Heritage Estimates Values On Select Auction Lots?

RegistryCoin

I currently have about 16 lots in my Heritage watch list. Two of those lot descriptions include estimated values.

I see estimated values on all lots at Stack’s, whIch seem to be conservative, even underestimated.

Does anyone know why only some lots at Heritage have estimated values?
Does Heritage intend to eventually estimate all lots’ values?
Will their lot values be underestimated?

jmlanzaf

Heritage links to prior results as well as having CDN values. I'm not sure that estimates provide any additional information than they already have.

wondercoin

‘’Heritage links to prior results as well as having CDN values. I'm not sure that estimates provide any additional information than they already have.”

Jmlanzaf- they must be providing some information that Heritage deems important or they would not be going to the trouble of now adding the estimated values on selected lots- yes?

RC - From my cursory review of the estimated values thus far, it appears to me that the value(s) are “conservative”. But, I do not have enough data points to draw any conclusions as to why that is, or whether others moving forward will not be as conservative.

Wondercoin.

lilolme

Does HA state what the estimates are?

For instance, Legend gives an estimate but states the estimates are "These published estimates represent what Legend Rare Coin Auctions determines to be an approximate high wholesale value for the coin". They also note that "The estimates you see published in this catalog are based on hammer".

So is it clear what HA estimates are or is it stated somewhere?

jmlanzaf

@wondercoin said:
‘’Heritage links to prior results as well as having CDN values. I'm not sure that estimates provide any additional information than they already have.”

Jmlanzaf- they must be providing some information that Heritage deems important or they would not be going to the trouble of now adding the estimated values on selected lots- yes?

RC - From my cursory review of the estimated values thus far, it appears to me that the value(s) are “conservative”. But, I do not have enough data points to draw any conclusions as to why that is, or whether others moving forward will not be as conservative.

Wondercoin.

Hi Mitch,

I'd like to know what the "coins" are. Heritage sells so many different things. For US coins, I can't imagine estimates providing any additional information. For exonumia, there is often no direct comps or price guide.

Edited to add: in my experience with other auction houses, estimates serve 2 purposes, neither of which provides an actual estimate of sale price. Some houses use high estimates to plant the seed in your head. Other houses use low estimates to demonstrate to consignors how they beat the estimate.

lilolme

Agree. If one knows something of how an estimate was determined, then they can possibly figure how to use it. If the method of determining the estimate is unknown, then not clear how one would use it.

Price guides in general will have info on how they determine values. Check CDN, CDN CAC or PC price guide and one can find a paragraph or so on how their values are determined or similar.

An estimate could be as @jmlanzaf stated. Could be a computer routine that uses the available data and puts a high, low and mid-range and the auction company uses one for the estimate. Could be the auction company is using some of their expertise to determine current market activity and estimate an 'all in' auction value but this would take extra time and doubtful for smaller lots. Without knowing the basis for the estimate, then how would you use it?