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 Replies: 10 / Views: 3,038 |
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Valued Member
United States
397 Posts |
Attended a local coin auction last night, I was amazed at the prices some of the stuff went for. Some of the nicer stuff was 10% to 20% below RedBook value, almost all the common stuff sold 30% above. Is this normal for coin auctions? |
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Pillar of the Community
United States
968 Posts |
Auctions are very unpredictable, especially smaller ones. It all depends on how many people wanted it and how interested they were. A reason for what you saw may be the cost of the items relative to each other. A 10 dollar coin selling for 50% over Red Book value is still only selling for $15. That is only $5, something most people don't get too worked up about even if the percentage over value is high. On the other hand a $300 coin selling for 50% over value is $450. $150 is a lot of money even if the percentages are the same as the first example. Similalrly, lots of people have $10 or $20 to spend on a coin. Much fewer have $300, so you have less bidders competing for it, and if you don't find two people that really want it the price can go for less than market value. Edited by Saruma
09/04/2011 6:22 pm
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Bedrock of the Community
United States
20753 Posts |
I've mentioned this before. I met someone from school at an auction. He was bidding on almost everything. Later I asked why and found out he worked for the Auction people. His job was to bid on stuff to get as much for the prices as possible. If he won, it would just go up for auction some other day.
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Valued Member
United States
184 Posts |
well that helps you out next time your at and auction and he is there. I guess the moral of your story is watch for the person who bids on everything.
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Pillar of the Community
United States
1745 Posts |
We had a streak of quite a few coin auctions around here last year. As Saruma said, they can be very unpredictable. I found that the local dealers were only interested in the big dollar items and left everything else alone. The smaller stuff could go high or under melt for silver. It just depends on the crowd and mood. During a 600 lot auction, things can get slow at times.
My town is pretty small, so shills would be spotted pretty quickly, but I'm sure it happens some places. All and all, I have found some very good deals at auction, like the time when no one was buying mint/proof sets and got them just over face.
The best advice is do your homework and don't get caught up in the bidding above your comfort price, speaking from experience here $$$.
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Valued Member
United States
143 Posts |
Funny that you say that. A friend of mine bought a coin at an auction recently for 10 cents. The coin is worth 390-500 dollars  . Alot of people around here are idiots when it comes to coins. Then the auctioneer didnt help much either. All he said was one coin for sale no description or anything. So no one bidded on it so my friend said 10 cents and won it  . |
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Valued Member
 United States
397 Posts |
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Valued Member
United States
143 Posts |
I cant remember what coin it was but he showed it to me. The coin I think was from 1864 or 1874. It was either a dime or a quarter. He showed me all kinds of coins he recently purchased at auctions and stuff so way to many coins saw that day to remember. He put it on ebay and it was at 188.49 the last I saw. |
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Valued Member
United States
171 Posts |
Just Carl, I have to ask but I'm sure thats called shill bidding and is totally against the law. Correct?
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Bedrock of the Community
United States
20753 Posts |
Quote:
Just Carl, I have to ask but I'm sure thats called shill bidding and is totally against the law. Correct? Absolutely correct. Some call it shilling, some are called ringers. Regardless it is SUPPOSED to be illigal. But then too so is murder, robberies, rape, etc. yet those too go on and on and on. The main problem with shilling or having ringers in the audience is proving what they are doing. Most smart auction houses that do this have several ringers in the audience. This is done so none will have to bid on every single auction. Some will get up and leave for a while, then come back later. Some are hired to walk in late so not to be to conspecuous. Besides any of this, just who could prove what is going on and just who would spend the time even trying. I also don't think there are really Auction Police. |
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Pillar of the Community
United States
500 Posts |
I hope they lose their licenses or credentials when caught. Such deceptive and cheating practices are really bad news, IMO. Cheating customers is low. Even if many do it or attempt it.
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Replies: 10 / Views: 3,038 |
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Posted 09/04/2011 4:30 pm
