Do auction firms have an obligation to inform consigners if there will be rarity redundancies in an
Longacre
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I was looking at another thread in which a very prestigious board member made the following observation:
"There are no less than FIVE 1792 Half Dismes coming to auction with Heritage during the January FUN show. Ranging in grade from VF20 to MS63. Ranging in appearance from original soft silvery to multi color toned. Coins in both PCGS and NGC plastic for collectors of either persuasion."
Does anyone know if the auction firms have an obligation to tell a consignor that there is going to be a rarity redundancy in the auction they are consigning to? If I had a 1792 half disme, I would want it to be the showpiece of the auction, and not sharing the moment in the sun with four others.
Do the auction firms let you know if your rarity will be surround by four or more of the same rarities in the sale you consign to? Assuming this fact affects prices, shouldn't the consignor know?
"There are no less than FIVE 1792 Half Dismes coming to auction with Heritage during the January FUN show. Ranging in grade from VF20 to MS63. Ranging in appearance from original soft silvery to multi color toned. Coins in both PCGS and NGC plastic for collectors of either persuasion."
Does anyone know if the auction firms have an obligation to tell a consignor that there is going to be a rarity redundancy in the auction they are consigning to? If I had a 1792 half disme, I would want it to be the showpiece of the auction, and not sharing the moment in the sun with four others.
Do the auction firms let you know if your rarity will be surround by four or more of the same rarities in the sale you consign to? Assuming this fact affects prices, shouldn't the consignor know?
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
0
Comments
My #1 Low Ball Peace Dollar Set
<< <i>Does anyone know if the auction firms have an obligation to tell a consignor that there is going to be a rarity redundancy in the auction they are consigning to? >>
Are they technically obligated? I don't think so but I sure as heck would hope that they would have the knowledge, awareness and honesty to do exactly that. Not doing that hurts not only the consignor but the auction house as well. If they have multiple rarities for sale at the same time and the coins bring lower prices then the auction house profit will be smaller. To me, it makes financial sense for everyone (except the bidder) to space these coins out over time.
This is the problem I think about when I hear of people collecting the same key date or rarity in multiples. Say you had a roll of 1815 Half Dollars and you passed away. If your family put them all on the market at the same time and same venue you'd likely not realize as high a per coin price than you would if the sales had been spaced out over time and spread out to different retailers. A collection of 20 1815 Half Dollars would take much longer to sell for maximum profit than a collection of 20 outstanding (and possibly even rare) but not duplicate Bust Half Dollars.
Half Disme's in the FUN Auction, but used that to convince them
that the coins will bring MORE, because of the interested level
created by having such a run of classic American numismatic coins
in the auction.
Two years ago, they auctioned Two Brasher Doubloons (and a
third related piece, I believe), also at their FUN Platinum Auction.
They brought Record Prices........
Just like the Redfield Hoard of Dollars, and other examples, sometimes
having more than one specific rare coin in an auction brings more bidders
to the forefront, and in many cases, stronger prices. Heritage does this
on a fairly regular basis, and from what I see, are very successful in this
method.
Just my view......