Auction lots that contain multiple coins

kranky

Most auctions have a few lots where a number of coins are packaged together as a single lot. I've heard different explanations regarding why that is done.

- Individually, the coins would sell for less than the auctioneer's desired minimum lot value, so a number of coins are combined to reach that number.
- The auctioneer doesn't really want the coins in the auction, but had to take them to get the consignor's good material. So they get little attention (no photos, brief descriptions).
- The auctioneer sees a coin that is just an average, relatively inexpensive piece, but has good crackout potential or is an unnoticed good variety. Assuming that few people will heavily scrutinize the lots with multiple coins, the auctioneer puts that coin in with some others, hoping to buy it back cheap at the auction.

It seems to me that most of the coins that get this treatment are nice coins but not real auction material. So how do they get in the auction in the first place? And does the consignor have to consent to doing this, or is it solely up to the auctioneer? I think I'd be a little miffed if I consigned coins that ended up listed as (for example) "Quintette of Shield Nickels".

Steve27

"- The auctioneer sees a coin that is just an average, relatively inexpensive piece, but has good crackout potential or is an unnoticed good variety. Assuming that few people will heavily scrutinize the lots with multiple coins, the auctioneer puts that coin in with some others, hoping to buy it back cheap at the auction."

The autioneer has a fiduciary responsibility to the consignor, if he followed your scenario, he would find himself on the wrong end of a lawsuit. (I'm not a lawyer, but even I know that much.)

nankraut

I suppose if the auction contains ALL of the consignor's coins, there are always some cheaper odds & ends in his holdings; so they will combine pieces on these cheaper items to save time/effort. IMHO

291fifth

If you are a minor consignor to an auction you will find that many auction houses do whatever they please with your lots. You really have no clout and, in business, it's clout that counts. Auctioning is a business and your consignment is nothing more than merchandise for sale. My comments are based on multiple actual experiences with different auction houses over a 30 year period.

dorkkarl

somebody told me at a previous ana sale that that the ana itself wanted all lots to be above some threshold $$$ amount. so for cheaper coins, bundling them together would help achieve that threshold per lot.

just what i've heard.

K S