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If you knew your Lot would come under the hammer at 2:30 AM.....
ambro51
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To a mere handful of sleepy dealers and no Internet bidders .....do you feel you got your 17 1/2% money's worth in marketing your consignment?
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Also, it may that way to get the western part of the country time too. Especially if it is an internet auction
Were people able to bid on the internet early?
Member, Society of Silver Dollar Collectors.
Looking for PCGS AU58+ 1901-P, 1896-O, & 1894-O
<< <i>What time zone is that though? >>
If it's eastern, it's still 11:30PM on the west coast. Not horrifically late there, but not early. 2:30am is not when I'd want my stuff to be ending, unless sleepy dealers forget how to set limits.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 700
<< <i> 2:30am is not when I'd want my stuff to be ending >>
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
Still, I'd prefer my coins to be sold at 7 PM in a crowded room in which a couple of guys go crazy and someone performs a "Statue of Liberty" bid.
Coin Rarities Online
For you, I would quickly compare my item to similar items that have auctioned in the last two years. If it can be compared to similar items and the sale price is in line then sure but...otherwise I would be on the phone to get what was rightfully due.
Not really looking for much these days but if I were, it might be a toner.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
The 17.5% is the buyer's fee, not the seller's fee. And if the lot sells at 2:30AM, there's a better chance that the buyer will get good value for the 17.5% he pays.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>Still, I'd prefer my coins to be sold at 7 PM in a crowded room in which a couple of guys go crazy and someone performs a "Statue of Liberty" bid. >>
Out of curiosity, what is a "Statue of Liberty" bid? I'm assuming that it's when a bidder is hellbent on buying a certain coin and will pay whatever it takes?
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<< <i>Still, I'd prefer my coins to be sold at 7 PM in a crowded room in which a couple of guys go crazy and someone performs a "Statue of Liberty" bid. >>
Out of curiosity, what is a "Statue of Liberty" bid? I'm assuming that it's when a bidder is hellbent on buying a certain coin and will pay whatever it takes? >>
I assume it's when a bidder holds his paddle up high and keeps it up until the lot is sold.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
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<< <i>Still, I'd prefer my coins to be sold at 7 PM in a crowded room in which a couple of guys go crazy and someone performs a "Statue of Liberty" bid. >>
Out of curiosity, what is a "Statue of Liberty" bid? I'm assuming that it's when a bidder is hellbent on buying a certain coin and will pay whatever it takes? >>
I assume it's when a bidder holds his paddle up high and keeps it up until the lot is sold. >>
Yes, thus signaling to everyone in the room that he has no intention of stopping, and encouraging all sorts of people to run him up just for sport.
Coin Rarities Online
www.brunkauctions.com
It was the next to final lot and it went off at 1:45am PDT which meant it sold at 4:45 am EDT.
That was stir crazy!
<< <i>I would say from what I saw at the stack's bower's auction in Baltimore it is no big deal. I never saw that many people attending the "Live Auctions". Most strong bids IMHO are made before the Live Auction these days. >>
A couple items I was bidding on very late in the Colonials sale went for what I thought were quite high bids, and unfortunately I didn't bid high enough for one of them.
I would say that the item being sold matters a lot more than the time when it is sold.
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>do you feel you got your 17 1/2% money's worth in marketing your consignment?
The 17.5% is the buyer's fee, not the seller's fee. And if the lot sells at 2:30AM, there's a better chance that the buyer will get good value for the 17.5% he pays. >>
The only kicker with that is that buyers are normally sharp enough to subtract 17.5% from their bids. But a sleepy buyer at 2:30 am bidding on a lot that he hadn't planned on
just might get confused and give away that 17.5%. If one polls serious collectors and dealers, the majority believe that the seller ultimately pays the buyer's fee. To suggest
otherwise means that buyers typically overpay 17.5% for auction lots, dealers included. Pretty amazing that those bidders prefer to pay an extra 17.5% on the auction floor when
they can often get the same items on the bourse floor without "paying" a 17.5% buyer's fee. I even ran into a professional auto dealer who said that the 5% buyer's fee for those
auctions came out of his pocket. I told him he was wrong. But sure enough, he showed me an actual auction receipt showing him paying 5% above his high bid. His reasoning was
that the 5% was an "entry fee" to help promote the auction and that all dealers paid it. He never factored it into his bids. So there you go, he was paying 5% more all the time. It's
just that the amount was small enough to not really be missed. Wonder how he would have thought about paying a 17.5% entry fee for the honor of bidding? Something tells me he'd
either start backing off his bids by 17.5% or stop attending altogether.
The buyer bids accordingly such that they pay fair market value for them (ie fmv - 17.5% = buyer's bid). Fwiw, on my last major auction consignment the entire buyer's fee was
waived such that my net was about 91% of normal market value. I sure would have been happier if the buyers sent me checks after the auction for 17.5%. But alas, they didn't. I
guess that means the auction house left a code on my lots to note that the 17.5% buyer's fee didn't apply.
10 years back I sat through a number of FUN auction nights ending at 12-2 pm EST. While the room was nearly empty, there weren't any raving bargains to be had. And this was
long before internet bidding was a major factor. Most bidders already had bids placed before they left hours earlier.
Happened to me a few years ago - I wasn't happy but in retrospect, the time didn't matter. What really mattered was the major consignment sold intact before mine (that I was unaware of when consigning) that drained everyones pockets.......
It was an auction on the Left Coast that was held in conjunction with a major show, and the show places restrictions on the auction such that it cannot begin until after the bourse closes. Makes for a long night, and royally screws anyone on the East Coast.
Sucks for sellers, great for buyers... (other than being bleary-eyed the following day).
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