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Is it "right" for auction companies to "second guess" the 2nd Tier grading servi
Longacre
Posts: 16,717 ✭✭✭
I took a look at a catalog of a major auction house. Most times, when a coin is in a "second tier" holder, the cataloger gives the grade on the holder (in this case it was MS-61) and then writes something like this... "Too many minor handling marks for us to grade this better than AU-55." What do you think of this practice? What obligation does the auction house have to provide its opinion of the grade, when the coin is in a lowly second tier holder? Does the auction house have any obligation to state whether it thinks a PCGS or NGC holdered coin is correctly graded, or high end or low end? What is the rationale behind doing this to the second tier companies, other than perpetuating the market's view that only coins in the "big two's" holders are worthy of purchase?
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
0
Comments
<< <i>Doesn't matter what the slab is, if they don't think it's correct, they should say so. >>
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
Yes they should accurately describe the coin. But, they should be sure to get the consignor's consent to write a description like that. If the consignor refuses, then they should probably return the coin and not put it in their auction.
<< <i>I think it is the auction house's responsibility to acurately represent the coin regardless of whose holder it's in. >>
+1, and I've even returned a coin in a PCGS holder because the auction house didn't state that it had been harshly cleaned.
<< <i>Doesn't matter what the slab is, if they don't think it's correct, they should say so. >>
I agree. Some of the auction houses won't sell coins in third tier slabs. It is a credibility issue among knowledgeable collectors.
An auction house that doesn't "correct" the grade of any misgraded slab is a second (or thrid) tier auction house!
Ken
In honor of the memory of Cpl. Michael E. Thompson
I think it is not only alright, but it is correct for an auction house to give an honest description of every coin. This policy should be extended, in writing, to consignors so that they understand the rules and also within the catalog distributed to the numismatic public.
In honor of the memory of Cpl. Michael E. Thompson
<< <i>
I think it is not only alright, but it is correct for an auction house to give an honest description of every coin. This policy should be extended, in writing, to consignors so that they understand the rules and also within the catalog distributed to the numismatic public. >>
I have SERIOUS issues with auction descriptions these days. WAY too much hype.
The Ludlow Brilliant Collection (1938-64)
roadrunner
the auction company is "stand up"............
if they give their opinion on an overgraded and/or "problem" coin in a plastic holder with another persons opinion on it and the opinions differ
but you do not see many of these "stand up" auction firms around as they are all out of business
Regards
Gary