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earlyAurum
Posts: 750 ✭✭✭✭✭
I think that this is a very good article from Legend. I especially like the part about when selling. This really helps out us non-insiders understand the market much better.
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Sounds like a busy semi-retirement! Love the dedication!
Great article!
Excellent article
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
This is actually a terrific article.
In honor of the memory of Cpl. Michael E. Thompson
One of Laura's best. I liked it because it was straight to the point and not a "pathos" driven argument.
siliconvalleycoins.com
Do NOT share your information with others unless you are working with someone. I have seen countless buyers get “juiced” by not only dealers, but fellow collectors. Share your prize AFTER you buy it. ALWAYS do what YOU must-not what others want you too.
Great info. TRULY great.
Excellent advice.
Here's a warning parable for coin collectors...
Sounds like shes just trying to fluff up her own dreck company. No thanks, next.
Well, duh on that one Captain Obvious...
Why.... the HUSSY !!!!
Ah, I was wondering when the trolls would arrive.
Andrew Blinkiewicz-Heritage
On higher end stuff I try to get a sharp opinion from a local dealer. He has serious collectors pay him to review potential purchases as to how they are for grade, eye appeal, and price. If I were buying high end material I would have someone like him to do some work to do objective analysis. But even he makes mistakes. "In the multitude of counselors there is safety".
NOTE: if you are selling coins valued at LESS then $5,000.00, its senseless to reserve them-unless they are problem coins .....................Really ?
A short article chock full of great advice derived from years of experience.
Well done.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
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"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
"One thing I do-if I am price sensitive, I bid earlier so I hit my final increment."
what exactly does this mean?
Great article...thanks for sharing!!!
It means that if you’re not gonna stretch a bid or even a cut bid then your odds of winning go up if you’re on the increment. And the way to make sure you’re on the increment is to not wait until the end to bid your max
If you previously did not know info in the article..... and have sold coins ..... LoL
If or when the bid reaches what would be your max limit, you want the bid to be yours and not someone else's.
It's painful when someone else wins at what would be your max bid just because you were off cycle.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
I don’t think it is unethical for buyers and friends to talk “collude” to avoid running each other up. You win some, you lose some but the friendship should persevere.
It is annoying to consistently bid up a buddy and be his or he your underbidder. It undercuts the friendship sometimes. That is more important to me to avoid than tip toeing to maximizing monies to consigners. It’s a small world in small niches
11.5$ Southern Dollars, The little “Big Easy” set
Actually, yes - it is unethical. Common, but unethical
If you are a consignor, you do not want to hear about collusion-buddies or no buddies.
A thought provoking article. Thanks for posting for those of us who may not have seen it otherwise.
it's crackers to slip a rozzer the dropsy in snide
I disagree and you guys are throwing too large a net with the definition of “collusion”. Legal and ethical are not always synonymous. I don’t think maximizing transaction levels has the strangle hold on defining ethics even if you were right.
Interpersonal obligations far and away outweigh any of that. Buyers don’t have an ethical or legal obligation to go into establishments blind and mute to their competition. Just as Statue of Liberty bidding is legit (trying to scare people form bidding), Talking people out of participating or bowing out to help a buddy is 100% legal despite what auction house would like people to think. Price fixing or bidding up or down to influence do have legal shortfalls.
If joe see a coin we both need for our sets and is planning on bidding and I want it but I want joe to have it more. I just won’t bid. There isn’t one thing unethical about that. And isn’t even close to collusion. I am not colluding by missing out on a coin. I gained no advantage
Collusion would be is party A,B and C are all at an auction actively bidding and see something is going cheap and agree not to bid against each other so C can win it cheap. C wins it cheap and splits the profit with A & B. That’s collusion.
One could also argue dealers might have communication limits as their relationship to the situation is mostly financial.
11.5$ Southern Dollars, The little “Big Easy” set
To sharpen that point a little more, it helps to bid early when YOU are very price sensitive AND the market is very price sensitive. (If the market is well-defined, the coin is not likely to sell below your bid, and you won't want to stretch.) The best examples are bullion-related and other generics, but there are many other coins with well-defined market prices.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Could a dealer that you might hire as an agent, where the dealer would otherwise be a competitor for the coin, be considered collusion? I would guess that at least half of the bidders at auction are dealers. Look at all of the auction results where you can "make offer to owner". I have been underbidder many times to dealers who listed the coin as "make offer".
But collusion can also be interpreted as between a dealer and a collector, and not just between collectors.
OINK
Saw this - and read it - in another post further up the page.... I have saved it for another review. I like Laura's show reviews. Cheers, RickO
What is the precise and unambiguous definition of "widget"?
Anything , and everything I own or touch, which isn't schlock or dreck.
``https://ebay.us/m/KxolR5
A totally replaceable coin. Average for the grade and findable on the bourse floor in minutes
I've noticed that, too.
I'd sure like to know how successful the "Buy it from owner" offers are.
I don't think I ....ever....made such markups on coins in my shop.
Some are absolutely ridiculous.
shocking
On selling:
Do not think you know the market better then the auction house. Consult with them (this is why you need to work with a dealer) about the timing on when your coins should be sold (example: I won’t hold a major auction in April).
Why is April a bad month to sell?
Taxes due
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
April 15 tax time. Both collectors and dealers have money due at this time and the historical tendency is to sell to raise cash.
Doesn't help prices for coins...
Straight-up talk and cogent well-grounded advice from someone who knows.
Thanks. So April means cash starved due to tax obligations. Is there a best month? Possibly October (6 months later).
Timing when to sell is not easy. Currently anyone who has coins in any March Sale should do well. There are no coins around today (which is when u sell). May looks good too-but who knows how the market will be beyond June? Selling at a major show even like ANA is now no promise of doing well (because of the shows clear decline). There is no more magic good specific months to sell.
I wonder if an early, well-considered, terminal (one and done) bid on a coin with such a well-defined market might feel like it's been 'walked' up to that bid? Contrasting this with Laura's comment re: which did strike close to home:
**As far as how to actually bid, the best is always to wait. There are a few Internet Only Auctions I am highly suspect of shilling by their buddies. **
Several time I've bid days early on auctions, then watch it live and watch it get walked up to my bid then I've had 3 scenarios happen:
1. I get outbid and "magically" that bid is removed and I win the lot.
2. I get outbid and "magically" that bid is removed, I become the higher bidder again, they wait until "going twice" and then outbid me again. Somehow trying to bait me into a chase. There are no other bidders.
3. The low starting bid immediately gaps to my bid and then usually get outbid from there.
Some of these are hidden reserves but most are shill tactics. #2 is especially lame.
I question the theory that collectors are low on cash in April because of income taxes. If you owe more than $1,000, through withholding or quarterly estimated payments you need to have paid 90% of what you owe or 110% of last year's amount due. Individuals can certainly owe some money April 15th, but it really shouldn't be that significant except in unusual circumstances. And those who have salary withheld, often get a tax refund.
because of taxes, wealthy collectors simply do not feel like spending during april. happens every year and sometimes quarterly.
ditto two weeks ago when the stock market melted-they froze, but now they are back spending
timing is everything
Thanks - that sounds like a pretty useful definition. I admit that I bought quite a few widgets recently just to fill holes in my type set. Now if I could just find some draped bust $2.50 gold widgets!