Major auction reserve question

options26

Quick question - If a coin has a $10000 reserve and the bidding only reaches $9000 but the buyers premium would put it over the reserve, does it sell? My question I guess would be is the buyers premium taken into consideration in determining if a coin meets the reserve? Thanks in advance. Jim

Sunshine Rare Coins

no

MFH

Almost making the reserve doesn't sell the coin.
Regardless if the buyers fees push it over the reserve.

RichieURich

On very rare occasions, "almost" will sell the coin. I've seen this happen. Example: bidding reaches $1,950 on a coin with a $2,000 reserve. The auction house (usu. one of the top people is at the front table) decides to sell the coin and pay the consignor $2,000. The extra $50 comes out of the 15% juice on the lot. The auction house would get $242.50 rather than a buyback fee of $58.50 assuming a 3% buyback fee. Some auction houses will do this, some won't.

garsmith

Only if the seller is willing to accept the lower amount and agrees to the price. It will not sell lower than reserve without the sellers permission.

DrPete

Another possibility would be that after the auction, the auction house contacts the consignor and negotiates a deal to sell the coin to the bidder that didn't reach the reserve. I think this does happen and sometimes it works out for all the parties.