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Best U.S. Auctions for Consignors
RevDrBlimber
Posts: 391
I am looking for feedback on this issue.
My experience is that Teletrade, while collector-friendly and historically one of the best-established systems for certified coins, may not be the best for coins under $20K. "Great Collections" started up last year and has some advantages with a 10% buyer premium and faster turn-around time for payments to consignors. They both have similar raw coin submission options, though Great Collections is faster in my experience.
The big companies remain the standard for high value coins, such as Heritage's "signature" auctions.
An essential with all of these auctions is placing your reserve! If you think the auction company will treat you better if you place no reserve, think again, you simply must do it! Without reserves, in my experience, your coins will go way too cheap.
My experience is that Teletrade, while collector-friendly and historically one of the best-established systems for certified coins, may not be the best for coins under $20K. "Great Collections" started up last year and has some advantages with a 10% buyer premium and faster turn-around time for payments to consignors. They both have similar raw coin submission options, though Great Collections is faster in my experience.
The big companies remain the standard for high value coins, such as Heritage's "signature" auctions.
An essential with all of these auctions is placing your reserve! If you think the auction company will treat you better if you place no reserve, think again, you simply must do it! Without reserves, in my experience, your coins will go way too cheap.
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I always consign with them, & Ian Russell does a fabulous job taking great pics, and listing the coins quickly. They also charge a low seller fee of 5% for coins that sell less than $1K, & NO fees for coins over $1K. Listing fees are dirt cheap... $1 to $2, and sometimes FREE per coin. They will also take in any slabbed coins of any value you give them, whether you send them 1, or more (never picky & hassle free). You also have the options to maintain any reserve on your consignments, so there is no "bloodbath". If your coins don't sell, they will re-list them many times over for FREE, till it sells. Payout is very quick, about 2 weeks after auction ends. Hope this helps...
Work with a highly reputable specialty dealer in the area of numismatics you are thinking about selling the coins from. This accomplishes many things:
1. The specialy dealer can often consign the coins for a much better deal than one can as a typical collector sending coins to an auction house. So, the coins might reach the auction house any way, but the collector can often do better (either with the rate or terms, or both). And, I am not talking about just 1% or 2% here ... it can be much higher.
2. The specialty dealer might make an offer for the coins that will yield the collector as much, if not more, money than if the coins went to auction and the collector can get paid on the spot for the coins. I personally buy coins all the time at auction (including BP) for less money at auction than I pay outright for the same coins on quotes to collectors ... in fact, I try very hard not to pay more.
If, for whatever reason, one does not want to do this ... then both Teletrade and GC (mentioned by the OP) are fine places to go with many coins (especially under $20k as per the OP) in my opinion.
Wondercoin
<< <i>Greatcollections all the way !!!
I always consign with them, & Ian Russell does a fabulous job taking great pics, and listing the coins quickly. They also charge a low seller fee of 5% for coins that sell less than $1K, & NO fees for coins over $1K. Listing fees are dirt cheap... $1 to $2, and sometimes FREE per coin. They will also take in any slabbed coins of any value you give them, whether you send them 1, or more (never picky & hassle free). You also have the options to maintain any reserve on your consignments, so there is no "bloodbath". If your coins don't sell, they will re-list them many times over for FREE, till it sells. Payout is very quick, about 2 weeks after auction ends. Hope this helps...
Yes Indeed! Great Collections maybe the new guys around but they get the job done.
I am really happy using them and just real easy to work with. Contact Ian and give them
a try and see what I talking about.
<< <i>The caveat I would indicate is reserve, reserve, reserve! I have had coins sell at Bluesheet prices at both Teletrade and Great Collections. >>
In some cases, Bluesheet may accurately reflect the "retail" market value of a coin. Reserves are fine when
you are in no hurry to sell a coin. But it can backfire if buyers see it sitting on a particular site for weeks or
months, and you may end up getting less if you then decide to just auction it sans reserve.
<< <i>No reserves may work with high demand or rare coins; but in common high-end, or CAC certified coins you may not get competitive action--I know, it has happened to me. >>
It is unrealistic to expect to get top dollar for common widgets that can be found almost anywhere at anytime, esp. in auction venues that may have several of each in every auction. OTOH it is unwise to sell high end or spendy coins in auction venues that are unlikely to attract the kind of buyer you need.
I sent 21 lots to Great Collections. I set the reserves at less than I paid. So far I sold 14 lots. Made a little on 8 lots, lost some on 6 lots. I am happy to get near what i have paid for them. No hassle. Seems to work so far for me. Have 7 more lots going this week. Wish me luck.
In God We Trust.... all others pay in Gold and Silver!
<< <i>Well, with the three auction option at both Teletrade and GC, you should place a reserve at a level where you are not losing money. I do not submit coins to auctions to lose money, to make friends with the auctioneers, or to make the buyer happy. By placing a reserve at a level you are satisfied with, the buyer can determine if he/she likes your gemmy coin at that price point. Without a reserve, it could sell for 50% of fair market value. Now both Teletrade and GC have no hidden reserves. If there is only one person bidding on your coin, it may not sell for anywhere near reasonable pricing. As I said before, I know collectors who were nearly heart-broken after weak auction results on their coins. Auctioneers do not want you to place strong reserves because they make money on sales as well as bidding on your coins they have examined for profit to them elsewhere at certain levels. They have industry information that most serious collectors do not have. I remember an 1852-O $20 Liberty graded PCGS AU58 that was absolutely the best nearly UNC coin like that which I had ever seen. The guy at Goldbergs said it would do a lot better without a reserve, but it sold a lot less than fair market value! Place your reserves, folks! >>
I recall one nice toned Morgan at TT bid up over $900 sans the juice. Did not sell. It sold after the third listing for about half of that. I have picked up some nice stuff [at least to me] on the third listing. You just never know. I have put up stuff with no reserve and just let R go and been disappointed.
<< <i> The guy at Goldbergs said it would do a lot better without a reserve, but it sold a lot less than fair market value! Place your reserves, folks! >>
So do you suppose Goldberg bought it?
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