Home U.S. Coin Forum

Has anyone written a book about auction consigning?

CoinstartledCoinstartled Posts: 10,135 ✭✭✭✭✭

Could be coins or any other collectable. I got medium toasted on a substantial consignment 15 years ago. Was happy to receive hammer, but now I realize the 105% would be more reasonable based on the value.

Negotiating is even more important now with so called buyer fees in the 17.5 to 20% range in coins and further into deep space on other collectables.

Comments

  • WildIdeaWildIdea Posts: 1,872 ✭✭✭✭✭

    An insider guide would be nice. I'd like to know too if one was already written. A chapter at least?

    Reminds me of,,,,,,you don't get what you deserve, you get what you negotiate.

  • CoinstartledCoinstartled Posts: 10,135 ✭✭✭✭✭

    Maybe the undertakers could hand them out.

  • BryceMBryceM Posts: 11,721 ✭✭✭✭✭

    The tricky part, as a collector, is accurately evaluating the strength of your consignment. I’m sure plenty of estimation errors happen here in both directions, but all things being equal, the auction house seems to hold most of the cards.

  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    To Have and Have Not.
    ;)

  • CoinstartledCoinstartled Posts: 10,135 ✭✭✭✭✭

    "The day the fees stood still"

  • lkeigwinlkeigwin Posts: 16,885 ✭✭✭✭✭

    To do better consign through a friendly dealer who already has an established auction house arrangement. I was surprised by the difference.
    Lance.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    I am really surprised at the buyer's fee's now.... really getting high. One can only assume they will rise again in one or two years. Seems there should be an impact on auction business at some point. Cheers, RickO

  • KellenCoinKellenCoin Posts: 1,193 ✭✭✭✭

    It would be nice, but the process of auction consigning and buying changes all the time, so it would be difficult to write a guide that would last long enough to matter.

    YN Member of the ANA, ANS, NBS, EAC, C4, MCA, PNNA, CSNS, ILNA, TEC, and more!
    Always buying numismatic literature and sample slabs.

  • CoinstartledCoinstartled Posts: 10,135 ✭✭✭✭✭

    @KellenCoin said:
    It would be nice, but the process of auction consigning and buying changes all the time, so it would be difficult to write a guide that would last long enough to matter.

    Best advice would be that all aspects are negotiable. I recall Saintguru getting his $20's placed out of sequence in an auction so that they were not lost in the waning hours when the high denoms generally are sold.

    Certainly that is an unusual case with a major consignment, but stuff like over hammer percentages and discounted or fee free reserves are on the table, no matter what the fee structure is.

  • DentuckDentuck Posts: 3,812 ✭✭✭

    Take a look at the Expert's Guide to Collecting and Investing in Rare Coins (Bowers) and Pleasure and Profit: 100 Lessons for Building and Selling a Collection of Rare Coins (Shippee).


  • 291fifth291fifth Posts: 23,896 ✭✭✭✭✭

    Unless you are a MAJOR consignor of important material you are at the mercy of the auction house.

    All glory is fleeting.
  • CoinstartledCoinstartled Posts: 10,135 ✭✭✭✭✭

    @291fifth said:
    Unless you are a MAJOR consignor of important material you are at the mercy of the auction house.

    I believe that at least overcoming the sellers fee is readily negotiable with a less than major consignment.

  • RegistryCoinRegistryCoin Posts: 5,111 ✭✭✭✭

    @lkeigwin said:
    To do better consign through a friendly dealer who already has an established auction house arrangement. I was surprised by the difference.
    Lance.

    Good advice.

  • RogerBRogerB Posts: 8,852 ✭✭✭✭✭

    Blatantly helpful post by Dentuck! :)

  • 291fifth291fifth Posts: 23,896 ✭✭✭✭✭

    @Coinstartled said:

    @291fifth said:
    Unless you are a MAJOR consignor of important material you are at the mercy of the auction house.

    I believe that at least overcoming the sellers fee is readily negotiable with a less than major consignment.

    Have you actually done this?

    All glory is fleeting.
  • DentuckDentuck Posts: 3,812 ✭✭✭

    @RogerB said:
    Blatantly helpful post by Dentuck! :)

    LOL!!! Half informative, half carnival-barker.

  • jmlanzafjmlanzaf Posts: 31,611 ✭✭✭✭✭

    @291fifth said:
    Unless you are a MAJOR consignor of important material you are at the mercy of the auction house.

    I am NOT a major consignor of anything. I send about 1 coin per YEAR to Heritage. I ask for zero percent and they give it to me every time. Now, it's a $5000 coin, but that's kind of the minimum for a consignment anyway. It is far easier to negotiate the seller fee than you think.

    A dealer friend of mine sends about $50k-$100k per year to Heritage. Sometimes more. Generally pretty routine stuff. He gets 103% of hammer as his standard rate.

  • jmlanzafjmlanzaf Posts: 31,611 ✭✭✭✭✭

    @291fifth said:

    @Coinstartled said:

    @291fifth said:
    Unless you are a MAJOR consignor of important material you are at the mercy of the auction house.

    I believe that at least overcoming the sellers fee is readily negotiable with a less than major consignment.

    Have you actually done this?

    I have. See my other post.

  • 291fifth291fifth Posts: 23,896 ✭✭✭✭✭

    @jmlanzaf said:

    @291fifth said:
    Unless you are a MAJOR consignor of important material you are at the mercy of the auction house.

    I am NOT a major consignor of anything. I send about 1 coin per YEAR to Heritage. I ask for zero percent and they give it to me every time. Now, it's a $5000 coin, but that's kind of the minimum for a consignment anyway. It is far easier to negotiate the seller fee than you think.

    A dealer friend of mine sends about $50k-$100k per year to Heritage. Sometimes more. Generally pretty routine stuff. He gets 103% of hammer as his standard rate.

    This is good information to know. The current (high) level of buyer's fees probably make it much more possible.

    All glory is fleeting.
  • jmlanzafjmlanzaf Posts: 31,611 ✭✭✭✭✭

    @291fifth said:

    @jmlanzaf said:

    @291fifth said:
    Unless you are a MAJOR consignor of important material you are at the mercy of the auction house.

    I am NOT a major consignor of anything. I send about 1 coin per YEAR to Heritage. I ask for zero percent and they give it to me every time. Now, it's a $5000 coin, but that's kind of the minimum for a consignment anyway. It is far easier to negotiate the seller fee than you think.

    A dealer friend of mine sends about $50k-$100k per year to Heritage. Sometimes more. Generally pretty routine stuff. He gets 103% of hammer as his standard rate.

    This is good information to know. The current (high) level of buyer's fees probably make it much more possible.

    Yes, that's why they raised the fees. For small consignments, it is usually best to consign through a trusted dealer friend who gets the better rate.

  • CoinstartledCoinstartled Posts: 10,135 ✭✭✭✭✭

    @291fifth said:

    @Coinstartled said:

    @291fifth said:
    Unless you are a MAJOR consignor of important material you are at the mercy of the auction house.

    I believe that at least overcoming the sellers fee is readily negotiable with a less than major consignment.

    Have you actually done this?

    Yes.

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭

    @jmlanzaf said:

    A dealer friend of mine sends about $50k-$100k per year to Heritage. Sometimes more. Generally pretty routine stuff. He gets 103% of hammer as his standard rate.

    For a pile of 50-150 coins/stuff that might be a good rate. But for better material averaging $3K-$20K per lot, netting out at 85.8% (ie 103/120) doesn't seem good to me.....unless he's piece-mealing that consignment through numerous auctions. For a single auction consignment at $50-$100K I would hope one could still get 108+% of hammer which nets out at 90% to consignor.

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • jmlanzafjmlanzaf Posts: 31,611 ✭✭✭✭✭

    @roadrunner said:

    @jmlanzaf said:

    A dealer friend of mine sends about $50k-$100k per year to Heritage. Sometimes more. Generally pretty routine stuff. He gets 103% of hammer as his standard rate.

    For a pile of 50-150 coins/stuff that might be a good rate. But for better material averaging $3K-$20K per lot, netting out at 85.8% (ie 103/120) doesn't seem good to me.....unless he's piece-mealing that consignment through numerous auctions. For a single auction consignment at $50-$100K I would hope one could still get 108+% of hammer which nets out at 90% to consignor.

    You made up all those numbers. If he sends them a pile of ms65 ASE he gets 103. That's his automatic standard rate. Of course he gets 120% for an 1804 dollar

  • DollarAfterDollarDollarAfterDollar Posts: 3,214 ✭✭✭✭✭

    I agree with those above who stated that consigning through a Dealer who has an established relationship with an auction house that provides him with (as an example 103% of hammer) is a great point. The trick there is to limit the Dealers cut so that he doesn't eat into your check so much that you sold the coin for fun.

    I think there's something also to be said for research. There are any number of auction houses across America that can maximize your sales price on coins that are say $1,000 or less. Others excel at selling coins at $400 or less and still others who sell collector coins of $100 or less at 150% of bid all the time.

    You need to shop around. If you're not in the 1% why would Heritage ever get your stuff with their steep fees?

    If you do what you always did, you get what you always got.
  • jmlanzafjmlanzaf Posts: 31,611 ✭✭✭✭✭

    @DollarAfterDollar said:

    You need to shop around. If you're not in the 1% why would Heritage ever get your stuff with their steep fees?

    Heritage is NOT steep. That is pretty much the market. Even the local auction houses around here are at a cumulative 30% (20/10 or 10/20 buyer/seller). There are a few discount houses, but you often get what you pay for.

    I will agree with you that placement depends on what the specific items are. Some things are better off on eBay, others better at Stacks, others better at Heritage, etc.

  • savitalesavitale Posts: 1,406 ✭✭✭✭✭

    @DollarAfterDollar said:
    and still others who sell collector coins of $100 or less at 150% of bid all the time.

    Who are these ones? I've got a stack of sub $100 coins I'd be happy to get 150% of bid for.

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Emoji
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file