In the world of medals, even in a BIG auction, do things slip through the cracks, or are prices just

Longacre · May 21, 2008 10:35PM

I closely followed the Stack's Minot sale for particular lots which contained medals. Being a newbie, I was just curious how the prices realized of certain medals compared to other documented transactions of similar medals recently. I found that some of the prices were within the range of what I expected, and then some of the medals seemed to fly under the radar and the prices were LESS (how shocking!) than I anticipated.

Does anyone think that this is just a typical result in an auction context (i.e., almost by definition, some items will slip through the cracks), or is the pricing in the medals world so inconsistent that fairly large variations of particular pieces is commonplace? Or is it a fact that medals are less of a well-researched area, and the number of true experts is limited and the bidding and prices tend to be variable?

MrEureka · May 21, 2008 10:45PM

The less you know, the more irrational prices will seem.

RichieURich · May 21, 2008 10:52PM

In just about any auction, some items will go for really high prices, some will go really low, and most will be around market value. One way dealers make money is to recognize this and act accordingly. For example, let's say a dealer is interested in twenty lots. Let's say that five lots go very high, ten are around market price, and five go too low. So the dealer will buy none of the first five, maybe a few of the next ten, and all of the last five.

TwoSides2aCoin · May 21, 2008 10:57PM

I think a lot of great buys are available in every auction. The "MONSTERS" are always the attention getters and so many other coins come in under the radar. This is where the majority of business is. The cream rises to the top, but not all coins in a big auction translate to higher prices at auction. I don't think we can generalize this hobby/market. There are too many sectors.

ColonialCoinUnion · May 21, 2008 11:49PM

<< <i>The less you know, the more irrational prices will seem. >>

This is a good quote, and I agree with it completely.

AnkurJ · May 22, 2008 12:41AM

<< <i>

<< <i>The less you know, the more irrational prices will seem. >>

This is a good quote, and I agree with it completely. >>

Is the opposite true? The more you know, the more rational prices will seem. I dont think so...

jonathanb · May 22, 2008 12:43AM

You may also be drawing the wrong conclusions from a hot market. I also watched the Stack's medal sales, and all of the prices I looked at ranged from appropriate to "too high". I didn't see any that sold particularly cheaply. Right now, medals are bringing very high prices, even compared to the Ford sales a few years ago. If your expectations are based only on the hot market, then anything that sells for "normal" prices is going to look cheap, even if it's simply just not as insane as some of the others...

Pistareen · May 22, 2008 12:48AM

Andy's quote is true on more levels that you can know.

Some things appear scarce, but aren't; some things appear popular, but aren't; some things are as described, some aren't.

And, yes, occasionally things fall through the cracks. But some cracks are gaping wide for a reason -- and once you peer down into them, they look like a trap from Frogger.

Let me sum it up: it ain't Morgan dollars. And the friendship of a knowledgeable expert can often pay dividends, even for live ones with money

MrEureka · May 22, 2008 1:03AM

Is the opposite true? The more you know, the more rational prices will seem.

Absolutely.

TwoSides2aCoin · May 22, 2008 1:20AM

<< <i>Is the opposite true? The more you know, the more rational prices will seem.

Absolutely. >>

EOM

Aegis3 · May 22, 2008 7:55AM

I've not looked at all the prices yet, but the Assay Commission medal prices were strong, and the ANS medal prices ranged from strong to very strong to double ludicrous strong. I don't remember seeing any prices that were weak.

In the world of medals, even in a BIG auction, do things slip through the cracks, or are prices just

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