Price is No Object
Gazes
Posts: 2,315 ✭✭✭✭✭
Have you ever decided before an auction that you would win a particular coin and price would be no object? If so, what was the result?
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No.
I've never had a checkbook with an unlimited balance.
No but you have my blessing! 😉
"Got a flaming heart, can't get my fill"
Not me
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@Gazes THe conditional answer is YES - if I can use your check book?
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Yes….fortunately it has never come to that!
I’ve done that before and have both won and lost… sort of. In reality I chose to grossly overbid, but have to keep some sense of fiscal responsibility. Sometimes you really gotta go nucular if it doesn’t come up for auction too often.
One I lost was a Mel Wacks bicentaler with a $300 bid. Thought for sure that was over the top. Later found one for about $250.
This one I splurged on but the auction took place while I was on vacation and money was flowing.
Once I had decided I would win a nicely toned Lincoln cent no matter the cost. It ended up being so completely nuked to a mound of glowing dust that reason kicked in and I accepted the loss.
Yes, and I was buried. Still have the coin(s) and they please me but not sure that I'll break-even, someday. I am in it for the LONG TERM and time is a GOOD money-maker, so I should be 'OK'. No worries here.
To build a set that is world-class the the way that you want it--You'll have to PAY UP. Have heard that from many specialists and friends, This IS NOT my first rodeo, True yesterday and STILL true TODAY, JMHO,
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Of course not. Not considering the price paid is foolish IMO. If you really want a coin, it's okay to overpay but you still need to draw the line somewhere.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Uusually not. But one time I needed a 1792 Half disme to complete my Everyman type set. I went into the auction having been outbid on the last 3 times this coin was offered. I decided 72K would be a very strong bid. I wound up paying 84k even though I was well aware I was overpaying.
Yes. Thankfully sanity kicked in when it was at double the price of what it should have sold for if it was 2 grades higher and i gave up.
The 1 time I really did that within reason(sometimes I'm stupid but even that has limits!) I won the coin for almost 20K less than I thought I would have to pay!
Nope, it would be irresponsible of me to do so. Besides, there's no coin I'm so enamored with that I must have it at any cost.
In my experience, even a modest purchased coin that I've desired gives me satisfaction. I think self control is a good thing for me. Peace Roy
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Yes then I got out bid
Lol
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no. I always has want list but price always a factor. I always set up my max price before auction.
Just one time I can think of. Had a FMV of maybe $2000. Paid a bit more but not crazy. Was a speciality item that doesn’t come up often.
No. I buy stuff I like. There is nothing I need.
I have two examples that I recall.
First time was about a year after I got back into collecting. I fell in love with a VF35 1853 50 cent piece. It’s value was probably $175ish at the time, and I followed through and won the coin at around $330. I loved the coin, and it was my favorite in my type set. As I sold my set off, I held that coin till the very end. If my daughter had any interest in it, I would’ve given it to her (she preferred Indian Head Cents), so I just sold it within the last three months. I think I got $200 for it, so I never recouped my money, but I didn’t care then and don’t care now. The coin was a favorite of mine and well worth what it cost me.
Example 2, big CWT auction. I had determined that I wouldn’t get skunked in the auction and had identified two coins that would be my last stand. I lost everything going into the second to last token. Fair value was probably $300, I figured $450(surely a little over $500) would win it. Lost it at I think $550, and I was t even the underbidding. It has languished in a dealers inventory since then, and out of stubbornness, I will never offer more than my previous bid, as there are other tokens available. Also turns out that I won my absolute last stand token at below my max Bid (go figure).
So I guess my summary would be that there is no coin , nor do I collect in a style, where I would absolutely have to have a coin at any price. There are coins that I really really want and am willing to get buried in the coin, but there are rational limits (say three times the estimated value) as long as I think the enjoyment factor is worth the cost. That said, I am always prepared that I can’t control if someone wants it more.
To a small degree, I have over bid. But I swim at the shallow end of the collector pool, so the damage has been minimal.
The result was I ran out of money!
I'm not afraid to make very strong bids, say 2x or 3x estimate, if the coin is worth it to me. But I don't have the resources to really say price was ever no object.
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No, never have
Yes. Numerous times.
Success in virtually all cases. In two instances the results of the auction were the subject of threads here, one in which I participated. Failures were one auction situation where price became an object. The second was also an auction situation on a dearly must have coin - price became an object, followed by some additional pure frustration WTF bids. Had I won on my last bid it would have stung, but I did not.
No price is always an object. Even if I had unlimited funding (which I don't and probably never will have ) all coins have some limit to what I would pay for it. Some coins may be justified in the 6 or 7 figure range but I will never have to contemplate buying one of those unless I hit the lottery,
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I'm more likely to do the opposite. I've got $X that I'm willing to spend on this auction, how do I want to spend it?
Yes, bid $10k on a $500 coin. Meant to bid $1,000 not $10,000 but thought it won't go much above $500 if that and let my bid stand. Turns out I was wrong and ended up the underbidder! Someone else had a nuclear bid as well and I was please he didn't bid $9,000!
bob
Congrats!
Do you know where the coin is now? Can you post a link?
No, never found out who was the buyer. Never cared much after losing! It was a CC is all I can say (I think a VAM-11, lines in wing, 1878 if memory serves). This was just after ebay stopped showing the buyers name so it was a few years back. Not a hard to find coin and thus not concerned with losing. Had a client that wanted it at the grade in GSA. Found another shortly after for a bit less.
bob
Yes this one it was on a bid board me and another guy bidding he took it to $450 I push it to $600 he went to $650 we had 5 seconds to go I went to $850 he said you can have it and walked away but I was taking that coin home what ever it was going to cost me, This is that coin.
GSA holder graded MS-67 I sold it but wish I never did.
Hoard the keys.
No never have never will.
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Never a slave to one plastic brand will I ever be.
Price is no object?
I follow the BARP principle ( Bid a reasonable price). If I overbid I use the BMUFW principle =beat myself up for weeks..
I have two accounts when bidding for a coin.
1)ST trading. I look to flip those coins within a month so I need to factor in my selling costs when bidding.
2)LT holdings. I look to flip those coins within 6 months. For those, I need to factor in my selling costs and opportunity costs.
If I get stuck with coins when the cycle ends I tell my daughter it's her problem.
The price wasn’t no object, but I did bid a few times after passing my planned upper limit. I looked through the entire Heritage archive and decided this is one of the strongest John Hart signatures out there (he signed the Declaration of Independence and the few notes he signed sell at a hefty premium, but most signatures are very weak) and the bit extra I was going to pay was going to be forgotten since I plan to hold this very long term. Very glad I paid up.
Probably a handful of times I thought I had decided that, only to either find out that price was an object after all, or I ended up winning the coin, probably for less than I anticipated.
If I ever won an auction like that, it would be the definition of a pyrric victory.
The armies separated; and, it is said, Pyrrhus replied to one that gave him joy of his victory that one other such victory would utterly undo him. For he had lost a great part of the forces he brought with him, and almost all his particular friends and principal commanders ...
I would have trouble enjoying a coin that I overpaid for so much that I'm so deeply buried in it that I will never be able to sell it without taking a big loss on it. But maybe that's just me. I feel that there are just too many great coins in the marketplace that don't require me to grossly overpay to own it.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Not sure if it is case of forgetting the OP or maybe showing a collector's tendency, but the question is whether you have ever had the mindset to win a particular coin prior to the auction and price would be no object. It does not mean you actually over paid, it does not mean you would be buried, and it doesnt even mean you actually in the end won the coin.
I can say I have had that mindset a few times prior to an auction. Once the coin went beyond what I ever dreamed it would and I did not get the coin. The other two times i won the coins. In one instance the coin went for an amount that surprised me on the lower end. The other i paid strongly for. In both cases, those coins are now worth far more than my winning bid. In each case they were coins that I knew i would unlikely see again in such condition. They may be the exact reason their value has gone up so much.
No nuclear bids by me but I have bid beyond my max bid limit.
I only do this when I really like the coin, but I do not go above two more additional bids.
Wayne
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understand that I took remedial reading years ago... when I ask this question...
If my mindset was to win a coin and price was no object then why didn't I win the coin?
The mindset is I'm g> @jkrk said:
Intent and result are two different things
Here are two "auction fever" situations:
The latter sold for more than the former, but the latter was also selling in Covid-Era.
If you claim you intend to win and price is no object but you don't win, then it appears you were not being honest about price being no object.
I'll wager that for everyone here price is an object, whether the coin was won or not.
When I think of pricing not being an object, I think of John Jay Pittman who mortgaged his house to buy coins. How many of us have done that or similarly took out a large loan?
In my experience the coins I really have to stretch for those are not the coins you lose on in the future. But i have certainly thought I was buried in a coin a time or two.
I was bidding on a Mercury dime I wanted. The greysheet bid was like $4500.00 I bid well over $1000.00 over that and still did not get it.
Like so many others here have said I don't have a check book with unlimited funds!
I don't mind over paying a little bit, but I do have a top dollar price I WILL pay.
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Best answer so far, thank you for the laugh
I have done that several times and won/overpaid maybe...??
This next two weeks they are a couple lots coming up I will probably have the same attidude!
To me its a hobby and buy with that in mind if the coin I want comes to market ...rarely !
I give away money. I collect money.
I don’t love money . I do love the Lord God.
After my faxed bids got trounced in the Eliasberg sale, I was a bit looser on ones I "needed" going forward. Never truly unlimited, but I was prepared to go nuclear several times. On all but one of those occasions, I won the lot I was targeting. Funny thing is that the ones that seemed like crazy money at the time tended to outperform in the end, better than others. In fact, if I was starting fresh, I think I would only go for the top rarities (absolute or conditional). That has been my approach to early dollars, though I did bail on the 1795 B-20/BB-16 that Heritage auction a year ago. So there is a measure of discipline. (It was holed and damaged.)
Of course not.
Smitten with DBLCs.