie/inexperienced collector. Most of the stuff is junk that I don't want for any price or hammers for well over retail value but every once in a while something slips through the cracks that I'm able to snag for a decent price. Lately their coin offerings have been going downhill with most of their type coins being cleaned/damaged and the bulk of the sale being composed of junk -- i.e. gold plated State Quarter sets, common stuff in fancy packaging. Now they selling German 'Silver' bars, plated gold bars, and reproduction confederate notes that they don't describe as such when they are selling. Are they doing anything illegal or unethical? Surely the auctioneer or the consignor must know what they are selling. Or should the principle of caveat emptor be followed here -- that the buyer should have taken the time to research what they were interested in before bidding? Should I say something to the auctioneer who seems to be genuinely uninformed when it comes to coins? Report this Post to the Staff

zxcccxz Pillar of the Community Canada 5417 Posts	Posted 09/04/2014 6:12 pm Again, I always say, when making a purchase with anything of more than small value (Over ~$50), you should always do your homework. Are they doing anything unethical? Perhaps by some standards, the reputable auction houses definitely won't do something like this but in the end it's up to the buyer to be educated and inevitable live with the consequences. Report this Post to the Staff
Buddy Rest in Peace United States 7075 Posts	Posted 09/04/2014 8:28 pm Check with your local Better Business Bureau and see what they think. Report this Post to the Staff
just carl Bedrock of the Community United States 20753 Posts	Posted 09/04/2014 9:46 pm More than likely you'ld be wasting your time. In most auction places, like many places, dealers know more than they pretend. As a general rule they've been around a long time. Yes there are some that just jump into this but usually they or someone they work with or for knows what is what. What ever they are trying to sell, good or bad, you really don't know what is going on. Basically I just wouldn't get involved. Report this Post to the Staff
SsuperDdave Moderator United States 23522 Posts	Posted 09/05/2014 05:32 am Quote: Should I say something to the auctioneer who seems to be genuinely uninformed when it comes to coins? Yes. It's quite possible he doesn't know/understand the seriousness to numismatics of selling such stuff without full honest disclosure. Talking to him also gives you the opportunity to mention in passing that he's committing a crime by doing this. Report this Post to the Staff
pawpaw34 Valued Member United States 331 Posts	Posted 09/05/2014 11:09 am Quote: SsuperDdave Posted - Today 5 Hrs 31 Min ago -------------------------------------------------------------------------------- Quote: Should I say something to the auctioneer who seems to be genuinely uninformed when it comes to coins? Yes. It's quite possible he doesn't know/understand the seriousness to numismatics of selling such stuff without full honest disclosure. Talking to him also gives you the opportunity to mention in passing that he's committing a crime by doing this. I don't know what state you are in but in Texas if you want to have something done about an auction house. You contact the state auction license board. But before you do that talk the the auctioneer. He may very well have no clue of numismatics. I have a buddy that has ran an auction house for several years and he has no clue of any of the coins. He sells with the information provided by the seller unless I give him a heads up. Report this Post to the Staff
	Replies: 5 / Views: 1,515

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