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Estate Auctions

lunytune2lunytune2 Posts: 1,077 ✭✭✭
in U.S. Coin Forum
I have been to many estate auctions , but never one that offered coins . Typically do the coins go cheap , or should I expect them to go for the regular market value . In question are gold coins.

Tony

Comments

  • lcoopielcoopie Posts: 8,873 ✭✭✭✭✭
    remember that there are plenty of counterfeit gold coins
    LCoopie = Les
  • lunytune2lunytune2 Posts: 1,077 ✭✭✭
    Good point .. they are also all raw .
  • FlatwoodsFlatwoods Posts: 4,247 ✭✭✭✭✭
    They always go for more than I can get them for elsewhere.
    That has been my experience. Most auctioneeres have a "go to guy" that sets a reserve on everything before the auction.
    Not really a true auction. Some will admit this and some won't, but it is usually true.
  • sinin1sinin1 Posts: 7,500 ✭
    It depends on

    1- size of auction, and how many/percentage of auction being coins
    2- methods of advertisement of auction
    3- number and knowledge of bidders and auctioneer knowledge of coins
    4 whether auction has just estate or salted with other consignments



    I once went to an estate auction and had about 40 nice coin lots
    they sold about half
    and auctioneer called phantom bids in the back
    and about 2/3s sold to phantom buyers - no one in room with that bidding number

    so yes, sometimes no bargain lots, a few bargain lots, or many bargain lots

    its a crapshoot and viewing conditions are many times difficult - crowded and bad lighting

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