What is the most ridiculous reserve you have ever seen on a coin in auction ?
RedCopper
Posts: 173 ✭✭✭
I have just seen a 1902 Indian cent with a reserve of $130,000 in a current auction .
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Hanson Bait!
Why would any auction company jeopardize their reputation by taking a coin with a ridiculous reserve like this?
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
$8 million before juice on the 1794 SP66 dollar (and yes I'm aware it later sold for much more).
Too many to list over the last decade. Some people are VERY proud of their coins to a fault, is one reason. I also think some just want to see how high the bidding will go and at the same time keep the coin as they show it off.
I have no other explanation.
Perry Hall - I completely agree with your comment
Cameonut - A 1794 SP 66 dollar is quite different than a 1902 Indian cent
Amwldcoin - DL Hanson would not pay
$130,00 for a 1902 Indian cent
I don't remember exactly, but someone had a high reserve, several hundred dollars, on a low-grade common date coin. He classified it as extremely rare. I guess he thinks there must be one born every minute and perhaps, there may be one born once in a while.
Did it sell? If so, whose reputation was hurt?
If it sold for more, how can $8 million be "ridiculous"?
Is it a 68?
So a 67+RD (pop 3) sold at HA jan 21 for 38K. (pc guide was 40K then, now 42K)
The 68RD (pop 2) had a pc guide of 75K but was increased to 100K early this year (why?).
So a 110K hammer reserve (132K all in) does appear the seller wants 'all the money'.
Will anyone hit the reserve?
https://youtube.com/watch?v=wwmUMvhy-lY - Pink Me And Bobby McGee
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https://youtube.com/watch?v=D0FPxuQv2ns - Ruby Starr (from 'Go Jim Dandy') Maybe I'm Amazed
RLJ 1958 - 2023
Greed is OK
Absolute Greed needs to be crushed
The coin did not even get a bean
It is not an auction
It is a search for a sucker
And why an auction company does not
know any better is sad
No one is forced to bid.
$7,500 OBO
@QE Guy
1c ONLY IF you do free shipping!
ANA 50 year/Life Member (now "Emeritus")
Auctions are often very weird. I have mentioned before... I have seen used items sell for ridiculously high sums, when the bidders could have gone several blocks from the auction and purchased an identical, NEW piece, for one third what they bid and won. Testosterone madness or just plain ignorance. Cheers, RickO
There is a PR63RB 1936 satin cent on ebay that I would be interested in if their asking price wasn't an out of this world $10k.
Collector, occasional seller
Here is a seller on eBay that charges more than double the retail value of almost every coin he has listed. I don’t know how he’s doing any business. Makes me scratch my head because I don’t understand the method to his apparent madness. Lol
https://www.ebay.com/itm/351753826343?hash=item51e6297027:g:BnYAAOSwLnBXWF0u&amdata=enc:AQAHAAAA4Cb6BWoxib3QNQDLDQfyK9xsgdlU8WzMtmi5f2L898eYA2CQZfZjL194JXZK0t9kGHpi0U/zQ3TIxdhcNDuOLDBu43aKL7hvJxhdQi7+Ktvzw2c5Y1zahLMbL4JL6qebxIUjcgSNQ5pvF+BjOGei20RusaELgUfSIBILsU5YBkpLA2h1d4KH5Je/IeHxGYbmIPVaYZqByuTKlPposDSQ4Qyc3kJRV219f9/SN0eeRWU4CGy7aXVS91oBAhMs1cLczuhZkDNO37w3V/Oi5T2bcW6EPgE7agfCvrz6NYnIEJd6|tkp:BFBMoKmNzqhg
Another of his listings. Insanity 🤪
https://www.ebay.com/itm/352622114934?hash=item5219ea7876:g:9ZsAAOSwcYVdhYHq
No- but auctions regularly remind me that there are plenty of people out there with more money than brains.
RIP Mom- 1932-2012
“Charges”, as in he’s actually been selling at such prices or “asking”/“listing”?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
$130,000 is not such a high reserve on that coin these days. I think it cost me $130,000 for gas and groceries this week.
E bay is not a major coin auction house
IMO reserves should not be allowed
With free buy backs in major coin auction houses
He does have sales, albeit not very frequently. It appears he does accept best offers, but what is an acceptable offer to him is beyond me. Maybe I’ll give him a try, see how low he’s willing to go.
Good luck - I avoid sellers like that. I don’t want to do business with someone if (for example) he quotes prices at double fair retail value, even if he’s willing to lower them by 50%. Let the shot-taker sellers try sports, instead.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Going through the seller’s inventory to find something I’d be interested in and came across this. A low grade BU common date Peace Dollar, NGC MS61. Buy it now for $240 or best offer, with $15 for shipping.
https://www.ebay.com/itm/352756049424?hash=item5221e62610:g:fxkAAOSwwghdVlQp
(1) At that time, it was passed over. Apparently, the market did not support the price at that time although a later market did (or at least a private treaty sale later garnered more money - single private transactions are also not conclusive of fair market value).
(2) There was no real auction data to support the asking price. If you recall the winning "bidder" jumped the bid to $10 million at a previous "auction" appearance to make history and with some dubious obsession with the "psychology" of breaking the $10 million mark. The real bidding stopped at the $5-6 million with buyer's premium. The $8 million above did not include the 17.5% or 20% buyer's premium (I forget which it was at the time). If this is evidence of value, then every time someone goes crazy with a BIN on an expensive coin on eBay, the price guides would hopelessly be skewed.
(3) There was no real inside information to support the $10 million hammer and assuming arguendo there was some "ingenious" (if you call bidding against yourself that) strategy, it is unreasonable to start a coin at auction AT FULL RETAIL+.
(4) I note several appearances of other ultra rarities including 1804 class I dollars; 1913 Liberty Head Nickels; and 1933 Double Eagles with no reserve that all performed well. In fact, I can't remember any other 7-8 figure coin being sold at major auction with a reserve. Can you?
(5) Ultra rarities sell themselves, and a high reserve to me suggests that owner did not believe the coin would hold its own in a no reserve auction. This makes the $10 million valuation ($8 million before juice) even more suspect to me.