Live auction question.....
AUandAG
Posts: 24,934 ✭✭✭✭✭
Never bought from one yet. But, did drive 90 miles to a small town nearby yesterday, to
look at the coins that were advertised in the sale and then perhaps bid. Auction started
at noon and was there at 11:30 to look them over. The coins were all displayed in glass
display cases and numbered for the sale. The problem I had was there was no way to
inspect the coins as auction company would not allow for hands on with a loupe. It was
pretty obvious that the collector was collecting prior to 1965 as there were no late date
coins except for a Gold MS American Eagle set (might have been from some other seller).
The set was back in the case and I didn't bring my binoculars so could not see the date but
they were not roman numerals. There were funny slips of paper next to the auction numbers
that indicated: Your choice of one per bid; your choice of three per bid; auctioned separately,
etc. The lots were being broken into small itty bitty chunks! AAARRRRRGH! They were breaking
up everything down to quarters! No rolls! The first successful bidder had their choice of the
one, two, three or four coins in the roll that they won! There were rolls of UNC morgans all
common dates, rolls of halves both franklins and walking, quarters etc down to dimes with rosies
and mercs. One roll of silver nickels and no pennies. In talking with the auction aide that
would not let me inspect I asked why they would break these down into rediculously small
lots and they said it's because most people could not afford to buy full rolls! Yet they were
selling furniture into the thousands! I stayed for the first coins, quarters, that went off about
3 pm only to find that the folks were bidding stupid amounts. A roll of 55 franklins was broken
down to 2 coins per lot that sold for $20 (10 per coin). The whole roll of ten auctions went for
between $18 and $25 per lot! These were just UNC roll coins. I guess that's good for the seller
and the auctioneer but I can't understand breaking up those nice same date rolls for any reason.
Is that the way they all go or did I get some weirdo auctioneer? Won't do that again if that's
the way they all are. Bid dissapointment. Do you find the same in your area?
Sorry for the length!
bob
look at the coins that were advertised in the sale and then perhaps bid. Auction started
at noon and was there at 11:30 to look them over. The coins were all displayed in glass
display cases and numbered for the sale. The problem I had was there was no way to
inspect the coins as auction company would not allow for hands on with a loupe. It was
pretty obvious that the collector was collecting prior to 1965 as there were no late date
coins except for a Gold MS American Eagle set (might have been from some other seller).
The set was back in the case and I didn't bring my binoculars so could not see the date but
they were not roman numerals. There were funny slips of paper next to the auction numbers
that indicated: Your choice of one per bid; your choice of three per bid; auctioned separately,
etc. The lots were being broken into small itty bitty chunks! AAARRRRRGH! They were breaking
up everything down to quarters! No rolls! The first successful bidder had their choice of the
one, two, three or four coins in the roll that they won! There were rolls of UNC morgans all
common dates, rolls of halves both franklins and walking, quarters etc down to dimes with rosies
and mercs. One roll of silver nickels and no pennies. In talking with the auction aide that
would not let me inspect I asked why they would break these down into rediculously small
lots and they said it's because most people could not afford to buy full rolls! Yet they were
selling furniture into the thousands! I stayed for the first coins, quarters, that went off about
3 pm only to find that the folks were bidding stupid amounts. A roll of 55 franklins was broken
down to 2 coins per lot that sold for $20 (10 per coin). The whole roll of ten auctions went for
between $18 and $25 per lot! These were just UNC roll coins. I guess that's good for the seller
and the auctioneer but I can't understand breaking up those nice same date rolls for any reason.
Is that the way they all go or did I get some weirdo auctioneer? Won't do that again if that's
the way they all are. Bid dissapointment. Do you find the same in your area?
Sorry for the length!
bob
Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
0
Comments
and I just wasn't into risking and only getting half a roll at a decent price and the rest
at double that! The 83-o morgans, looked to be MS62-64ish sold at no less than $50 each
with some going at $65 to $75 each. I just sat an watched the same four or so bidders
bid each other up. Were they shills?
bob
I would have stuck around longer to see if it was true that people didn't have much money to spend.
What was insane was how they sold the coins. The auctioneer would take one folder (say Morgan dollars), fold the pages back to show just one page, and then take bids. High bid got their choice of coins *from that page only*, and could opt to take anywhere from from one coin to the whole page, each at the final bid price. The process was repeated until all the coins on the page were sold, and then he went to the next page. After each auction, the auctioneer had to tell everybody which coin(s) were sold and which were left on the page being offered.