Observations and Lessons learned from my first on-line auction experience
I have been collecting for many years and lately I have been trying to reduce my collection (but for some strange reason it keeps growing, hmmmm). 🤔
I have never sold anything on the internet through any platform until now. I am not going to mention the platform I used because it is irrelevant.
I am not a very good writer and this post is not meant to be negative or soured grapes. There are many on this forum with much more experience than me and I would enjoy getting comments using auction platforms.
I posted previously I have many pcgs and ngc graded ms70, proof 70 and burnished 70 first strike/early release/ first day silver eagles that I was considering to sell besides other coins. I finally decided to use an auction site where I only heard and read very positive reviews as a test case for 50 of my coins to start.
I understand that nothing is a guarantee and there are risks going to auction but that’s why I relied on the experience of the company to sell these for me. In discussions with the auction house they gave me their conservative estimate on what this group of coins should bring based on their experience. So I looked at this estimate as a worst case scenario and if realized it would be acceptable to me.
Unfortunately, I was concerned when the auction house posted my coins at a very low percentage, about 30% on average $30- to $40- ea, of their conservative estimate. You could easily buy raw silver eagles for these prices and these starting prices were much lower than even greysheet.
Results of the the auction were:
-all my coins sold
-gross total sales were 30-40% less than the conservative estimate from the auction house
-I would definitely use this platform again to sell coins. The staff at company was very helpful and responsive. The platform was easy to use and the fees were very reasonable.
-unfortunately I had a negative experience with the company setting the price (again I understand nothing is a guarantee and I hope this was a one off). so for me I plan to set my own minimums going forward to protect my downside
-unfortunately in total I lost money but the winners of the coins got many of them for what I consider to be a great price, congratulations. I would have bought many of these coins at the final prices too, therefore I plan to start being a buyer on this platform.
In the the end this was a great experience and even at my advanced age I am always learning. 🙂