Auctions - do YOU feel this way?

Darkmane

Sometimes, when considering auctions, I am hesitant to even bid.

Why? Might you ask?

Using internet auctions as an example, where the entire world can bid at will..... are YOU willing to pay more than any other fool out there? There are obvious cases where false attribution or an eye for upgrades could give you an edge, and perhaps a lack of other buyers at a current time.... but for the most part.... how do you feel about paying more than anyone else on this planet is willing to?

IrishMike

Same way you do with some exceptions for die clashes, vams not attributed yet and other similar coins. For a while I could snipe some high grade moderns off Teletrade and flip them on ebay for 15-20%. Not much of a money make but invested in coins that I liked. Now teletrade coins routinely sell too high. If you can't see the coins in hand you are at a tremendous disadvantage.

Coxe

It is not that simple. On the surface, it indeed appears that to win a lot in auction means you are willing to pay at least a bid increment over some slightly lesser fool. Often, it is like the Lucy/Harpo arm and leg stacking scene, bid up until someone hits the magic number (greysheet of previous hammer for the coin in that grade). And it can be like the stock market. You're the buyer who will pay for something someone wants to get rid of, presumably at a (reserve) price below your purchase price. But people make money on both sides for items that are trending up. At auction, (1) not every buyer of a coin is represented through bidding, (2) most bidders are limited in the lots to bid on by limited funds or limited focus, both can change later. ALWAYS go into an auction with your max bids clear to you and stay disciplined in them. A lot of people burn themselves by chasing a lot with no discipline. I got zero wins in the Eliasberg sales because I stuck to my max bids and I wasn't sorry at all. The bidding got seriously crazy, even on lackluster material. Wasted my time researching many lots but the sales were netertaining and the research informative onits own.

PerryHall

<< <i>Sometimes, when considering auctions, I am hesitant to even bid.

Why? Might you ask?

Using internet auctions as an example, where the entire world can bid at will..... are YOU willing to pay more than any other fool out there? There are obvious cases where false attribution or an eye for upgrades could give you an edge, and perhaps a lack of other buyers at a current time.... but for the most part.... how do you feel about paying more than anyone else on this planet is willing to? >>



I agree with your sentiments. Who wants to be "the greater fool"?

MrEureka

how do you feel about paying more than anyone else on this planet is willing to?

Fortunately, "everyone on this planet" won't fit into most auction rooms.