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Auction worries..


NumisMattic2200
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My first auction comes up soon - Lockdales, 16th November and I'm a little worried because I had some nice bargains I decided to send them because I thought the values they would be likely to reach would be significantly higher than what they could sell them for, being a quality auction house? Having seen the online catalogue I am a little miffed! They have my 1762 maundy 3d. down at estimate 25 GBP?! and they estimate it's grade as aFDC! Yikes! I have four lots in total, including a lot full of 89 coins! estimated at 240 GBP (the lower estimate of 180 seems to be reserve). Does anyone know much about auctions i.e. are these values realistic or just set to tempt potential buyers???

My lots at Lockdales are 163, 304, 1033 and 1143. Please look, if you have time!

www.lockdales.com

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I'd say they are 'worms on the hook'. I bid on a Lockdales auction a while back. The coin was listed as £25-30. I missed out when it went for £60. Looking at the results later, it seems this is normal. I was too optimistic :ninja:

 

I usually buy Coin News from town when I go there. It contains a few synopses of the auction hammer prices for auction houses like Lockdales, Baldwin etc... the trend is towards prices above and often multiple time the estimates. I have a theory there is a dual purpose in this: firstly, to the buyer, it could be just as you described, a worm dangling on a hook for the bidder which raises the number of potential buyers ultimately raising the final hammer price and secondly, when the resulting high prices come out in the catalogues it is encouraging to the potential seller which has the effect of bringing more people in to sell their gear and increase revenue again. Twofold revenue gain. These people are no mugs, but they are ruthless. And of course, some of the items will go for low values anyway which is down to pure luck and that is encouraging to potential buyers who have a bargain-hunting streak in them

 

At least, hopefully....

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http://www.spink.com/news/newsletters/2004...04coin_news.asp

 

Overall, knockdown of the entire sale was £626,750 for the 778 lots, which was more than 40% higher than the high estimate with an average lot knockdown value of roughly £805 per lot, an impressive result directly reflecting the strength in the London numismatic scene.
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My first auction comes up soon - Lockdales, 16th November and I'm a little worried because I had some nice bargains I decided to send them because I thought the values they would be likely to reach would be significantly higher than what they could sell them for, being a quality auction house? Having seen the online catalogue I am a little miffed! They have my 1762 maundy 3d. down at estimate 25 GBP?! and they estimate it's grade as aFDC! Yikes! I have four lots in total, including a lot full of 89 coins! estimated at 240 GBP (the lower estimate of 180 seems to be reserve). Does anyone know much about auctions i.e. are these values realistic or just set to tempt potential buyers???

My lots at Lockdales are 163, 304, 1033 and 1143. Please look, if you have time!

www.lockdales.com

I've seen lots of estimates in recent auctions which were totally off the wall ... in both directions. I think this is because some auction houses will list a coin or lot with a low estimate, while there is a hidden reserve price (similar to the eBay "feature") set by either the assignor or the auction house itself.

 

And at other times, the estimate just doesn't make any sense whatsoever. For example, there was a common 1913 Romanov Tercentenary rouble in XF grade, or low-end AU at most, with the estimate ( = opening bid, or 80% of the estimate at the lowest) set at CHF 1,000 in Hess-Divo 306. Of course, nobody wanted it at that price, so on the floor they proceeded to LOWER the price until somebody finally took it for CHF 80, I believe (which is about what it might sell for on eBay; if you include the juice, it was still too much IMHO).

 

In one of the recent UBS sales, there was an 1878-P Morgan dollar with heavy patina which was definitely an AU slider estimated at CHF 1,200. :ninja: Of course, it didn't sell.

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Sometimes bidders get carried away and pay too much or occasionally things sell cheaply, but most things generally sell for about what they are worth.

 

Some auction houses like to put very low estimates on things, so that they can brag about how everything sold for triple estimate.

Others make ridiculously high estimates and hope that someone will believe them and bid accordingly.

Some even make realistic estimates. :ninja:

 

Most buyers usually have a pretty good idea of what of what things are worth and bid accordingly despite what the estimate says.

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