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Buying a rare variety through a major auction
MilkmanDan
Posts: 3,768 ✭✭✭✭✭
There's a fairly rare but obscure variety at HA right now with two bidders going at it. I scratch my head because variety or not, the quality doesn't look that nice. The bidding has risen sky high with over two weeks to go before the live auction.
I have to think that these bidders aren't in tune with what's out there. A number of these have passed between collectors for thirds of the current price. I doubt it's the Set Registry because this variety set is thinly collected and the top few set owners haven't yet bid on this coin (and most likely won't) If the bidders are this out of the loop, then likely they also won't have a network to sell it to, when the time comes.
I see this and I think about what I enjoy with varieties. It's the hunt, and the camaraderie with other collectors of the same series. Apparently it's also saving me big bucks.
(not revealing the coin because it's not important to the conversation and the auction is not over yet)
I have to think that these bidders aren't in tune with what's out there. A number of these have passed between collectors for thirds of the current price. I doubt it's the Set Registry because this variety set is thinly collected and the top few set owners haven't yet bid on this coin (and most likely won't) If the bidders are this out of the loop, then likely they also won't have a network to sell it to, when the time comes.
I see this and I think about what I enjoy with varieties. It's the hunt, and the camaraderie with other collectors of the same series. Apparently it's also saving me big bucks.
(not revealing the coin because it's not important to the conversation and the auction is not over yet)
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Another question is why two bidders have put their bids in so early in the process. There is very little benefit to showing your cards early, and there is a lot of benefit in waiting until near the end of the auction. It could be that these two bidders don't understand that part of the auction process, or disagree with the above statement.
An authorized PCGS dealer, and a contributor to the Red Book.
Sounds like the consignor and his buddy pushing it up well before to increase excitement and number of views too.
Not this. In this case I know the consigner as he previously offered me the coin. He's definitely not one to do this.
Without commenting on this particular coin, there could be a number of reasons that two bidders are bidding very high on a variety. It could be that the bidders haven't seen many examples of the variety for sale, it could be that there are very few certified by PCGS and maybe this one is at or near the top of the population, it could be that some people just like to own a variety which appears to be rare. In my opinion, many varieties are undervalued compared with their rarity. For example, I just bought a variety with only 2 coins graded in all grades by PCGS and paid less than $100 for it.
Another question is why two bidders have put their bids in so early in the process. There is very little benefit to showing your cards early, and there is a lot of benefit in waiting until near the end of the auction. It could be that these two bidders don't understand that part of the auction process, or disagree with the above statement.
Rich I generally agree with you. Some varieties are tough to put a price on because they are pretty rare. The pricing among a circle of collectors may be wildly different than at public auction because the general public doesn't have access to the coins passed between friends.
As for why the bidding has taken off so early, I can't understand it. What do they say about a fool and his money...
I see this and I think about what I enjoy with varieties. It's the hunt, and the camaraderie with other collectors of the same series. Apparently it's also saving me big bucks.
It also happens to be a great way to make money.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Sounds like the consignor and his buddy pushing it up well before to increase excitement and number of views too.
HA does not allow the consignor to bid on his/her own coins. I suppose it is possible if the consignor has two accounts, but unlikely.
Proof Buffalo Registry Set
Capped Bust Quarters Registry Set
Proof Walking Liberty Halves Registry Set
Sounds like the consignor and his buddy pushing it up well before to increase excitement and number of views too.
HA does not allow the consignor to bid on his/her own coins. I suppose it is possible if the consignor has two accounts, but unlikely.
You forget about the friend network.
https://acoinshop.com/ —-> https://ebay.us/m/KxolR5
Oh boy, come on, the network is so thick it isn't funny. If you think consignors don't bid/push up prices on their own coins you are sadly mistaken.
True dat!