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Would you consign more coins to GC if there was a "late reserve" feature?

DocBenjaminDocBenjamin Posts: 1,258 ✭✭✭✭✭
edited September 10, 2024 9:21AM in U.S. Coin Forum

Your $8000 coin is hanging around half that amount in the final few minutes as the snipers consider a late bid. Helpless feeling as the consignor is locked out from bidding on his own lot.

How about a Hail Mary late reserve option for the seller. With an appropriate fee to the house, of course.

Comments

  • oldabeintxoldabeintx Posts: 1,895 ✭✭✭✭✭

    Too disruptive. Better to set an early reserve.

  • telephoto1telephoto1 Posts: 4,881 ✭✭✭✭✭

    If one is that worried about the item going too cheaply then they should just set a reserve and be done with it.


    RIP Mom- 1932-2012
  • PeakRaritiesPeakRarities Posts: 3,700 ✭✭✭✭✭

    No, and in fact that would cause me to not use that auction house as much. I mentioned in another thread, I like DLRC but I don’t even look at those “auctions”.

    IMO, reserves and reserve-like starting bids often hurt consignors, more because
    more than they help. True auctions have an inherent risk, but they have tremendous upside potential. I just think it’s lame to expect that same upside potential without being willing to accept the potential downside.

    Founder- Peak Rarities
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  • MFeldMFeld Posts: 13,409 ✭✭✭✭✭

    My guess is that whatever benefit that might be to a consignor and/or the auction house in isolated instances, it would be more than offset by reduced bidder interest, participation and bids.

    Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.

  • johnny9434johnny9434 Posts: 28,278 ✭✭✭✭✭
    edited September 10, 2024 11:24AM

    No, your already committed to it. Some might look at is bad 👎
    Jmo

  • AZDAVYAZDAVY Posts: 114 ✭✭✭

    Besides you can always find a friend to place a last second protection bid for you and you would be out the 10 to 12. 5% as a protection fee😀

  • P0CKETCHANGEP0CKETCHANGE Posts: 2,545 ✭✭✭✭✭

    @AZDAVY said:
    Besides you can always find a friend to place a last second protection bid for you and you would be out the 10 to 12. 5% as a protection fee😀

    Nothing is as expensive as free money.

  • PTVETTERPTVETTER Posts: 5,934 ✭✭✭✭✭

    GC does not have reserves. However other auction houses do. Have you tried other venues?

    Pat Vetter,Mercury Dime registry set,1938 Proof set registry,Pat & BJ Coins:724-325-7211


  • MFeldMFeld Posts: 13,409 ✭✭✭✭✭

    @PTVETTER said:
    GC does not have reserves. However other auction houses do. Have you tried other venues?

    Minimum opening bids serve as reserves.

    Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.

  • davewesendavewesen Posts: 6,112 ✭✭✭✭✭

    Is it against the law in California for consignors to bid on their consigned items? I would not mind to pay commission to get a coin back, especially if it was a raw coin submitted that did good or bad.

  • DocBenjaminDocBenjamin Posts: 1,258 ✭✭✭✭✭

    @davewesen said:
    Is it against the law in California for consignors to bid on their consigned items? I would not mind to pay commission to get a coin back, especially if it was a raw coin submitted that did good or bad.

    Ebay permitted the practice for the first 5 or 6 years that they were in business.

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