How many of you track the auction results?

Singapore

I find it surprising the number of people who buy high end coins for thousands of dollars yet seem to be unaware of what these very same coins bring at the auctions held almost every month.

I would venture to guess that 90% of all coins in dealer inventories are from public auctions held in the last 12 months and the prices they realized are a matter of public record.

Case in point - Anaconda posted the fabulous Eliasberg Wreath Cent and a discussion ensued about how much it might cost. People were bidding on the coin on Ebay apparently unaware of what it just sold for about 2 months ago -

I don't mean this to be critical of Anaconda or of anyone bidding on the piece.

I think its a fabulous coin and actually seemed to sell at auction for less than it should have. Anaconda's reserve seems pretty reasonable to me for a fantastic pedigreed piece of numismatic history. And if anyone bids any amount they want thats their right - who knows, maybe Adrian wants to take a loss on this one.

But shouldn't tracking the auction results in your area of specialty be something everyone does?

Lakesammman

You mean there are people that don't???

eagle7

The ability to spend too much money on a particular item does not seem to be wasted on the lower and middle class only. This particular malady affects all classes of people.

dorkkarl

i track auction results fervently, at least in my specialty areas.

K S

DHeath

Singapore,

While I fully appreciate what you are saying, what one pays and what a coin is worth is fully dependent on who is the better seller. Obviously, the seller who consigned the coin to the auction house was not as good at exposing the coin to the proper audience as Adrian. They are all worth what YOU can sell them for. A reseller who has the gumption to locate, purchase at auction, and advertise an expensive item based on his confidence in his ability to profit deserves the profit. His cost is irrelevant. IMO

Singapore

DH -

What you say is true, but in this particular example I was pointing out the other side -

If you know the coin sold at auction for 33K 2 months ago, and Adrian said he picked it up a couple of days ago via Spectrum, then it seemed pretty unlikely that he was going to let it go for 25.5K.

Whoever it was bidding that amount is a serious buyer and either didn't know what this coin brought last time it sold or was hoping that Anaconda was will to sell it for a substantial loss.

Again, I'm not being critical, I'm only pointing out that prices realized information is readily available and worth looking at.

Lakesammman

Have seen it go both ways.

Last year I bought a 30k coin from someone who paid 54k a year earlier. Never hurts to make an offer or bid what your willing to pay - you never know.

On the other hand, I've purchased coins shortly after auction for more money. I don't like buying coins sight unseen and I can't always take days off from my business simply to fly across country and preview one coin. Or, you can trust someone to check it out and bid for you.

You can always pass on the coin if the markup is too great.

Nysoto

I look at at prices realized daily for the "big five" auction houses for my area of collecting interest, draped bust half dollars. Two of the Queller coins are on ebay now, with starting bids about 20% above prices realized.

There was an 1805 O-106 PCGS XF45 that sold for $1380 a couple of years ago, it re-appeared recently with the same auction house as NGC AU55 and realized $2645 - it pays to analyze prices realized information.

Barry

Is there an easy to track previous auction results?
I applaud Heritage for making their database easily available. All the others require keeping catalogs and prices realized lists around, then searching one by one. Am I missing something?

Singapore

Barry -

I don't think you're missing something - keeping track of prices realized is a chore from most auction houses.

I'm fairly specialized in what I buy, so keeping track is a not that time consuiming. And yes, I do keep any catalog and prices realized that contains any decent coins in my specialty.

Not to do it, or to rely on dealer info is just not an option in my opinion for anyone spending more than a few thousand dollars annually.

One more comment to ensure that I am not being misconstrued here - I note that Anaconda was very forthright in his post and noted where the coin came from without being asked. But not every dealer is that honest - hence my original post.

I think many (most?) dealers rely on the fact that typical buyers pay no attention to the auctions.

DesertLizard

Singapore,

I have been saying this for years.

There are some valid reasons to buy AFTER an auction if you could n't travel or were over your bid limit, etc. Bottomliiine though most people are unaware.

Coin collecting and collecting in general is an impulsive and nonsensical hobby. Who knows why people will pony up thousands more. Who knows why a big dealer can't sell a coin and Heritage can or vice versa.

It's a free market and I say let it determine the price!!

I for one will continue trolling the auctions here, Asia and Europe!

EVillageProwler

Like a few others here, my collecting interests are pretty specialized. Thus, it is fairly easy for me to track the auctions as well as some of the more familiar retail outlets.

I also converse regularly with the specialists within my area of collecting interest to glean more market data. To me, market data is key. For example, just the other day, I discovered the existence of a major old-time collector whose highly specialized set is to die for, and probably the finest imaginable. This guy is very low-key, and I'm fairly certain that even most of the specialist dealers of that series don't know of this collector.

Having good access to market data is very important!

EVP

Nysoto

Just wanted to add that in addition to the auctions, I also purchase from dealers. I bought several draped bust halves from Liz Coggan of JJ Teaparty last year, she is very knowledgeable and I highly recommend her. I believe in free markets, a dealer has the right to sell a coin for whatever price the market will pay. Analyzing price realized information gives you an edge, whether bidding in auctions or knowing what price to pay to a dealer.

Bill