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 Replies: 12 / Views: 1,489 |
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Pillar of the Community
United States
1745 Posts |
When buying at a live auction, are there any strategies that you use? Where do the prices generally end up? Near greysheet, below, etc? I will be attending one with 600 lots and have been studying the list to find what I might bid on. I do have some needs for my type set, but am trying hard to stick to my plan. Any thoughts? ResultsWell it was certainly a learning experience. The good: I got a XF and AU Walking Liberty half for $7.50 each. I bought 12 V nickels for $8 (most G and VG) The OK: 12 IHC and 48 Lincolns for $17.50 1912-D Barber dime F15 for $5 1926 Buffalo nickel for 0.50 The Ugly: Replica 1855 California Gold Token - $22. Yikes, I had no idea what I was doing. Observations: Gold pieces were going for spot or lower. Too expensive for my blood. $2 bills were going for less than face sometimes? A complete set of Lincolns (including key dates) went for $1200. The 09S-VDB looked to be VG. The one coin I was really after was a 1861 Half Dime, it was over-graded and I got into a bidding war with someone else and then let him have it for $80, which was 2x what I thought it was worth. I only stayed for 200/600 lots. Being patient was/is definitely a virtue. 1984 Maple Leaf Gold 1/4 oz went for $240 You could buy lower grade Walkers for $6 or so. Only buy what you know and have seen. See above.... Edited by The_Duke
11/07/2009 3:45 pm
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Pillar of the Community
 United States
5953 Posts |
As with all auctions bids encourage bids so I wait until the bidding is almost over then if the price is still below what I want to pay then I will place a bid. Generally it depends on who is at the auction as to how high the prices go. if its mainly dealers then they will not bid up an item much above greysheet as they are looking to make profit. If its mainly the general public then prices can be crazy.
Keep an eye on who is bidding for what. Its not uncommon for a plant to be in the the auction.
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Pillar of the Community
United States
1151 Posts |
With your list in hand attend the pre auction viewing, this is a must. Here you can veiw the items up close, note their lot number and set your max bid.
Sit in the back of the room to watch who is bidding on what and watch for shills.
As Richard says, bid when the bidding slows and is near the end. going once, going twice...
Do not, I repaet do not get caught up in the excitment of the bidding. Set your max bid and stick to it.
Good Luck.
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Pillar of the Community
United States
1179 Posts |
Havent been to a live auction but when you see a coin you really want its so hard to keep to your max :) I usually spluge a tiny bit hoping to snag it! Good luck tho
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Pillar of the Community
United States
2520 Posts |
 Congratulations Ceaton on your 1000th post! |
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Pillar of the Community
 United States
1745 Posts |
And on another Minnesotan's post. Congrats from Lower MN.
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Valued Member
United States
487 Posts |
With 600 lots you will get your best buys in the last 50 lots or so. There will only be 25% of the buyers left and 70% of them will be out of money. Good luck!
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Bedrock of the Community
United States
12437 Posts |
#1 plan ahead and research the lots you are interested in #2 do not bid on anything unless you can examine it before the auction takes place #3 set an upper limit that you are willing to bid and stick to it, do not get afflicted with "auction fever" #4 always remember to figure in the buyers premium for your maximum bid #5 be on the lookout for house shills and clueless bidders who will throw money at anything round and shiny #6 pay attention to how the auctioneer handles each coin lot and if they are being handled carelessly, then do not bid any more. You may get a surprise and end up with a coin that has a mark or greasy fingerprint that was not there when you inspected before bidding  |
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Bedrock of the Community
United States
20753 Posts |
As already noted watch the people in the audience. If you spot someone bidding on everything, might just be what is called a ringer. A friend of mine, some time back, got hired by an auction house to do just that. If he should accidently win something, it just goes back up for sale at the next one.
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Pillar of the Community
United States
1745 Posts |
I also got pictures of all the lots ahead of time. Looking through it, some grading is quite liberal and some conservative. It appears if the collector (this is all from one collection) is the one who graded everything. This was very helpful determining what lots I'm really interested in.
With 600 lots, I'm guessing it will take 5 hours or so to go through this much stuff.
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Pillar of the Community
United States
1179 Posts |
Ahh, didnt even pay attention to that! :) Thanks.
Did you attend the auction yet and if so how did it go? I was at the show in Brooklyn center the other weekend...the MooN show...did you go?
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Pillar of the Community
United States
1745 Posts |
Ceaton,
The auction is on 11/7 in Mankato, I can send you the link if you would like. I was hoping to get to the MooN show, but I ended up traveling for work and couldn't make it back up to the Cities on the weekend.
Duke
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Pillar of the Community
United States
1745 Posts |
The auction is tomorrow and I have my eye on a few things. I will report back.
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Replies: 12 / Views: 1,489 |
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Posted 10/22/2009 6:48 pm
