In state auction

logger7

"Charter oak" has been running this auction for many years now. I was talking to another collector at the auction yesterday who was concerned that a new attendee at the auction has been bidding a lot of the raw, especially gold coins way too high. He has "internet" bidders as well as floor bidders, the auction is Fred's full time job. Is there any way to advise new unknowledgeable auction customers they are paying too much?

The auction listings: http://www.charteroakcoinauctions222.wizaweb.com/auction-list-1212016.html

http://www.charteroakcoinauctions222.wizaweb.com/up-to-the-minute-bids.html

coindeuce

Look at lot no. 88. An 1876 Seated Half, described as MS65 toned.

Looks like a chemistry experiment gone bad.

logger7

A friend thought the descriptions to be huge exaggerations, not sure why the guy does that like someone on drugs might do.

CascadeChris

You can but they won't listen. They'll think you're trying to play them and the opposite effect will happen. It will reinforce their belief that how they are bidding is working. Only time and multiple losses will make them come around. All you can do is wait them out. They will either stop coming to the auction all together or start doubting themselves and begin underbidding due to lack of confidence

logger7

It is always possible that "new buyers" are in fact shillers as one dealer friend said. The clue would probably be material that was "sold" being recycled into later auctions.

roadrunner

Fred's been doing those auctions since at least the early 1980's. I used to go to them. You could actually find some good deals back then. Ah, to be young again. I remember getting an old fatty NGC MS68 1958 Roosy dime for $95. Sold it on Teletrade the following month for over $400. Definitely buyer beware, especially on the raw "toners." There are old posts on here about "Charter Oak" if you care to look. No surprises. There's nothing new in the coin business. And this wouldn't be the best place for newbies to learn about coin grading/pricing.

291fifth

Do not get involved. Don't make their problem your problem.

CascadeChris

@logger7 said:
It is always possible that "new buyers" are in fact shillers as one dealer friend said. The clue would probably be material that was "sold" being recycled into later auctions.

Yes that happens at in person auctions too. Its not just an eBay thing. When I find a new auction house I always study it like a hawk and by the 4th or 5th time I have the habits of the auctioneers and steady players down. You'd be surprised at some of the shady stuff that goes on at auctions run by unethical owners. Once you find a good one though with good merchandise and fair bidding its on like donkey Kong

ricko

I find bidding to be fraught with risks anymore.... I have become very selective if I do choose to take part. Mostly now, I will do a 'make an offer' or 'buy it now'...if I participate at all. That being said, I did get a good deal on an ammunition reloader recently.... Cheers, RickO