An excellent, succinct summation of the likely outcomes of sight-unseen bidding, as stated by CCU..
coinguy1
Posts: 13,484 ✭✭✭
I just read the quote below from poster Colonial Coin Union (CCU) in another thread. He happens to be a valuable poster here, a heck of a nice guy and a very good dealer to work with. I think this short quote of his sums up sight unseen bidding results extremely well:
<< <i>And while you may get lucky from time to time, on average you will get creamed. >>
And here is the quote, preceded by an explanation for it:
<< <i> Many, many, many participants in any auction view the lots in hand or have a knowledgeable representative view for them. And when you compete with these people, they will have a distinct advantage over you.
If a coin is extremely nice, they will bid more. If a coin is not nice in hand, they will bid low or not all. Which means that if you are bidding sight unseen (i.e. going strictly by online photos), you are likely to be outbid by these people on all of the nice coins, and outbid them on the coins which are inferior.
And while you may get lucky from time to time, on average you will get creamed. >>
<< <i>And while you may get lucky from time to time, on average you will get creamed. >>
And here is the quote, preceded by an explanation for it:
<< <i> Many, many, many participants in any auction view the lots in hand or have a knowledgeable representative view for them. And when you compete with these people, they will have a distinct advantage over you.
If a coin is extremely nice, they will bid more. If a coin is not nice in hand, they will bid low or not all. Which means that if you are bidding sight unseen (i.e. going strictly by online photos), you are likely to be outbid by these people on all of the nice coins, and outbid them on the coins which are inferior.
And while you may get lucky from time to time, on average you will get creamed. >>
0
Comments
<< <i>I agree with every point in this thread, from the commentaries on CCU forward. >>
I do too.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
R.I.P. Bear
I may be finished with internet purchasing for good.
If the coin
Is not viewed.
<< <i>You are screwed
If the coin
Is not viewed. >>
First bumper stickers, then T-shirts and hats!
<< <i>Word. >>
Now that's an excellent, succinct summation.
<< <i>Word. >>
Be lax, get Stacksed.
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
In honor of the memory of Cpl. Michael E. Thompson
<< <i>Yes I agree. I wish my bidding representative would follow this advice.
Well, in that case, you need to start paying extra for :
eyes-OPEN-sight-seen-auction-screening- service (EOSSASS ).
<< <i>
<< <i>Word. >>
Be lax, get Stacksed.
Word, again.
The odds are Stacks'ed against you.
<< <i>Totally agree. People who view auction lots in person will see problems such as a fingerprint that may not be visible in the auction pics and will adjust their bid accordingly while the bidder who doesn't examine the coin will bid higher since they are unaware of these problems such as a fingerprint. >>
can you give me an example?
<< <i>Of course, from now on, CCE will permit only sight-unseen bids on Secure Plus™ coins. How does that jibe with the succinct summation? >>
well, the really high end ones might can be sight-seen somewhere else....
<< <i>Of course, from now on, CCE will permit only sight-unseen bids on Secure Plus™ coins. How does that jibe with the succinct summation? >>
It doesn't.