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Do you believe coin auction companies...

tradedollarnuttradedollarnut 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.

Comments

  • tjkilliantjkillian Posts: 5,578 ✭✭✭
    I am generally skeptical on it as the auction companies first obligation is to the consignor. Somehow I think they manage to get the most from the auctions.

    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
    Tom

  • TommyTypeTommyType Posts: 4,586 ✭✭✭✭✭
    I believe they probably mean it if we assume "reserve" means they didn't enter a reserve into their auction software and/or book....

    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.
    Easily distracted Type Collector
  • sinin1sinin1 Posts: 7,500
    I think the companies guaranteeing also are retail operations and they are telling the comsigners what their bid will be

    so no reserve as coin is going to change ownership
  • WTCGWTCG Posts: 8,940 ✭✭✭
    They may not have a true reserve, but nothing stops the auction companies from having an unknown house bid, which would act as a de facto reserve price.
    Follow me on Twitter @wtcgroup
    Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
  • FairlanemanFairlaneman Posts: 10,401 ✭✭✭✭✭


    << <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
  • fcfc Posts: 12,788 ✭✭✭
    is there any auction house that has true no reserve auctions and
    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?
  • Does Dolly Parton sleep on her stomach?


    Have a Great Day!
    Louis
  • STEWARTBLAYNUMISSTEWARTBLAYNUMIS Posts: 2,697 ✭✭✭✭

    Does TradeDollarNut sleep with his eyes closed ? No F---ing way

    Don't believe EVERYTHING that you hear ?

    Stewart
  • 291fifth291fifth Posts: 23,898 ✭✭✭✭✭
    A very good question.
    All glory is fleeting.
  • No reserve is meanginless if they offer free buybacks, as many do.
  • MrEurekaMrEureka Posts: 23,892 ✭✭✭✭✭
    It depends who tells me the coin is unreserved. There are some people that will lie to me and others that won't.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • michaelmichael Posts: 9,524 ✭✭
    one word defination of auctions is collusion

    you figure out the rest of the story
  • LakesammmanLakesammman Posts: 17,282 ✭✭✭✭✭
    Well, I don't believe anything they say, so this would be included.
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko.
  • jcpingjcping Posts: 2,649 ✭✭✭
    This must be a joke image

    Of course, in these days, auction houses offer free buyback with no reserve image
    an SLQ and Ike dollars lover


  • << <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.
  • 291fifth291fifth Posts: 23,898 ✭✭✭✭✭
    I don't know if the current numismatic auction houses do it, but many auction houses that also act as retail outlets will refuse to sell below a certain level in order to support the "value" of their own inventory. I can cite several instances of this in my past experience. It will appear that items have sold but the auction house will then claim that the bidder never paid for the lot.
    All glory is fleeting.
  • mozinmozin Posts: 8,755 ✭✭✭


    << <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.image
    I collect Capped Bust series by variety in PCGS AU/MS grades.
  • Do you believe coin auction companies...



    No. Many questionable practices abound.
  • Given all of the above, why are auctions out pacing bourse action?
    image
  • PerryHallPerryHall Posts: 45,301 ✭✭✭✭✭


    << <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.

  • Great Responses. They are all probably correct. I DO believe they put "met reserve" or no reserve" and mean it. But "no reserve" is NOT synonymous with "you've got a chance to score big".

    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.
    The Accumulator - Dark Lloyd of the Sith

    image
  • ERER Posts: 7,345
    Yes, at least for all the coins that I ever consigned.

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