Questions about David Lawrence Coin Auctions
hchcoin
Posts: 4,837 ✭✭✭✭✭
I have read the previous threads but they are pretty old. Do the DLRC coin auctions have hidden reserves? I read through the terms and conditions and it seems like they don't operate their auctions quite like everyone else. Does anyone have any insight. Please keep posts positive 
I am going to call them tomorrow but I thought I would ask here first since they are closed.
Thanks
I am going to call them tomorrow but I thought I would ask here first since they are closed.Thanks
0
Comments
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I've purchased 2 beautiful coins of them recently without any problems. I'll probably buy from them again.
ETA: If you are bidding on an item with a reserve and the reserve has not been met by the last day, their software automatically bids the item up to one bid below reserve so that the next bid will make the reserve.
<< <i>Just give them a call, I have found them to be one of the most assicible and least pretenshious of all the large national dealers for classic coins. Their candor and honesty about everthing including reserves, cac status and honest assesments of originality should empower you to set an aproptiate bidding level for you, I know it did for me and I talked to them yesterday. Just give them a call. >>
I agree. Great folks to do business with. One time I bought an 1804 large cent, NGC graded. I cracked it for my Dansco but soon discovered it was an altered date. DLRC took it back without questions, even though it was raw.
Lance.
<< <i>If they own the coin, they will not bid on the item. If they are selling the coin on consignment, they may make a bid to purchase the coin if the bidding is well below market value. >>
On the few coins I ever bid on, the reserves were full retail so that in combination with the above statement, leads me to believe these are not really "auctions".
A real auction should have a buy-back cost to the consignor, otherwise they are just advertisements of coins for sale.
<< <i>
<< <i>If they own the coin, they will not bid on the item. If they are selling the coin on consignment, they may make a bid to purchase the coin if the bidding is well below market value. >>
On the few coins I ever bid on, the reserves were full retail so that in combination with the above statement, leads me to believe these are not really "auctions".
A real auction should have a buy-back cost to the consignor, otherwise they are just advertisements of coins for sale. >>
Not sure this is a fair criticism of DLRC auctions, because if you look at HA auctions (at least the world stuff), the reserved lots frequently have very high reserves too. One bid, and you're at retail level. Frequently, but not always. And, the lots are not always reserved. Just saying that I consider HA auctions to be "real" and legitimate, but not absent the frequent high reserve issue.
EVP
How does one get a hater to stop hating?
I can be reached at evillageprowler@gmail.com
<< <i>I have read the previous threads but they are pretty old. Do the DLRC coin auctions have hidden reserves? I read through the terms and conditions and it seems like they don't operate their auctions quite like everyone else. Does anyone have any insight. Please keep posts positive
Thanks >>
Hi, and thanks for the question. It's true we do things a little differently than others, partly because we constantly tweak the system based on direct feedback from our clients. For example we have no buyer's fees and free shipping on all lots.
In answer to the reserve questions, we feature 3 types of reserve statuses on items:
1. Starting bid of $9 with a hidden reserve. This is typically done on coins valued over $250. Based on feedback, we no longer run the system bids up to one increment below the reserve.
2. Starting bid > $9 with no reserve. Typically used for coins valued < $250. We see no need to use a hidden reserve and simply start the bidding where we think it makes sense.
3. Starting bid of $9 with no reserve. (I call these "truly unreserved") Usually coins valued between $250-$5,000. This is our newest addition to our platform and growing in popularity. Every week we add more and more truly unreserved lots. This week we have 35 lots (out of 374) selling this way. All of them have the words "No Reserve" in the title (note, we do not use that for items in #2 category). Coins in this group often sell at wholesale or below, so check these out for some serious deals. Here's a link to see these lots in this weeks auction: Unreserved Lots
Thanks again for all the kind words from people in this forum. We really appreciate it and it's know that we are available via email or phone any time.
John
I have only bought one item from their non ebay auction.
<< <i>
<< <i>
<< <i>If they own the coin, they will not bid on the item. If they are selling the coin on consignment, they may make a bid to purchase the coin if the bidding is well below market value. >>
On the few coins I ever bid on, the reserves were full retail so that in combination with the above statement, leads me to believe these are not really "auctions".
A real auction should have a buy-back cost to the consignor, otherwise they are just advertisements of coins for sale. >>
Not sure this is a fair criticism of DLRC auctions, because if you look at HA auctions (at least the world stuff), the reserved lots frequently have very high reserves too. One bid, and you're at retail level. Frequently, but not always. And, the lots are not always reserved. Just saying that I consider HA auctions to be "real" and legitimate, but not absent the frequent high reserve issue.
EVP >>
HA charges on the order of 2% to the consignor a buy back fee if the lot does not reach reserve. They charge more (typically 17.5%) if the consignor bids on his own lot and wins it.
What does DLRC Auctions charge the consignor when the reserve is unmet? If nothing, then there is no auction.
http://www.shieldnickels.net
<< <i>
<< <i>I have read the previous threads but they are pretty old. Do the DLRC coin auctions have hidden reserves? I read through the terms and conditions and it seems like they don't operate their auctions quite like everyone else. Does anyone have any insight. Please keep posts positive
Thanks >>
Hi, and thanks for the question. It's true we do things a little differently than others, partly because we constantly tweak the system based on direct feedback from our clients. For example we have no buyer's fees and free shipping on all lots.
In answer to the reserve questions, we feature 3 types of reserve statuses on items:
1. Starting bid of $9 with a hidden reserve. This is typically done on coins valued over $250. Based on feedback, we no longer run the system bids up to one increment below the reserve.
2. Starting bid > $9 with no reserve. Typically used for coins valued < $250. We see no need to use a hidden reserve and simply start the bidding where we think it makes sense.
3. Starting bid of $9 with no reserve. (I call these "truly unreserved") Usually coins valued between $250-$5,000. This is our newest addition to our platform and growing in popularity. Every week we add more and more truly unreserved lots. This week we have 35 lots (out of 374) selling this way. All of them have the words "No Reserve" in the title (note, we do not use that for items in #2 category). Coins in this group often sell at wholesale or below, so check these out for some serious deals. Here's a link to see these lots in this weeks auction: Unreserved Lots
Thanks again for all the kind words from people in this forum. We really appreciate it and it's know that we are available via email or phone any time.
John >>
Thanks John- but there's question that I think some people still would like answered concerning a statement made earlier..
"If they are selling the coin on consignment, they may make a bid to purchase the coin if the bidding is well below market value."
Is this true? Are there scenarios where you bid on things you have listed when they are going cheaply?
RIP Mom- 1932-2012
<< <i>Is this true? Are there scenarios where you bid on things you have listed when they are going cheaply? >>
All of the auction houses can bid on items in their own sales, without disclosing such bids or other information they only are privy to (it's in the terms and conditions).
Does DLRC place house bids in their auctions?
The answer is Yes and No. Depending on whether the items are consigned or not.
On DLRC-owned inventory: We never place competitive bids on house (owned) inventory. For every lot that has a reserve, the system will place a house bid at one increment below the reserve at approximately 48 hours prior to the auction close. The system bid has the net effect of revealing the reserve to bidders, and also sending outbid notices to the highest bidder on a lot where reserve has not been met. NOTE: this bid is never placed on a lot where the reserve has already been met.
On Consigned Inventory: On consigned inventory, DLRC will, from time to time, place bids to purchase items. In such cases, DLRC will bid only once and often quite early in process to allow for the most competitive bidding possible. We do this to facilitate higher results for our consignors, as well as to uphold proper market values for inventory. In NO CASES will we place a second bid after we have been outbid by another bidder.
In the case of Guaranteed Auction lots, all lots are entered with a minimal starting bid and a "hidden" DLRC bid which represent the Guarantee Amount that was promised to the consignor by DLRC. By it's very nature, to win a lot, a bidder must exceed the DLRC guarantee. In some cases, DLRC will place a second bid on Guaranteed Auction lots the exceeds our "Guarantee". Again, this bid is placed once and early in the process to give the advantage to later bidders.
<< <i>Does DLRC place house bids in their auctions? The answer is Yes and No. Depending on whether the items are consigned or not. On DLRC-owned inventory: We never place competitive bids on house (owned) inventory. For every lot that has a reserve, the system will place a house bid at one increment below the reserve at approximately 48 hours prior to the auction close. The system bid has the net effect of revealing the reserve to bidders, and also sending outbid notices to the highest bidder on a lot where reserve has not been met. NOTE: this bid is never placed on a lot where the reserve has already been met. On Consigned Inventory: On consigned inventory, DLRC will, from time to time, place bids to purchase items. In such cases, DLRC will bid only once and often quite early in process to allow for the most competitive bidding possible. We do this to facilitate higher results for our consignors, as well as to uphold proper market values for inventory. In NO CASES will we place a second bid after we have been outbid by another bidder. In the case of Guaranteed Auction lots, all lots are entered with a minimal starting bid and a "hidden" DLRC bid which represent the Guarantee Amount that was promised to the consignor by DLRC. By it's very nature, to win a lot, a bidder must exceed the DLRC guarantee. In some cases, DLRC will place a second bid on Guaranteed Auction lots the exceeds our "Guarantee". Again, this bid is placed once and early in the process to give the advantage to later bidders.
What does it matter the formula anybody uses is the net is postive?
was notified the reserve was lowered to my bid - good for me because there were no more bids. When I paid, I requested
a delayed shipping date because I was going out of town. Coin was shipped exactly as requested - so bottom line was
I got a beautiful coin at a good price and received excellent customer service.
Eric
I'm not a guy with what you would call deep pockets, but when I work with them to buy a coin that I need I feel like a high roller with all of the attention. They are top notch in my humble opinion.