As an auction bidder, would you like the option to disclose or not disclose your purchase price?
MrEureka
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On the one hand, a published auction price realized can support the value of your purchase. On the other hand, the published price may make it difficult for you to sell the coin for a profit. If you are given the option, it could make you a stronger bidder. It can't make you a weaker bidder. So this should be good for consignors. But on the other hand, incomplete prices realized lists might discourage market participation. My guess is that giving this option to buyers would provide a net benefit to bidders, consignors, auction companies, and the market as a whole. What do you think?
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
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On the other hand I have made some profit off of items (non-numismatic relayed) that I have purchased at auction by someone who may not have known about the previous sale.
It is about time and the right audience.
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Needs to be public for the under bidders.
Isn't it enough to just tell the underbidders that they were outbid? Of course they would like to know the price realized, but they don't NEED to know.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Needs to be public for the under bidders.
Isn't it enough to just tell the underbidders that they were outbid? Of course they would like to know the price realized, but they don't NEED to know.
IMO, yes the under bidders NEED to know. Otherwise rumors of mischief will arise.
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It's a moot point in any case. Heritage is 100% dedicated to publishing winning bids and won't go backwards.
Needs to be public for the under bidders.
Isn't it enough to just tell the underbidders that they were outbid? Of course they would like to know the price realized, but they don't NEED to know.
That would work until an auction house gets greedy and they tell the high bidder they were out bid, when in reality they were not. This could happen if a shady auction house don't want to let a coin go for a price they think is cheap. By not having to disclose the realized price no one would know if they were duped. This defeats the whole purpose of an auction and the rules around auctions. There have to be checks and balances for all parties involved in an auction and by showing the realized price helps performs this.
If you want to buy a coin without disclosing the purchase price, the best way to do it is by performing a private transaction or "private treaty" as heritage calls them.
Don't the winning bids legally have to be public (at least in the auction room)?
It's a moot point in any case. Heritage is 100% dedicated to publishing winning bids and won't go backwards.
The price would be known at knockdown. It just might not get published.
And even if you're right about Heritage, who says everyone has to follow them?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I had a situation where two lots I had each bid about $1,000 on showed up sold at around $300. Naturally I assumed I had won the lots. I found out later I had not. So I contacted the auction house immediately, they checked and said that my bids were recorded (which I knew) but hadn't somehow been posted to those lots. So they checked my bids vs. the person who they thought was the high bidder. It turned out the other person had bid higher, they contacted him and explained the situation and he agreed to pay the higher amount. So I didn't get the lots, but the consignor (who was a friend of mine) got the additional money of about $700 per lot.
If auction prices were private, I wouldn't have known any of that and the consignor would have lost $1,400.
Kudos to the auction house for implementing the appropriate solution to the problem.
An authorized PCGS dealer, and a contributor to the Red Book.
As a consigner, there may be individual instances where buyers may pay more without price history but, overall, there may fewer total bidders, shrinking the market as a whole.
Auctions provide valuable education in many ways besides price.
Yes, but prices are also one of the most valuable pieces of information they provide.
Auctions provide valuable education in many ways besides price.
Yes, but prices are also one of the most valuable pieces of information they provide.
Prices are beneficial to both buyer and seller in determining worth and also in analyzing the market through price trends.
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https://www.ngccoin.com/registry/competitive-sets/16292/
e.g. variety, provenance, etc.
All are analytical tools that can tell you something you don't know or justify a "seemingly" different price from what you might expect.
I'm talking about elements you might not notice that are stated in an auction.
e.g. variety, provenance, etc.
All are analytical tools that can tell you something you don't know or justify a "seemingly" different price from what you might expect.
Without price data, you won't know about any different prices to justify
I don't mind auction prices realized being reported, but I have to admit when you get a good deal on a coin at auction and it is sitting right there at the top of prices realized on Coinfacts it makes it harder to sell. Even if you know that similar coins have sold recently for higher prices at companies that aren't sending info the PCGS.
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potential buyers, but I just don't care. Cheers, RickO