Auction in New York City (NY Invitational Show)

Longacre

Is there any benefit to attending a major coin auction, even if I cannot afford any of the pieces? I have never been to one before, but I was thinking of attending the auction in NY this week, just to see what one was like. I believe that things move very fast, so I am not sure if I will get anything out of attending, other than watching people bid up the prices. I am going to try to view some of the auction lots in advance to get a better idea of grading, but wasn't sure if attending the auction part is beneficial. Any thoughts?

JrGMan2004

Welcome to the forums!

While I've never attended a major auction, I think it would be a great experience, especially if you can't afford them! You get to look at a bunch of great coins, what more could you ask for?! And of course, experiencing an auction without bidding or anything, will at least give you an idea of what to expect, if you ever do have the money to buy a coin at auction.

Placid

Heritage auction there starts in about 3 hours.

kranky

The benefit of attending is to view the lots. I don't see any benefit to attending the actual auction. Auction lot viewing is very educational.

The auction itself goes like this:
...Next, lot 517. Opening bid is $900. Do I have $1000? $1000! $1200! $1400! $1500! Do I have $1600? $1500 going, going, sold! Next, lot 518...
Unless you're bidding, it's quite boring.

DaveG

The only benefit I can think of to attending an auction is to track the prices in the coin series you're interested in and to see who bought the coin, as in:

"H'mm, I thought that coin was fairly graded at MS-63, but so-and-so (a nationally known dealer), just paid MS-64 money for it."

If that happens more than once, then perhaps prices in that series are moving up or you have learned that you need to sharpen your grading skills.

oreville

Longacre: Before or after the acutions, free refreshments and in some cases free dinner, etc. as long as you are a registered bidder. Does not mean you can afford to buy the coins or that you will.

For example Friday night after the ANR auction they offer a buffet dinner at no charge. Now where can you go in for a dinner in New York City for free??????????

Also, the experience of watching these auctions is invaluable later on in life.

I have won some auction bids at less than $100. You never know. But you can sometimes win those bargains only if you are on the floor which can then beat out the internet or mail bid.

But looking over the lots in the viewing room is indeed invaluable in hone down your grading skills. That alone is worth going even if you never bid on a coin. You can often time seeing the lots just a few hours or even less than the start of the auction itself.

Last but not least, you can pick up a free auction catalogue to save for your library. You cannot lose getting an auction catalogue for free. This is important if you are not a registered bidder and do not get the catalogues in the mail.

Believe me when I say that you can make more money percentage wise on some of those auction catalogue than the coins themselves!!!!