Teletrade to have no more hidden reserves!
joebb21
Posts: 4,760 ✭✭✭✭✭
So they claim in an email I received from them today
Their new features
"New features include:
• Improved image quality - online photos are now 3x's the resolution of Teletrade's previous images, allowing customers the ability to closely inspect any potential purchase. • Our new image viewer provides users the ability to easily zoom in and out. • No hidden reserves! - all lots now open at one increment below a consignor's reserve or at our opening bid. • Improved track and bid features -you can now add lots to your tracking list in just one click. • Improved search interface - you can now more easily search over 1.3 million past auction results, quickly, and accurately."
Their new features
"New features include:
• Improved image quality - online photos are now 3x's the resolution of Teletrade's previous images, allowing customers the ability to closely inspect any potential purchase. • Our new image viewer provides users the ability to easily zoom in and out. • No hidden reserves! - all lots now open at one increment below a consignor's reserve or at our opening bid. • Improved track and bid features -you can now add lots to your tracking list in just one click. • Improved search interface - you can now more easily search over 1.3 million past auction results, quickly, and accurately."
may the fonz be with you...always...
0
Comments
Regarding the new policy on reserves ... it follows in the footsteps of other auction companies that adopted that approach. It seems to be an important "positive" for bidders so "thumbs up" for Teletrade to take this step. For consignors who use reserves, it might be a negative or it might not be. I remember when Heritage first started revealing reserves (I want to say about seven years ago, give or take). I had consigned a very large consignment to that first auction (filled with board members' coins). There was concern about the "new change" to be sure. It turned out, the change (at least as it pertained to my specific consignment) had virtually no effect, if any at all, on prices realized or my sell through rate. So, we will see.
Wondercoin
<< <i>I saw what a new pic looked like of a coin that was recently showcased here on the forum in another thread as a coin that was not pictured well by Teletrade (and may have failed to sell as a result of the pic it was suggested). The pics were "night and day" which is great news for most folks bidding in their auctions and consigning. Now, for us "old-timers" who have been bidding with Teletrade from their very first auction 25 or 30 years ago (I forget what it was now), we sort of learned how to "interpret" their (average quality) pics over the years, so this change results in guys like that losing a slight advantage in the bidding process (just being honest).
Regarding the new policy on reserves ... it follows in the footsteps of other auction companies that adopted that approach. It seems to be an important "positive" for bidders so "thumbs up" for Teletrade to take this step. For consignors who use reserves, it might be a negative or it might not be. I remember when Heritage first started revealing reserves (I want to say about seven years ago, give or take). I had consigned a very large consignment to that first auction (filled with board members' coins). There was concern about the "new change" to be sure. It turned out, the change (at least as it pertained to my specific consignment) had virtually no effect, if any at all, on prices realized or my sell through rate. So, we will see.
Wondercoin >>
I agree with you...I could cherry pick good coins due to the crappy images and most of the coins already seemed to go for too strong of money so now I probably won't be bidding anymore. I think it's a win for teletrade and it's consignors and I think it's the right thing to do for their business but as a seller myself I have to try to get coins for a bit under fair market value to make a profit and paying top dollar via imporved images would make no sense.
for so long. The pics are just like when I down load it to my compter and enlarge them
but atleast they are still 3 times better than H A 's enhacement.
Now, just lower your fees and I'll be happier, or perhaps put better or more coins on
your Tuesday's auctions that have no buyer's fees.
Hi Syd, if you're reading this.
Now we have high quality photos, word descriptions, CAC stickers, and computer bidding.
I especially like the removal of the hidden reserves - a good move.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
Pros - NONE, except knowing the reserve.
Cons -
1) Harder to navigate
2) Much harder to see close-ups. Before I had my default on close, which came up (both sides) when I clicked on lot. Now it takes another click and you just get 1 side at a time.
3) I really liked teletrade pics before because you got both sides in one pic, which is better in the sets.
4) Before when I clicked on a lot it stayed highlighted so I could always tell which coins I had already looked at.
The old saying applies here. If it's not broke don't fix it!
AAARRRGGGHHH!!!
& a refreshing new look helps too. It was
starting to look a bit stale .
While I was at it, I decided to redeem
some Gold Member points - so, I have
a MS Morgan Dollar in 64 coming to me.
~~~~~~~~~~~~
Coin collecting is not a hobby, it's an obsession !
New Barber Purchases
This is going to make the Cherrying much more competitive... even my Granny can see Doubled Dies now!
This will be a big boon to consignors, who will watch in amazement as their scarce varieties will get bid up leaving them scratching their heads as to why.
<< <i>Teletrade has come a long way since the days of paper auction catalogs and the phone dial in bidding system. >>
Apparently so. I might have to check 'em out. With possibly only one exception in '02 or '03 at the latest, I haven't used 'em since my old pre-Internet call-ins with the paper catalogs.
Some just like change no matter what......baa baa baa...................
but he makes some good points
<< <i>
1) Harder to navigate
>>
I don't really think so. I was able to find all of the same information and use the same "workflow" with the new site.
<< <i>
2) Much harder to see close-ups. Before I had my default on close, which came up (both sides) when I clicked on lot. Now it takes another click and you just get 1 side at a time.
>>
A big problem is when you zoom in to 101% (what, no 100%, surely you must be kidding?) you can't see the entire coin in the box. You have to scroll around and look at parts of the coin. I think the norm is getting to be that people have huge widescreen monitors. even for cavemen coin collectors. Having to scroll around and look at PARTS of a coin instead of seeing the whole thing is ridiculous.
The should switch to using a standard "lightbox" -- thats the control that pops up the picture in a window and lets you go to previous and next images in a series.
<< <i>
3) I really liked teletrade pics before because you got both sides in one pic, which is better in the sets.
>>
Not seeing the front and back at the same time. This doesn't bother me MUCH, but having to click to go the other side and then zoom in and if you need to go back to to zoom again is one of the pain points here. I can see where you'd want to get an idea of the color difference on both sides of the coin, though.
<< <i>
4) Before when I clicked on a lot it stayed highlighted so I could always tell which coins I had already looked at.
>>
I agree and this is a simple style change for them.
on completely brilliant coins without even the slightest trace of contrast.
NO LIMIT???
This true?
Hong kong/Long Beach JUNE Table #838
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Hong kong/Long Beach JUNE Table #838
MACAU
emgworldwide@gmail.com
Cell: 512.808.3197
EMERGING MARKET GROUP
PCGS, NGC, CCE & NCS, CGC, PSA, Auth. Dealer
<< <i>I really like the new changes. It's clean, fast, and logical. >>
I agree. And the new, larger photos are night-and-day better.
NO LIMIT???
This true?"
YEP! I've got the free 1 oz Gold Eagle as my thank you from Teletrade for putting $150,000 on my credit card! If I bought another $150,000 tomorrow they would happily take my credit card and give me another gold coin!! Hey, every 1% helps ... right?
And, a shout out to GreatCollections' auctions as well ... I think they have a nice sized limit of $10,000 (or no limit at all?) I have yet to break the $10,000 mark on an auction over there so all I can say is that my credit card has always been welcome there as well.
Wondercoin
<< <i>I really like the new changes. It's clean, fast, and logical. >>
That said, let me comment on what appears to be the positive aspects of the 2013 changes. For many consignors, the fees may be actually lower as a result of the "qualified consignments" requirement in which Teletrade will accept the opening bid for a coin that is approved for their auction. This will result in no reserves being permitted (and hence no buy-back fees / reserve fees, etc. as many consignors have previously paid to date). In other words, Teletrade will be actively screening consignments and will only approve into their auctions those consignment coins with reasonable opening bids (as determined by Teletrade). This will very likely result in smaller sales in terms of number of lots, but also a significantly increased sell through rate as a result. These changes should please many buyers as I have read here repeatedly how board members hate sifting through all the "over-reserved" coins to find those coins reserved correctly to bid on.
And, no doubt this will be a huge undertaking at Teletrade (i.e. consignment screening, assistance with reserve setting, etc) to deliver on the significantly increased sell through rates (and more costly to Teletrade to provide these services)
Thoughts on this component of the 2013 changes?
Wondercoin
<< <i>I always try to be a "straight-shooter" here on the boards, which is why I clearly pointed out yesterday that I was not a big fan of either the points program being discontinued or the rise in the buyers fee.
That said, let me comment on what appears to be the positive aspects of the 2013 changes. For many consignors, the fees may be actually lower as a result of the "qualified consignments" requirement in which Teletrade will accept the opening bid for a coin that is approved for their auction. This will result in no reserves being permitted (and hence no buy-back fees / reserve fees, etc. as many consignors have previously paid to date). In other words, Teletrade will be actively screening consignments and will only approve into their auctions those consignment coins with reasonable opening bids (as determined by Teletrade). This will very likely result in smaller sales in terms of number of lots, but also a significantly increased sell through rate as a result. These changes should please many buyers as I have read here repeatedly how board members hate sifting through all the "over-reserved" coins to find those coins reserved correctly to bid on.
And, no doubt this will be a huge undertaking at Teletrade (i.e. consignment screening, assistance with reserve setting, etc) to deliver on the significantly increased sell through rates (and more costly to Teletrade to provide these services)
Thoughts on this component of the 2013 changes?
Wondercoin >>
Will they apply the same rules to their "house" coins?
Now, let's not also forget the economic climate we face these days. Just because a coin is reserved at a "reasonable" reserve (even one approved by Teletrade) does not assure that the coin will sell. That is just the simple truth. A board member posted recently that Teletrade had sold roughly 15% of the coins in their sale on a given night (it could have been 12% or 18% I do not recall). Anyway, if this program results in DOUBLE the sell through rate in the first 6 months, that might mean 30% of the lots are selling. All things being considered, that might be a huge success especially in these economic times. The "glass half-empty" crowd might point to the 70% of the coins not selling in such a case. It is certainly fair to do. But, it is a somewhat meaningless without knowing the sell-through rates of all the other weekly coin auction companies to see just how strong or weak Teletrade sales actually are compared to the other venues - right?
Wondercoin
The two coins in question were part of the "Emperor Collection". Are those from a consignor or house coins?
<< <i>Now, for us "old-timers" who have been bidding with Teletrade from their very first auction 25 or 30 years ago (I forget what it was now), we sort of learned how to "interpret" their (average quality) pics over the years, so this change results in guys like that losing a slight advantage in the bidding process (just being honest).
Wondercoin >>
I've only been bidding with them since '98-'99 or so but back then not all of their coins were imaged at all. I remember winning a 43 s walker in NGC 65 with just a description... it said a "small stain" on the reverse. I got it for about $100. It was gorgeous! The small stain was an unobtrusive area of toning. I flipped it to a local dealer for $275 and he got it into a PCGS 66 holder. It wasn't a stretch either, the coin was in an old holder and was obviously a 66.
My icon IS my coin. It is a gem 1949 FBL Franklin.
<< <i>I saw what a new pic looked like of a coin that was recently showcased here on the forum in another thread as a coin that was not pictured well by Teletrade (and may have failed to sell as a result of the pic it was suggested). The pics were "night and day" which is great news for most folks bidding in their auctions and consigning. Now, for us "old-timers" who have been bidding with Teletrade from their very first auction 25 or 30 years ago (I forget what it was now), we sort of learned how to "interpret" their (average quality) pics over the years, so this change results in guys like that losing a slight advantage in the bidding process (just being honest).
Regarding the new policy on reserves ... it follows in the footsteps of other auction companies that adopted that approach. It seems to be an important "positive" for bidders so "thumbs up" for Teletrade to take this step. For consignors who use reserves, it might be a negative or it might not be. I remember when Heritage first started revealing reserves (I want to say about seven years ago, give or take). I had consigned a very large consignment to that first auction (filled with board members' coins). There was concern about the "new change" to be sure. It turned out, the change (at least as it pertained to my specific consignment) had virtually no effect, if any at all, on prices realized or my sell through rate. So, we will see.
Wondercoin >>
Just for you Mitch:
Edit: That was March, 20, 1987.
Now I have prices realized to go with it!
Wait a minute ... they were able to produce and mail actual videos of the sale, have a 10% buyers fee and still make plenty of money back in 1987 on just a 264 lot sale?
Holy moley!
Wondercoin
<< <i>A step in the right direction >>
+1
<< <i>I've got the video for auction #1 buried in a box somewhere.
Now I have prices realized to go with it!
Wait a minute ... they were able to produce and mail actual videos of the sale, have a 10% buyers fee and still make plenty of money back in 1987 on just a 264 lot sale?
Holy moley!
Wondercoin >>
There was a page two, I was just too lazy to scan both.
I remember those videos too. Dumped the VCR's in garage sales about 100 years ago and who knows what happened to the tapes. And until you just bumped that lazy brain cell, I didn't even remember those tapes!
I really enjoy the ephemera (paper trails) of the coins biz and financials/economy in general.
---
Regarding Reserves: Have never listed an auction with a reserve and stopped bidding on reserve auctions years ago. Never saw the logic in using a hidden reserve. Simple communication is usually best.
Just my 2 cents.
Wondercoin
I used to be famous now I just collect coins.
Link to My Registry Set.
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Varieties Are The Spice Of LIFE and Thanks to Those who teach us what to search For.
<< <i>I personally have -0- problem with hidden reserves. In fact, it "evens the playing field". When reserves are revealed, it favors the bidders and puts consignors at a disadvantage. I have countless stories where consignors lost big money by their reserves being revealed to the great benefit of buyers who ran off with their coins for pennies on the dollar or less than fair value. Unfortunately, the auction houses need to reveal the reserves to keep bidders happy these days. These are different times we live in where there are no winners or losers when youngsters play sports and everyone is special. But, I digress.
Just my 2 cents.
Wondercoin >>
I believe that true auctions determine "fair value", so how can buyers be at an advantage over the seller?
I can understand someone setting a reserve to protect themselves from a loss and I don't have a problem with that, as long as it is revealed. If it is too high, I simply won't bid.
However, more often than not, I see reserves being used to snag uninformed bidders.
If Teletrade has reverted back to the days where the opening bid does not reflect the reserve, then I won't be bidding in their auctions.
My original comment goes way beyond this as well. I'll be at FUN all week ... any board member can look for me there and I'd be happy to discuss "coin auctions" with you!
Wondercoin