The Cardinal Collection of Early Dollars to be sold...
DAM
Posts: 2,410 ✭✭
I just read, in my March 21st copy of Coin World, ANR is auctioning the Cardinal Collection in New York City in June.
What a great set!!! It's always been one of my Registry favorites.
What a great set!!! It's always been one of my Registry favorites.
Dan
0
Comments
Such as, do you use a reserve ?
Do you receive part of the hammer ?
Does the Auction Company charge you a selling fee ?
Does the auction company go over your collection and try to upgrade coins for you ?
Do you negotiate terms with the auction company yourself or do you use an 'agent ', such as one of your trusted dealers.
From personal experience, I know that Heritage will charge the highest fees in all departments, because they claim to spend millions on advertisement, have the most registered internet bidders, etc., etc..
Heritage will try their best to have your coins not be reserved, because they will telephone you at least twice a week and tell you that "your coins will sell for moon money", but what if they don't ?
They do not put the "moon money hype in writing.
I really do not like the idea of no reserve. When I bid on auctions, reserves do not bother me, if they are at a practical level.
Auctioning a million doallar collection, if I had one, without reserves, would worry me to no end.
Auctioning collections in the multi million range has become "normal"
lately. Would appreciate any usefull info on dealing with The BIG ONE, Heritage, or the smaller, but well known companies.
After all, the numbers are quite high for fees charged by auction companies and for a million dollar collection could vary by many, many, thousands.
In comparison, a realtor charges 6% on a million dollar house, ( $60,000 ) and an auction company charges a minimum of 15% to auction your Million dollar set of coins, ( $150,000 ).
Do you think all auction companies should openly advertise their rate structure or are we better off having the fees up in the air and generally hidden ??
I think a lot of collectors on this forum know how to grade their coins and where to best purchase coins, but the end result is that most of these coins will eventually hit the auction block and I doubt that most are prepared for the AUCTION CONTRACT.
Any auction house experiences or tips would be appreciated.
I know the 'generalities' and would appreciate 'specifics'.
Another thought; maybe a well informed numismatist/coin dealer could start an "ASSIST TO SELL " business for liquidating coin collections, as in real estate, after all commissions are twice as high for coins as they are for your house.
Most dealers will review your significant collection, provide you advice on where to place it and even negotiate the terms with the auction house in return for a small finder's fee from the auction company. In general, this is a win-win for you and the dealer - you get better terms than you will be able to negotiate on your own and the dealer makes 1-1.5% in return for their time and expertise.
That is one of the most important points to know, if somebody wishing to auction an important collection, does not have a clue to the auctioning process.
Interesting read on the set also.
Big big bucks for these coins.
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etexmike