How much should "market savvy" be taken into account when selecting an auction firm?

Longacre

I was reading some information online, and the writer mentioned that some auction firms have better market savvy-ness (sp?) than others. In particular, certain firms were described as better "numismatic historians" than true market savvy auctioneers. When selecting an auction firm to auction your rarities, I was always under the impression that crazy-good coins bring crazy-good money, and although an auction has to be well marketed, the differentiating factor is with the presentation of the coins and the pre-auction publicity. If a top collection is offered at auction, I don't think it matters if Stack's, Heritage, Superior, or the Goldbergs auction it. Therefore, does an auction firm's general market savvy really have anything to do with the selling of a prominent collection at auction?

Frankcoins

<< <i>I don't think it matters if Stack's, Heritage, Superior, or the Goldbergs auction it. Therefore, does an auction firm's general market savvy really have anything to do with the selling of a prominent collection at auction? >>



These firms are all fine, although Superior is certainly not as good as when Ira and Larry Goldberg ran it. The problem is when GENERAL auctioneers conduct coin sales. A company called Lone Star Auctioneers, based in my city of Fort Worth, seems to give the low bid to governments for sales involving unclaimed safe deposit box items or IRS seizures.

I have been to a couple of their auctions, and the coins were in seemingly random groups in heat sealed baggies, duct taped to a table during "viewing" so you could not even see the other side of the coin, descriptions sometimes not including grades or mint marks!

RichieURich

I agree with Frank on the government auctions. Around here they take all of the Morgan dollars, package them in pairs, then auction off each pair as a lot. So the average ones are worth around $25, and people who think they're getting a bargain win these lots at $50 to $60. The one lot that has an 1893-S goes for $3,000 and the bargain hunters think that someone else bid way too high! I don't attend these auctions anymore because auctioning a few thousand Morgans this way takes FOREVER.

ebaytrader

<< <i>I agree with Frank on the government auctions. Around here they take all of the Morgan dollars, package them in pairs, then auction off each pair as a lot. So the average ones are worth around $25, and people who think they're getting a bargain win these lots at $50 to $60. The one lot that has an 1893-S goes for $3,000 and the bargain hunters think that someone else bid way too high! I don't attend these auctions anymore because auctioning a few thousand Morgans this way takes FOREVER. >>




They already have already have firm offers from dealers that have examined the lots thoroughly and are looking for suckers at the auction.

Julian

All of the auction houses want to sell coins. With the severe competition that exists, there is little that can be done except to get the consignments and sell the coins.

I have an entirely different philosophy. Most collections have taken years, decades, or even a lifetime to collect. I believe that much care should be taken in the disposition and the marketing of the collection should be well executed.

It takes a sophisticated collector or collector's family to understand this.

Unless you need the money, much more should be considered about the firm and the plan for the collection than the lowest commission.