Would it help sellers if their reserves were stated in the auction catalog?

MrEureka · February 16, 2004 2:09AM

I know it would help buyers.

Russ · February 16, 2004 2:16AM

I think sellers should grow some stones and sell everything without reserve.

Russ, NCNE

WACoinGuy · February 16, 2004 2:37AM

Damn straight! I always start my auctions at a low opening bid and no reserve.

kranky · February 16, 2004 4:21AM

Andy, to look at the question from the other direction, why do you think the auction house doesn't disclose the reserve in the catalog? I have a feeling this isn't a consignor issue, it's an auction house issue.

cosmicdebris · February 16, 2004 4:43AM

What Russ said

MrEureka · February 16, 2004 4:49AM

why do you think the auction house doesn't disclose the reserve in the catalog? I have a feeling this isn't a consignor issue, it's an auction house issue.

From the auctioneer's perspective, there are pros and cons to listing reserves. I'm not sure what would be best. The biggest stumbling block is getting the reserves early enough to make it into the catalog. It may never be viable to do this in print, but it could easily be done online.

Placid · February 16, 2004 4:56AM

Just start the bidding at the reserve price instead of playing games.

I think it would help the seller in that the bidders have more time to think about making a bid at the reserve price or not.

Barry · February 16, 2004 4:59AM

Hopefully Mr. Auctioneer is reading this.

I find it VERY annoying when I spend MY time researching a particular auction lot, then there's an unreasonable reserve and the coin doesn't sell. It actually wastes everyone's time when that happens.

MrEureka · February 16, 2004 5:01AM

Just start the bidding at the reserve price instead of playing games.

I believe that's how Heritage does it, at least once the consignor provides the reserves. I'm not sure exactly how other firms do things.

Wolfy00002 · February 16, 2004 5:04AM

The reserve auctions that I have had, I've always stated in the first line in big bold type what the reserve is.

MrEureka · February 16, 2004 5:07AM

I find it VERY annoying when I spend MY time researching a particular auction lot, then there's an unreasonable reserve and the coin doesn't sell. It actually wastes everyone's time when that happens

Sometimes a bidder will let something sell too cheaply because he wants to save money for a coin later in the session. If that second coin is reserved too high, the bidder goes home empty handed, the consignor of the first coin got a lower price than necessary, and the auctioneer gets a smaller commission. It all seems brutally inefficient.

edsondl · February 16, 2004 5:08AM

Here are two reasons big reasons to have a reserve and not disclose it:

1. Just like any negotiation, the first one to state a value loses.
2. Maybe the seller is just testing the waters to see what the market currently feels is the value, but has set the reserve very high so that it couldn't possibly sell.

Answers concerning real money (not the coins themselves) always peak people's passions.

-Dan

Would it help sellers if their reserves were stated in the auction catalog?

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