Live (Local) Auction Advice

mheffner2 · April 21, 2007 8:19AM

So I've been to several local coin auctions in the past 4 months. I did not bid on anything (tough, but I did) - went to learn. Went in with my watch list based on the available lots, some prices realized (highs and lows) off Ebay, Teletrade, a greysheet, some Redbook numbers - overkill on the info. Then I noticed over those 4 auctions hammer prices have basically been anywhere from 15 to 50% (tops) of my lowest bid numbers. Raw, slabs, low mintage commemoratives, gold - you name it - low prices. So I'm armed with this experience and rolling into one tomorrow to do it. I'm hoping to see the same routine play out, for my 7070's sake. I have my info, my budget and my max bid list.

My question - Any live auction advice for a guy flipping up his bidder number for the first time??

Darkmane · April 21, 2007 8:22AM

I've never been to an auction, some of this may be just plain obvious or stupid... but here goes an attempt.

Remember to take into consideration any buyers fees.

Don't bid on something just because it's cheap. If you bid on everything, expect people to drive up your prices.

Don't go auction-crazy - keep to your max bids.

Barndog · April 21, 2007 8:26AM

view the lots first, it will make a difference.

RichieURich · April 21, 2007 8:32AM

Remember the buyer's fee and sales tax if any, consider them when you figure your bids.

Decide your max bid on each item you really want to buy and stick to it, don't get auction fever and go way over your max bid. (I know this is obvious, but it does happen to everyone.)

Don't worry about who's bidding against you, don't bid higher so someone you don't like doesn't buy the item.

Watch out for shills, who are there to run up your bids, and who are not really bidding on the item.

Make sure everything you're bidding on is genuine and not damaged in some way. Sometimes cleaning, rim filing, scratches, repairs, etc. are overlooked and become unpleasant surprises when you get the item home.

Keep track of your total funds and make sure you don't run out of money.

If you find yourself not buying lots at the beginning of the sale, don't bid more than your limit at the end of the sale to make up for it.

Keep your wits about you and don't get stressed out regardless of what happens.

Good luck and let us know what happens.

lathmach · April 21, 2007 8:37AM

The last small estate auction I went to, the stuff sold really high.
One guy paid $600 for 2 low grade circulated 20¢ coins.
I saw him after the auction and asked if he'd be interested in buying 6 more that I had.
He declined.

Ray

PerryHall · April 21, 2007 9:26AM

<< <i>The last small estate auction I went to, the stuff sold really high.
One guy paid $600 for 2 low grade circulated 20¢ coins.
I saw him after the auction and asked if he'd be interested in buying 6 more that I had.
He declined.

Ray >>

Any chance he was a shill?

StrikeOutXXX · April 21, 2007 9:42AM

<< <i>My question - Any live auction advice for a guy flipping up his bidder number for the first time??

>>

I still do the same thing with greysheet, redbook, coins magazine, eBay trends, etc. To be honest, the types of auctions I go to, most $10 items get bid to $20 anyhow, and the things up to about $75 will go right at Redbook, because 95% of the other bidders at lot viewing only have their redbook and think that's the bible. Anything over $100 or so is anyones guess each week. If for nothing else, it lets you know what the others know even if you don't agree with the number.

My auctions are antique auctions with coins in them now and then, so it's probably a lot different than a room full of coin collectors just there for coins. I like to stand in the back of the room where everyone in the chairs can't see who is bidding unless they turn around and I know who I'm bidding against. I win a lot of coin items, and know I've pissed a few people off along the route and they bid against me just because it's me.

Some advice is don't just hold up your card/paddle and leave it up between bids, do your nod, twitch, or however you bid each time. I've seen two stubborn people leave them up, then it becomes a game of chicken to see which drops it first and egos take over.

If it's a bigger item going in say $25 increments (or more) and more than two of you are bidding, you may want to skip a bid to get yourself aligned with your max bid - for instance trying to get your bid at $500 instead of being the one who has to bid $525,etc. Maybe all of you have a max bid of $500 so first one to get it will trump the others. I usually set my max at a number +1 for the lower items in case an opponent bids at my max, I'll go one more increment, and that's it.

Know the rules with split/cut bids. Our auction doesn't have rules on them, but I've read here sometimes it indicates you can't bid more if you get outbid and other rules, so ask first.

Keep track of the lot numbers and where you are in the auction. My auctions aren't in item order, you have to pay attention to where the item handlers are walking to and I missed a group of 50's mint sets last night that ended up going about 1/3 of greysheet because I was helping the lady standing next to me clean up her soda spill and mess from a dropped box and not paying attention.

lathmach · April 21, 2007 9:44AM

Any chance he was a shill?

Doubt he was a shill. He was an old man and nearly cried when I told him I'd sell him 6 for $300 total.
He said he'd been cheated.
He wasn't cheated. He just didn't have any idea of the value of these, probably never having seen one before.

Ray

Longacre · April 21, 2007 9:45AM

I have never bid live on my own, but so long as you have good information and you STICK to your plan/max, you should do OK. Also, I assume you've viewed the lots and are comfortable with your grading abilities, etc.

PerryHall · April 21, 2007 9:42PM

<< <i>Any chance he was a shill?

Doubt he was a shill. He was an old man and nearly cried when I told him I'd sell him 6 for $300 total.
He said he'd been cheated.
He wasn't cheated. He just didn't have any idea of the value of these, probably never having seen one before.

Ray >>

Sounds like he may have been the victum of a shill.

roadrunner · April 21, 2007 11:20PM

If your first assessment was that most of an auction was going for 15-50% of your estimated values, then something was terribly wrong (more than likely your grading). As Barndog said, view the lots. You can be sure that the listed grades are puffed up. Damaged and cleaned coins usually represent the majority of local auctions. I've never attended a local auction where anything but a few lots fell through the cracks. The vast majority are a complete waste of time. The only exceptions being honestly fresh material from a legitimate estate or collection (not the auctioneer's mother-in-law's collection).

I can honestly say if I had just skipped the few dozen local auctions I attended over the past 30 years, I'd have been better off. There are far better venues to concentrate on.

roadrunner

mheffner2 · April 22, 2007 2:51AM

Which, after creating this post, is what I did today - skipped it. My wife is having Braxton Hicks contractions like mad, since last night... Can't leave her alone like that. The Trade $ and Mercs I wanted to see were at the bottom on the lots as well, so I wouldn't be able to even bid on them until after 4pm, I imagine. There are a couple more coming up in May, I'll venture out then, perhaps. Thanks to all of you for the advice - I will use it well.

Live (Local) Auction Advice

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