What's the deal with these "estate" auctions

Comments

• TomB Posts: 22,096 ✭✭✭✭✭

  September 23, 2007 3:34AM

  Sellers with fabricated stories who are trolling for a sucker to overpay for accumulated junk that is packaged as one lot.

  Thomas Bush Numismatics & Numismatic Photography
  
  In honor of the memory of Cpl. Michael E. Thompson
  
  

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• CoinHunter2003 Posts: 498

  September 23, 2007 3:41AM

  "Sellers with fabricated stories who are trolling for a sucker to overpay for accumulated junk that is packaged as one lot."
  
  
  
  

  Alex in Alaska
  Collecting Morgans in Any Grade
  

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• roadrunner Posts: 28,313 ✭✭✭✭✭

  September 23, 2007 3:45AM

  Sellers with fabricated stories who are trolling for a sucker to overpay for accumulated junk that is packaged as one lot.
  
  Sounds like the same thing was happening in the mortgage backed securities market.
  
  roadrunner
  

  Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold

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• flydoc Posts: 124

  September 23, 2007 5:41AM

  Interesting how crisp the pictures are until you get to the 1916S buffalo nickle that's quite blurry.

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• Russ Posts: 48,514 ✭✭✭

  September 23, 2007 6:02AM

  Tom nailed it. These are nothing more than dealers unloading their accumulated crap. There is no "estate".
  
  Russ, NCNE

  eBay consignment sales | | Collectibles from Resco CCC

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• ricko Posts: 98,724 ✭✭✭✭✭

  September 23, 2007 6:15AM

  Listen to the wisdom of TomB.... he nailed it. ... Cheers, RickO

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• BlindedByEgo Posts: 10,754 ✭✭✭✭✭

  September 23, 2007 7:17AM

  In the early days of Ebay I fell for one of these... It was only a few thousand dollars, and seemed legit (there were far fewer scams back in '98 than now).
  
  I got the lot and it was totally misrepresented. Pitched a fit with the seller over email and the phone, and he actually refunded a large chunk of my money in order for me not to report him. Don't think that would ever happen today.
  
  I learned the true impact of "caveat emptor" from that one experience. Kind of like burning your hand on a hot stove - unless you are stupid, you only do it once

  Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1

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• plansim Posts: 185 ✭✭

  September 23, 2007 7:22AM

  Thanks for the replies...it is as I figured...especially since I have a relative who owns an auction house (small country auction).
  
  I just wondered, more specifically, about the amazing similarity between the contents of the lots you see in these, auction after auction. I'm gonna guess that a shill bidder "wins" if they don't get bid up high enough by real bidders, and then they wait a month, shift the contents 5%, and try again. Do you think that is the case?

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• DeusExMachina Posts: 1,325 ✭

  September 23, 2007 7:25AM

  
  
  << <i>Sellers with fabricated stories who are trolling for a sucker to overpay for accumulated junk that is packaged as one lot.
  
  Sounds like the same thing was happening in the mortgage backed securities market.
  
  roadrunner >>
  
  
  
  
  
  but true.

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• DeusExMachina Posts: 1,325 ✭

  September 23, 2007 7:27AM

  
  
  << <i>Sellers with fabricated stories who are trolling for a sucker to overpay for accumulated junk that is packaged as one lot. >>
  
  
  
  I also like to see what other items the seller has listed. This quick search can yield a ton of information.
  
  I always wonder why someone who sells coins individually would sell an entire collection as "unsearched." The answer is simple - it is a scam.

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• Deadhorse Posts: 3,720 ✭

  September 23, 2007 8:57AM

  If you really want to find estate collections, you need to go to actual estate auctions.
  
  They are held all the time but it seems most of the low hanging fruit is already gone.
  
  Sometimes those folks bid crazier than eBayers.

  "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
  John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff

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• TwoSides2aCoin Posts: 44,624 ✭✭✭✭✭

  September 23, 2007 9:02AM

  A million dollars worth for 52 grand.
  That's like shopping at WalMart

  ``https://ebay.us/m/KxolR5

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