Small Virtual Live Sales Venues...Crazy
Proofmorgan
Posts: 938 ✭✭✭✭✭
I've recently dabbled as an observer in the Ebay Live and WhatNot auctions thinking there may be opportunities for deals of some sort. I was very mistaken. These are seemingly machines for impulse buying (in my opinion). Many common date/grade coins or bullion selling for significant premiums over what they can be bought on standard ebay or from major retailers. It blew my mind. Ex: at a spot of $90, common ASEs for $120-130, common and grade morgans at over $100 raw.
The "auctioneers" are very off the cuff and fast and furious. Not refined at all from what I've seen (unless there are specials where some of the major players have a session to seemingly more "junk"). One major selling speaks in a garbled drill sergeant speak and I could barely understand what he was saying. It seems like the wild west and a venue that uneducated/impulse buying is the majority of business.
Have any of you dabbled in this and what was your experience?
Comments
The same thing is happening with sports cards and it’s probably worse.
OP I believe you described those Live sales very accurately. The goal is impulse for uneducated and entertained buyers. The sellers are just TV salesman.
"But seek ye first the kingdom of God and His righteousness and all these things shall be added unto you" Matthew 6:33. Young fellow suffering from Bust Half fever.
BHNC #AN-10
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I found a '$15 off first purchase' deal for Whatnot so I figured I'd check it out. Took a couple weeks of monitoring to actually use it.
IMO the live auctions are nothing more than a way for sellers to recycle bad coins or perceived 'rarities' to buyers who mostly overpay. It's more about the gambling sentiment than actually collecting.
Interesting, I'll pass
(Ill stay with who I'm with)
I've been on an online auction website for a few years. They have many luxury items, including collectibles, autographed items, art, cars jewelry, and coins. I only watch the coins. Their coins are about 3/4 graded (PCGS, NGC, ICG, ANACS), the rest raw. For the last 8-9 months people are bidding crazily. Auctions finishing at prices 20-50% above book, with buyer's fees (18-25%) and shipping ($25-75) to be added. This time last year, I could buy the coins for below book price, even when including fees.
Just goes to show how bad whatnot and other popup auctions really are. You don't see experienced hobbyists buying from junk auction sites.
Proud follower of Christ! I love the USA! Land of the Bright and Beautiful! 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸
Everyday, I got the what not sellers at my door when i open scooping up everything, they said people going ape sht
I’ve been selling on whatnot for a couple years now off and on. I must be doing it wrong. Selling most silver for melt’ish.
I sell quite a few coins as well, typically something between Greysheet bid and CPG. Just like I would at any venue.
But I also try my best to accurately describe all items and not overhype anything.
I wonder every time I do a show how I can be offering decent coins at fair prices and only get 20-30 people watching, and the super marketers who have hundreds or thousands of people in the stream selling things at home shopping network prices.
Lots of gambling shows as well.
But I sell to quite a few repeat buyers. Several from this forum actually. It all depends on where you go. Deals can be had along with the trash.
My Ebay Store
Many of them probably pricing slightly ahead of the market (CPG) in event of another big silver run up, huge profits.
In addition in a lot of those bullion silver areas (especially slabbed ASE, Mexico, GBR.) bidding competition way up. Not just above CDN bid but CPG as well. Players looking make another big killing if silver sky rockets again. On the bourse retail pricing aggressive. Others looking pick up some more….so if have to pay higher / markup up higher accordingly, get all the money.
Many in the coin club think silver could shoot to 175 - 200 or more considering world events.
@Cougar1978:
Is there a method to block these auctions from even showing up while perusing eBay?
I would prefer not to even see these offerings on my home page.
Regards, Red R.