Enough is enough!

tradedollarnut

I'm growing more and more disgusted with the one upmanship from the auction companies! What happened to a meaningful estimate? You know, one that reflected the expected market value of a coin in order to aid the CUSTOMER with bidding? It seems that all they care about anymore is making themselves look good by putting paltry estimates up so they can blow them away. Check this out:

1864 Small Motto proof

In the body of the text they state the coin last sold for $31K+ and they have the gall to place a $4-6k estimate on the coin. Hurummmph....

Russ

Yep, all the Two Cent pieces I looked at have stupidly low estimates. Many at $50 to $65 (I could only wish!). Who are they trying to fool?

Russ, NCNE

Fairlaneman

No,No,No TDN. That is not a estimate of what the coin will go for in this auction. That is the estimate of what they will give you for the coin after you buy it. Well maybe, if it is needed for inventory.

Ken

FatMan

I don't get it. Why would the auction company intentionally place a low estimate on a coin? Wouldn't that keep many of the bids lower?

What am I missing here. I know if I were the seller I would want people to think the coin had a high value, not a low value.

roadrunner

That's the 8% restocking fee should the high internet bidder wish to return the coin

I noticed the same thing in the Superior lots too. Many I'd buy straight out at the high estimate and be very happy.

Let's face it. There is nothing going on to help the bidders who are on the floor. Maybe this is another way of ensuring no returns.

roadrunner

smprfi

Why should it matter what someone else thinks the coin is worth.You're the one buying it and what you think it is worth is all that matters.

dragon

Fatman,

The auction companies use this ploy of intentionally putting very low below market estimates on their auction lots so that after the auction ends, they can publicize how much over their "market estimate" the coins sold for. It is way of possibly luring prospective, uninformed consignors into believing that their coins sell for "so much" over market value at any particular auction house.

Believe me, the auction houses know exactly what the coins are worth, and it's all a big game and just another cheap advertising tool they use to try and make themselves look good, and a feeble effort of shameless self promotion.

dragon

Tonelover

I heard from a friend who used to work at one of the major auction houses years ago, that they used to sit around and invent fancy sounding names for some of the "collections" in their sales when some of the coins were just regular inventory or wholesale items.

EVillageProwler

The fabrication of named consignors is true. I like those catalogs that actually describe the consignor. Seems more personal, and real.

EVP

dorkkarl

since the dawn of capitalistic gov'ts ushered in the era of auctions, this ploy has been used. long before coins ever entered into auctions. ignore the ploy, & just move on.

K S

eagle7

I dont understand why anyone should care what they say about an expected price. If you want the coin for a collection and must try one sight unseen in a PCGS or NGC holder, then bid the bluesheet price and be happy. If you get it and you dont like it, youre not going to lose much money if any. If you want to worry about returns, view the coin in person or dont bid. In other words, bid what you are willing to pay sight unseen and forget about it. And by the way, the coin was in a PCGS holder. If you get it and dont like it, why isnt that PCGS's fault. Heritage or any other auction company had nothing to do with the grade on the holder. Your beef is with PCGS. Why pay them money in grading fees if you are not going to hold them accountable for the grade. Why do we need them if every single coin you buy must be "on approval". Lets just go back and do it that way. Thats fine with me. That will save me lots of money on grading fees.

FoundingFather

The distaste for the lack of integrity is the principle that is bothering many -- so telling them to move on, not to care what others think the coin is worth, etc. is probably already understood as an option and just causes one to think that the real point is being missed.

tradedollarnut

Well said, FF!

mdwoods

The distaste for the lack of integrity is the principle that is bothering many --

I agree with tradedollarnut, FF hit the nail on the head. He must be a good carpenter...