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Can/do "Wantlists" work against you?

BochimanBochiman Posts: 25,556 ✭✭✭✭✭
in U.S. Coin Forum
So, I am on a wantlist or two. Not thinking much of it as usually nothing comes of it, but there is a coin in an upcoming auction that got me thinking.....might I end up bidding against a dealer who has my wantlist for such a coin?

If, by some chance, there are 3 bidders for the coin, and I win it for what I am ok with, then that's fine...but what if there are only 2 at that level and one is, unbeknownest to me, the dealer with the wantlist I gave him, who is only bidding because of my wantlist? Then, my win is being driven up by my own wantlist! If I don't bid, and the dealer wins it for somewhere in the area I would have been ok with, then they are going to mark it up anyway and then offer it to me......again, screwed by my own wantlist.

Now, knowing I can't be everywhere, all the time, I know the value of wantlists at time...but, anyone ever been bitten by one?

I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

Comments

  • mrpotatoheaddmrpotatoheadd Posts: 7,576 ✭✭✭
    I imagine there are downsides to any course of action. If you send out a wantlist, you might wind up in the situation described. If you don't, you might not know of a coin you'd like to buy, and miss out on the opportunity. Which is worse?
  • MoldnutMoldnut Posts: 3,113 ✭✭✭✭
    You can always say no if you dont like the price on the coin offered to you. Well ,maybe not! You may never get offered a coin from your list ever again. Come to think of it, I think JJteaparty is the only dealer that has ever called me about a coin on my want list.
    Derek

    EAC 6024
  • holeinone1972holeinone1972 Posts: 5,368 ✭✭✭
    Not sure but every want list I am on, as soon as I get the email, I reply, and I always get too late SOLD!

    I don't like em.

    image
  • BarndogBarndog Posts: 20,515 ✭✭✭✭✭


    << <i>You can always say no if you dont like the price on the coin offered to you. Well ,maybe not! You may never get offered a coin from your list ever again. Come to think of it, I think JJteaparty is the only dealer that has ever called me about a coin on my want list. >>



    Teaparty is the best when it comes to actively servicing want lists
    JR Newsletter Online Edition
  • MidLifeCrisisMidLifeCrisis Posts: 10,558 ✭✭✭✭✭
    This is one of the reasons I don't give out specific want lists and one of the reasons why I rarely bid on a coin at an auction.

    But then, my collection is so specialized that the small group of dealers I work with know what I want - and know each other. I have faith they will keep me in mind on any coin that would fit my collection.

    To hedge my bets, I will sometimes tell a dealer that I think a particular coin coming up for auction is nice and that I'm interested. But I want that dealer to be my eyes in the auction room anyway, and so if they buy it and offer it to me, I'm prepared to pay them a little more for their expertise. And I can always decide not to buy the coin from them if I think they paid/want too much for it.
  • NeoStarNeoStar Posts: 1,123 ✭✭✭
    The thought of want lists working against me has crossed my mind more than once. I think most dealers work on thin spreads and tend to bid lower than the customer that wants the coin; but, there's always a dealer that works on high mark ups and is willing to pay a higher price.
    Click HERE to see my Registry Sets

    image
  • illini420illini420 Posts: 11,467 ✭✭✭✭✭
    I've got a few harder to find coins on want lists and if I ever get the call that one or more becomes available I'd be very happy and would pay up for them immediately. But if I happened to stumble across one of them myself in an auction, I'd immediately inform the want list dealer about my find and either a) let them know I intend to bid on it for myself or b) ask them to look at the coin and bid on it for me if they think it's a winner. Either way, you avoid the dealer bidding on your behalf against your own bidding. Of course, if the dealer also noticed the coin themselves it's possible they may be bidding for other clients against you, but at least they know not to bid for you. Definitely keep in communication with want list dealers to avoid issues.

    Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448

  • scottgardenerscottgardener Posts: 1,205 ✭
    The problem I have with want lists is that the money I have available from one week to the next fluctuates too wildly. One month I may be able to get a really great coin, the next week I might have to pass on anything over fifty bucks. The more a coin would have reason to be on my want list, the less likely it is I'll be able to get it at the time it is offered. And thus, with the way my budget works, I have to go to the coin. I am not yet at the point at which my wants are so exotic as to be impossible to find--though I have found it strangely difficult to locate common MS62-64 quarter eagles these days.
    Improperly Cleaned, Our passion for numismatics is Genuine! Now featuring correct spelling.

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