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Enough is enough!

tradedollarnuttradedollarnut Posts: 20,146 ✭✭✭✭✭
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.... image

Comments

  • RussRuss Posts: 48,515 ✭✭✭
    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
  • FairlanemanFairlaneman Posts: 10,401 ✭✭✭✭✭
    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
  • FatManFatMan Posts: 8,977
    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.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    That's the 8% restocking fee should the high internet bidder wish to return the coin image

    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
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • 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.
  • dragondragon Posts: 4,548 ✭✭
    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
  • 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.
  • EVillageProwlerEVillageProwler Posts: 5,859 ✭✭✭✭✭
    The fabrication of named consignors is true. I like those catalogs that actually describe the consignor. Seems more personal, and real.

    EVP

    How does one get a hater to stop hating?

    I can be reached at evillageprowler@gmail.com

  • dorkkarldorkkarl Posts: 12,692 ✭✭✭
    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
  • image 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.
    In an insane society, a sane person will appear to be insane.
  • 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.
    24HourForums.com - load images, create albums, place ads, talk coins, enjoy the community.
  • tradedollarnuttradedollarnut Posts: 20,146 ✭✭✭✭✭
    Well said, FF!
  • mdwoodsmdwoods Posts: 5,526 ✭✭✭
    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...
    National Register Of Big Trees

    We'll use our hands and hearts and if we must we'll use our heads.

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