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Auction sellers getting greedy with reserves!

SierraSierra Posts: 38
in U.S. Coin Forum
I just noticed a seemingly nice Saint 1924 MS67 in a current auction and I attempted to bid on it. The coin is nice, not quite PQ but a solid 67. The current bid when I started was around $8,000 before the 15% buyers premium which put the coin at $9,200. No big deal, I liked what I saw in the coin and clicked on the bid button. Sorry you have been outbid. No problem, I decided I could go higher so I bid again and I was outbid again. And finally one more attempt but it wasn't high enough still at well over $10,000. I called the Auctioneers this morning and they said that the seller slapped a reserve of $11,000 on this lot. That's $12,650 for a potential buyer. I won't be writing a check in this case but the seller likely will. A $1,100 check. Does it pay off to be this greedy?

Comments

  • SeattleSlammerSeattleSlammer Posts: 10,023 ✭✭✭✭✭
    Why is it greedy for the seller to ask for 11k? It's his/her coin.


  • sinin1sinin1 Posts: 7,500 ✭
    you will know if item sells

    high reserves just need 1 bidder


    low/no reserves need 2
  • SierraSierra Posts: 38
    Because when the coin does not sell he/she will have to pay a buy back fee to the auction house. In this case it will be $1,100.
  • SeattleSlammerSeattleSlammer Posts: 10,023 ✭✭✭✭✭
    I understand the buy back. But I think it makes him more optimistic than greedy. Maybe he thinks it is PQ for the grade.
  • 19Lyds19Lyds Posts: 26,491 ✭✭✭✭
    Actually, I do not think its "greedy" to have a reserve on an auction item. Perhaps the coin will sell in subsequent auctions.
    I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.



    The name is LEE!
  • ziggy29ziggy29 Posts: 18,668 ✭✭✭


    << <i>Because when the coin does not sell he/she will have to pay a buy back fee to the auction house. In this case it will be $1,100. >>

    Were you privy to the terms of the consignment?

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,404 ✭✭✭✭✭
    It's a flea market, not an auction no matter what the rental space costs.
  • DennisHDennisH Posts: 13,995 ✭✭✭✭✭
    Same thing happens all the time on eBay with Morgan VAMs that are being sold by dealers who don't have a clue about them.

    The most glaring recent example I saw was an MS62-PCGS 1878 7/8TF Weak VAM 33 -- the most common of all 7/8 varieties and not worth an empty pop bottle of premium. And yet, these widgets sometimes sell for over $100 in this grade in PCGS holders.

    So how much was the opening bid in this particular eBay auction? How does $1,392 sound?
    When in doubt, don't.
  • ColonialCoinUnionColonialCoinUnion Posts: 10,087 ✭✭✭


    << <i>

    << <i>Because when the coin does not sell he/she will have to pay a buy back fee to the auction house. In this case it will be $1,100. >>

    Were you privy to the terms of the consignment? >>



    Ziggy29 beat me to it.

    Larger consignors may pay much reduced buybacks. Or none at all.
    Coin Rarities Online
  • FatManFatMan Posts: 8,977 ✭


    << <i>

    << <i>Because when the coin does not sell he/she will have to pay a buy back fee to the auction house. In this case it will be $1,100. >>

    Were you privy to the terms of the consignment? >>

    Maybe the owner is the auction house.
  • SierraSierra Posts: 38
    Maybe he does think that it is PQ for the grade but is it worth risking $1,100? If the coin is PQ then it will sell for strong money but $12,650 is unrealistic. Historically just one 1924 Saint has sold for more money that I am aware of and well over a dozen have sold for less. Not favorable odds.
  • CoinlearnerCoinlearner Posts: 2,490 ✭✭✭✭
    image Greedy. The best way to cover your back-side. No telling what seller has into coin. I always put a reserve high enough I do not get sellers remorse on sale.......image
  • bestdaybestday Posts: 4,239 ✭✭✭✭


    << <i>I just noticed a seemingly nice Saint 1924 MS67 in a current auction and I attempted to bid on it. The coin is nice, not quite PQ but a solid 67. The current bid when I started was around $8,000 before the 15% buyers premium which put the coin at $9,200. No big deal, I liked what I saw in the coin and clicked on the bid button. Sorry you have been outbid. No problem, I decided I could go higher so I bid again and I was outbid again. And finally one more attempt but it wasn't high enough still at well over $10,000. I called the Auctioneers this morning and they said that the seller slapped a reserve of $11,000 on this lot. That's $12,650 for a potential buyer. I won't be writing a check in this case but the seller likely will. A $1,100 check. Does it pay off to be this greedy? >>



    If the coin reserve is too high and doesn't sell , Heritage still socks it to them with a fee , so, just go to another coin..why bother image
  • mercurynutmercurynut Posts: 3,207
    If the coin dosn't hit the reserve price, doesn't the seller have the option of excepting the high bid and avoid the fee?
  • RussRuss Posts: 48,514 ✭✭✭
    Some consignors are being greedy when they set reserves, but we can't just assume that's the case. It's also possible that the seller paid that much for the coin and is just trying to break even.

    Russ, NCNE
    eBay consignment sales | | Collectibles from Resco CCC
  • SierraSierra Posts: 38


    << <i>Some consignors are being greedy when they set reserves, but we can't just assume that's the case. It's also possible that the seller paid that much for the coin and is just trying to break even.

    Russ, NCNE >>



    Just like the folks that bought houses for $750,000 that are now worth $600,000, if they can even get a qualified buyer. Events change.

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