Is a consignor at auction ever allowed to pull a coin if he gets cold feet?

Longacre

I am sure that this happens a lot. At what point in the process is a consignor allowed to pull a coin out of an auction? I assume that it is difficult to do if a consignment agreement has been signed already. Does it make a difference if the coin is a great rarity that has been hyped, or a relatively common coin? Does it matter if one coin out of a 100 coin consignment is pulled by the consignor, or if he pulls one coin out of a three coin consignment? What are the "rules" in these instances?

RKKay

The biggest factor is probably the relationship between the consignor and auction house.

IGWT

I've had an experience where Heritage allowed a consignor to raise the reserve after I'd already bid.

coinguy1

<< <i>The biggest factor is probably the relationship between the consignor and auction house. >>

That, and how much the consignor is willing to pay the auction house to pull the coin.

majorbigtime

Many auction houses offer low cost or no fee buy backs--so a seller with cold feet could just rebuy the coin.

michael

sure

pay the auction house 15% cash on their way high estimate of the pulled coin estimated selling price

Michigan

In the late 1950s a consignor for one of Abe Kosoff's auctions pulled a 1943 copper Lincoln cent from an auction during the lot viewing period. He simply took it claiming that Kosoff was cheating him in some way and refused to have it auctioned.

Kosoff filed a lawsuit and the case dragged on for a few years but was eventually settled.