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Low throughput at Teletrades Halloween sale...
georgiacop50
Posts: 2,909 ✭✭✭✭
I gotta hand it to Teletrade. Their latest promo, with reduced consignor fees and even cash back incentives, was quite successful at garnering a good number of consignments.
However, the state of the market is such that apparently most consignors are unwilling to let their coins go at current levels.
Look at half dollars:
Out of approximately 120 Franklins consigned to the sale, only 43 met their respective reserves.
For Walkers, the rate is even lower, with less than 30% of the lots offered actually receiving bids above the reserves.
However, the state of the market is such that apparently most consignors are unwilling to let their coins go at current levels.
Look at half dollars:
Out of approximately 120 Franklins consigned to the sale, only 43 met their respective reserves.
For Walkers, the rate is even lower, with less than 30% of the lots offered actually receiving bids above the reserves.
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<< <i>I gotta hand it to Teletrade. Their latest promo, with reduced consignor fees and even cash back incentives, was quite successful at garnering a good number of consignments.
However, the state of the market is such that apparently most consignors are unwilling to let their coins go at current levels.
Look at half dollars:
Out of approximately 120 Franklins consigned to the sale, only 43 met their respective reserves.
For Walkers, the rate is even lower, with less than 30% of the lots offered actually receiving bids above the reserves. >>
I've noticed Franklins, gem or higher with the fbl designation, white or colorfully toned (forget the drab/mottled coins) are going for very strong prices. Some of the reserves I'm seeing for really nice specimens are getting ludicrous. The strong prices are even creeping into nice, white ms64fbl coins, but not to the extent of gems. As far as Walkers, short set coins anyway, I've noticed a huge amount of nice, lustrous gems available with a commensurate drop in prices. If one wanted to put a nice gem Walker short set together now, they could do it cheaply and easily with many nice coins out there to choose from. A nice gem FBL Franklin set would be much more difficult.
My icon IS my coin. It is a gem 1949 FBL Franklin.
Absolutely nothing wrong with those sell through rates ... in fact they are pretty darn good, especially for their type of operation (i.e. no hard-copy catalogs, live in-room auction expenses, etc).
I would suspect similar operations would be VERY pleased with those sell-through rates.
Wondercoin
That being said, if those sell through rates are from yesterday, it may have to do with the fact that a huge part of the country has other priorities in mind with Sandy.
<< <i>My 2 cents:
Absolutely nothing wrong with those sell through rates ... in fact they are pretty darn good, especially for their type of operation (i.e. no hard-copy catalogs, live in-room auction expenses, etc).
I would suspect similar operations would be VERY pleased with those sell-through rates.
Wondercoin >>
Another view would be that the low sell through rates discourages buyers from even looking in the first place. If I can guess ahead of time that most of the lots... at least the cool lots... will have unreasonable reserves (+ the unreasonably high BP for what they do), then I may not spend much if any time reviewing the lots before the auction. Sure, I still may take a peek at the sale the day of the auction if I have time and after I can see the reserves posted. But it is unlikely that I'm going to prepare much before hand knowing that a large percentage of that preparation will be a waste of time because of reserves posted so late. I think that hurts the consignors, particularly those who don't have the unreasonably high reserves.
And the last few minutes of bidding is just nuts. I wanted one coin last night, that didn't have a crazy reserve. With about 5 minutes left it was selling with a bid of $1850. I put my max bid in with around 2 minutes left and I bid $2300. Went back to the tracking list and refreshed it a few times to see if I was in the lead and it never updated. As the auction closed, it still showed $1850 in the lead. Then came the waiting as prices were "pending." About 45 minutes later, it showed someone won the coin for $2600 (obviously not me). Not sure why they can't have a system that updates the bidding in real time. If that were the case, I would have known I was outbid... and so would the person who was leading at $1850 before my bid, assuming they were a different bidder than the ultimate winner. It's then possible that either of us may have bid again given the rarity of the coin... oh well. I'll just keep trying to use their crazy system and every now and then I'll maybe win one
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448