Has anyone ever called for a "phone description" of a coin from an auction house, and are

Longacre

I noticed in the ANR catalog that it is possible to get a phone description of the coins. Has anyone ever done this? Are there any significant differences in the way the coins are described over the phone versus how they are described in the catalog?

Also, is there an ethical fine line that the auction house needs to walk between giving an accurate assessment of the coin (duty to the potential purchaser), and the auction house's duty to the consignor to present the coins in the most favorable light? Do the auction houses get around this by merely giving the "name, rank, and serial number" of the coin (i.e., a physical description), rather than getting into more subjective discussions, such as whether it is accurately graded, has nice eye appeal, how it might compare to other similar coins in the auction, etc.?

foodude

As a last resort*, I've called auction houses to discuss various lots- the first time I did this was in the mid-70s. I've found this to be useful. Remember that the quality of the information you get, even if the person on the line is being helpful, can greatly depend on the questions you ask.

* Preferred method is to view the coins my self in person; second perferred method is to have someone I knw (that knows what they are doing) view the coins for me.

Barry

I've called several auction houses for real-life descriptions over the years. I've never just said "please describe the coin to me," but always asked specific questions relating to something in the pic not described, or something described I don't see in the pic. I've always been satisfied with the answers.

However, you always have to take what is said with a grain of salt. I did have one bad experience with an auction house several years ago.

What I usually do, before bidding on a coin I haven't viewed live, is have a dealer view the coin for me, describe it to me, then bid on it for me. While I pay for this service, I feel it is worth it, especially on pricier coins, and for sure on EVERY raw coin (i.e., Stacks)

coinguy1

While I expect that many might disagree with me, I feel that the auction house has a duty to potential bidders too.

In addition to the ethics involved in being honest (or not), how bidders are treated can and will eventually affect the prices realized. That directly impacts the consignors and the auction house.

Bidders need to be comfortable and confident about things such as:

Fair/realistic presentation of the coins

The customer service of the auction house

A lack of shill bidding

Proper execution of bids

A lack of too many ridiculously high reserves and/or consignor buy-backs

Etc.....

Now, back to your question Longacre (sorry for my digression) - any phone descriptions one receives will vary greatly, depending upon the auction house AND, more importantly, the individual who provides them.

MadMonk

Descriptions tend to be subjective, so while objectivity is needed, I think it seldom dominates.
One thing I've learned about basing an action on somebody elses opinion is to be familiar with that persons tastes, perceptions, experience with a series, etc.

RYK

Excellent question ( )

I have had good experience with ANR and Bowers and Merena providing me accurate and helpful information. Heritage, despite my "Legacy" status, does not return my calls, so I have stopped calling them for help. IMHO and limited experience, I would recommend the following:

1. Establish a rapport with an individual at the various firms.
2. As Barry suggested, do not ask if it is a "good coin or bad coin" (all consignments are "good coins" ). Ask specific questions that will not appear well in the photo. You should be able to tell whether the coin has a good strikes, marks, etc., but attributes like originality and eye appeal for the grade are in-hand observations.
3. Ask about multiple coins. That way you increase the chance for the representative to rank them and pick out the winner. If they are all excellent coins, chances are the rep is not going to serve you well.
4. Don't ask about too many. Chances are, you are not serious about that many and the rep will know you are wasting his/her time.

While I agree with Mark that the auction company has an obligation to potential bidders, it is important to remember that satisfied bidders are also future consigners.

Finally, for important and expensive purchases, the 5% I pay for representation is the closest thing to a free lunch in coins and has saved me the horror of buying the wrong coin on countless occasions.