Would you consign more coins to GC if there was a "late reserve" feature?
DocBenjamin
Posts: 1,410 ✭✭✭✭✭
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.
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Comments
Yes, but only if this feature is solely available to collectors
Nothing is as expensive as free money.
Too disruptive. Better to set an early reserve.
If you want that safety net, best to set it from the beginning
www.brunkauctions.com
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
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.
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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.
No, your already committed to it. Some might look at is bad 👎
Jmo
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.
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.
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.