any last minute tips on how to hold a small coin auction?

Geoman

As many of you may remember, I started a local coin club recently. Tonight is our monthly meeting, and we are having our first "coin auction" after the meeting. Nothing big or formal, and being summer, maybe will only have 10 people show up. However, I have a few questions about having an auction.

If you have any tips to share with me, I would appreciate it. I am baiscally wondering how it should be run and organized. I have some ideas of course, but would like input from others how have participated in their own small, local coin club auctions. For example, should just one person run it? Also, should that person not be allowed to bid on anything? I could see potential problems if that person running it, outbids others at the end. Or should anyone who wants to sell something just stand up state their lowest, starting bid.

Maybe it is a better idea to only let the "auctioneer" know the lowest the seller will sell the coin for. So if it doesn't met that, it isn't sold.

This is really informal, but would like some general rules that others have followed.

Thanks!

mbbiker

We have an auction at the end of all our coin club meeting and the way we do it is...

Before the meeting starts have all the people that want to put somthing up for sale fill out a piece of paper with the Lot # (they can pick the #'s and just write it on the top of the 2x2) type of coin, grade, date, Min. bid then put all the coins on a table so others can look at them.

After the meeting give people about 5-10 min to look at the coins and see what they want.

Have 1 auctioneer auction off all the coins, he will just hold up a coin read the description then start it off with the min. bid. (he can bid on auction if he wants) when action slows down, going one, going twice, sold to Bob (then auctioneer writes down what it went for on the sheet with the descriptions on it)

After the lot is over he gives it to another member and he writes down who won it at what price.

After the auction is over and all the coins are gone, add up the prices on the sheets of paper and that is what the bidders owe the auction. After all coins are paid for then add up the totals on the description sheets and split up the money.

If you have any question please send a pm and i'll try to explain somthing better. This has worked for us for the past 10 years.

BTW forgot to mention that we have a minimum that you have to bid at least 10 cents more than the previous bidder.

Julian

It's your auction, you can set the rules.

Is it supposed to be a live auction or a bid board type?

I would not eliminate anyone from bidding.

Until it gets going, I would suggest that owners put a reasonable reserve on their lots.

Geoman

Thanks mbbiker. I like the idea of having the coins out before the auction, instead of just afterwards, so it gives people more time to look. It all makes sense to me.

Julain, it is a live auction. And I am guessing I may have to run it, being the club President and founder. However, I still wanted to be able to bid on something if I wished. Just didn't know if that was bad, having the "auctioneer" also bidding.

Anyone else?