Do you believe coin auction companies...
tradedollarnut
Posts: 20,146 ✭✭✭✭✭
.... when they say 'no reserve'?
Perhaps an important question in this day and age of guaranteeing consignors that their collections will realize a certain value.
Perhaps an important question in this day and age of guaranteeing consignors that their collections will realize a certain value.
0
Comments
That does not mean there cannot be good deals and great coins, but a coin that is worth $1000.00 is NOT going to sell for $10.00 even if no one else bids on it.
Tom
But that doesn't mean the seller, or even the auction company, isn't bidding to a certain "reserve" buy-back value.
Impossible to tell.
so no reserve as coin is going to change ownership
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i>.... when they say 'no reserve'?
Perhaps an important question in this day and age of guaranteeing consignors that their collections will realize a certain value. >>
no, No and NO !! Especially after a little experience I had during 2005. Heck I do not believe their descriptions anymore.
Ken
the house and seller are not allowed to bid?
of course either party (seller and/or house) could break the rules and get an outsider to bid but that would be counter productive over time for the house if they had a flat rate fee?
did i just describe ebay?
Have a Great Day!
Louis
Does TradeDollarNut sleep with his eyes closed ? No F---ing way
Don't believe EVERYTHING that you hear ?
Stewart
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
you figure out the rest of the story
Of course, in these days, auction houses offer free buyback with no reserve
<< <i>Is there any auction house that has true no reserve auctions and
the house and seller are not allowed to bid? >>
If you check the terms of sale of any of the major houses I believe you will find that they reserve the right to bid on the coins as well. So if a coin is going too cheap they will bid on it for their retail arm.
<< <i>
<< <i>Is there any auction house that has true no reserve auctions and
the house and seller are not allowed to bid? >>
If you check the terms of sale of any of the major houses I believe you will find that they reserve the right to bid on the coins as well. So if a coin is going too cheap they will bid on it for their retail arm. >>
Exactly! There is simply no way to get a "great" deal from a major coin auction. A bargain, maybe, but no steals.
No. Many questionable practices abound.
<< <i>Given all of the above, why are auctions out pacing bourse action? >>
Lesser of two evils?
Worry is the interest you pay on a debt you may not owe.
Many of the Joshua and Ally Walsh Collection of cents coming up at Heritage FUN auction have no reserves. I know, as many others do, who the owner is, and that he just wants to sell his collection, like he always wants to do. But he knows what he paid for the coins AS A WHOLE, knows they are some of the best IHC's and Lincolns you can get today, and that market is hot now - that the coins will sell themselves, and he'll do o.k. or better than purchase prices WITHOUT the reserves.