Anyone Miss the Monday & Wednesday Auction of Teletrade?

braddick

I used to like to browse the listings of these dates and now that Teletrade runs only once a week, sort of miss the adventure of seeking something cool.
Anyone else or is this once a week format working out for you?

LindeDad

Not really as I seemed to never find much in those auctions.
Did get their email today letting me know they had a auction during the game this weekend.

LanceNewmanOCC

.
not me at all. i am loyal to the coin shows within 2 hours driving distance in all directions
.

Unknown

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DIMEMAN

I can't say YES loud enough!!!!

This new format sucks BIG time!!!!!

JeffersonFrog

...

braddick

It used to be I was able to check out future auctions and now it appears the only auction for viewing is the current running one.
(Plus, why are prices close to retail on some coins so early on?)

djm

Yes, I miss the Monday, Tuesday and Wednesday auctions at Teletrade.

illini420

Teletrade has now turned into Great Collection with about double the fees...

vibr0nic

Not really, no. And I used to check them regularly, too.

CoinZip

<< <i>Teletrade has now turned into Great Collection with about double the fees... >>

georgiacop50

yes-

C0inCollect0r

I've been a regular customer of Teletrade for the past few years but am finding myself checking their auctions less and less frequently nowadays ... I think this recent change to 1 auction per week, coupled with the fact that the majority of the lots start at retail prices, could take a serious toll on Teletrade's roll in the market over the next year or two. I know of many collectors who have similar feelings...I guess we'll see.

pocketpiececommems

I too liked to check out future auctions. Some of these catagories have a lot to wade through.

NotSure

<< <i>(Plus, why are prices close to retail on some coins so early on?) >>



0% buyback fee....

Manorcourtman

I miss them also. It seems they are determined to self implode these days. I don't even surf them anymore.......

illini420

<< <i>

<< <i>Teletrade has now turned into Great Collection with about double the fees... >>



>>



That's just the sellers' fees... they wouldn't be able to run that ad regarding their buyers' fees which ultimately come out of the sellers' pockets.


In any event, I liked having several auctions to check out during the week. Was always able to keep busy looking at coins, even though many were the same coins over and over, and was sometimes able to get a deal on something. But now that it's only once a week, way more attention is put onto the Sunday auction and I expect the deals to be much harder to find.

wondercoin

"Teletrade has now turned into Great Collection with about double the fees..."

Actually, for coins selling under $150 or thereabouts, I believe Teletrade now has less fees than GC. Above that to the $1,000 limit the structure is very close ... I think GC is 2% less. Since the vast majority of the coins sell for less than $1,000, that statement is toally misleading (and false).

Wondercoin

yellowjacket

Most of the coins I tag to watch, end up "unsold" because of the unrealistic reserves.

Garrow

smokincoin

<< <i>Yes, I miss the Monday, Tuesday and Wednesday auctions at Teletrade. >>


A very polite way to put it.

illini420

<< <i>"Teletrade has now turned into Great Collection with about double the fees..."

Actually, for coins selling under $150 or thereabouts, I believe Teletrade now has less fees than GC. Above that to the $1,000 limit the structure is very close ... I think GC is 2% less. Since the vast majority of the coins sell for less than $1,000, that statement is toally misleading (and false).

Wondercoin >>




My apologies if I'm way off on my earlier statement, not trying to be misleading. I was basing my comment off of the buyer's premiums charged (which ultimately are fees to the seller). 10% on GC and 17.5% at TT on all lots sold.

wondercoin

No problem ... the difference is the fees charged to the seller at GC vs. -0- seller fees at Teletrade. Fees are fees - right?

Wondercoin

Kove

<< <i>"Teletrade has now turned into Great Collection with about double the fees..."

Actually, for coins selling under $150 or thereabouts, I believe Teletrade now has less fees than GC. Above that to the $1,000 limit the structure is very close ... I think GC is 2% less. Since the vast majority of the coins sell for less than $1,000, that statement is toally misleading (and false).

Wondercoin >>



This is true up to a point, but ignores reserves, which are on almost every lot.

A coin that is reserved at $300 at both places will cost the buyer $330 at GreatCollections, and $352.50 at Teletrade. With reserves, the buyer's fee actually comes out of the buyer's pocket. A buyer will either go without the coin, or they will end up paying more at Teletrade.

wondercoin

Kove. Your comment misses the reality of the situation. I have a coin that I need $300 clear. I will reserve that coin (or allow the opening bid) at whatever level nets me that $300. If I pay sellers' fees at one auction house my opening bid will be higher to address those sellers fees. If I pay no sellers' fees, my opening bid will be lower. If I get a portion of the buyers' fee returned to me as the seller, my opening bid will even be lower than that.

There's no Santa Claus in the coin biz ... heck one auction company has -0- buyers fee out there right now. Yet, no one is mentioning how Teletrade, Heritage and GC are all bad places to buy coins because one venue has -0- buyers' fees and all the other venues charge buyers fees. Why is that ... again, because there is no Santa Claus. Virtually no one wants to actually take the time to compare what a coin costs at all the different venues. Nearly everyone is simply hung up on numbers that mean nothing in the vacuum they are being tossed around in.

As always, just my 2 cents.

Wondercoin

leothelyon

<< <i>

<< <i>"Teletrade has now turned into Great Collection with about double the fees..."

Actually, for coins selling under $150 or thereabouts, I believe Teletrade now has less fees than GC. Above that to the $1,000 limit the structure is very close ... I think GC is 2% less. Since the vast majority of the coins sell for less than $1,000, that statement is toally misleading (and false).

Wondercoin >>



This is true up to a point, but ignores reserves, which are on almost every lot.

A coin that is reserved at $300 at both places will cost the buyer $330 at GreatCollections, and $352.50 at Teletrade. With reserves, the buyer's fee actually comes out of the buyer's pocket. A buyer will either go without the coin, or they will end up paying more at Teletrade. >>



But at GC, when I click on the slab, it gets bigger. Click on it again, the slab gets even bigger and I still can't see the coin enough to make head or tails about it. And I'm certainly not going to run up a tab with the PO to get a closer look at GC coins. I know what a PCGs or NGC slab looks like. I don't need a bigger picture of the slab. Heritage is famous for their humongous slab pics but at least the coins are gradable.

But as far as Teletrade's one week matinee', I was thinking there might be 3X's the coins. Maybe the consigners and TT are still trying to work some wrinkles with the reserves. Personally, I like to see auctions ending at anytime during the week. Bidders could enter their horses and starting times. Once they got a field of 12 bidders, the gun would sound and bidding would commence. once bidding comes to a stop, the hammer comes down, Sold!

smokincoin

<< <i>Most of the coins I tag to watch, end up "unsold" because of the unrealistic reserves.

Garrow >>

Unknown

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1tommy

<< <i>Yes, I miss the Monday, Tuesday and Wednesday auctions at Teletrade. >>

Enjoy

ElmerFusterpuck

I actually found something in the last one, I'll post the coin when I get it.

Cameonut

I prefer the once per week auction format at TT. For me it is easier to browse the listings and there is only one auction to worry about each week.

And - less emails reminding me that I am tracking a lot at an upcoming auction.

golden

I was checking the listings every day, but have not bought anything in over 2 years.

Coinerww2

I think there are pros and cons to this new format. I know in the past that there were sometimes when I was busy with work and didn't get to look at Teletrade auctions during their opening bidding window and might have missed out on a few coins. Now we have a whole week to preview them and set a bid based on the opening bid. I think the main problem with consigning to auctions is that the seller gets to determine the reserve. That means that if they are buried in the coin they want to break even and are sometimes willing to wait a long time to sell the coin. Collectors are not like dealers and usually don't need to have cash flow. Seeing so many coins with reserve bids at retail makes me not interested in browsing the auction. If reserves were allowed at 50-80% of retail then I would be much more inclined to be involved because at the beginning of the auction I would be thinking I get a bargain. If sufficient bidders are interested then that tells me that there are others out there willing to bid (and buy) just one increment below me. I really like HA because each auction is mostly new material. If I had to guess, I would say at least 75% of the material they offer has not been offered at auction in the last year and the remainder is from flippers/regrades/other venues/etc. However at Teletrade, GC, eBay, etc. I see the same material listed for months. Teletrade recently changed their policy on this so I can't say that the same is still accurate with Teletrade but I'm considering Teletrade as a new company since it's been so vastly different. Legend-Morphy is a new auction house that I think had a great start and I'm really pleased with the quality of coins in their auction. Maybe it's time for smaller auction houses to also try to specialize in some manner. I would equate Legend-Morphy to the signature auction/Plat night type deal that HA offer. HA then has like a 'dreck' auction that's online only after (forgive the terminology, I don't mean poor quality just bargain bin as noted in the BST or whatever).

Branchmint

I used to buy from Teletrade almost every week for at least 10 years. 90% of my purchases were in the Sunday auction. The other 10% were in the Monday sale. I don't recall ever picking up anything in the Wednesday auction, as those sales tended to have high reserves. It just smelled different than the other two auctions.

I don't care for the weekly format at all - mainly because once I look over the lots (and scoff at most of the starting bids), they are off my radar for another week. Lately, it seems that Teletrade has become less of an auction and more of a retail tag sale. I think they are making it too easy for sellers to put on reserves and let the coins ride for weeks on end. It looks like they have a very low sell-through rate. And what is the deal on all of those Philippine coins? We'll be seeing those for months at the rate they are selling.

There are a lot of other auctions out there (Legend, Heritage, Proxibid, etc.), but Teletrade was one of my favorites and it's sad to see them go downhill like this.

Dave99B

I preferred the old format as well....more action. I enjoyed looking ahead a few weeks, to see what was coming down the line. I spent much more time on their site as a result. That said, I have been buying less from them the last 5 years. I'm seeing less and less material that is in my 'sweet spot'.

Not sure this new format will work. That concerns me, because I always liked TT. I wish them well. They are good people!

Dave