COIN bidding games played so you lose...
 

There are a myriad of games that can be played in an auction...

Reserves higher than the estimate

Floor bidder unknowingly bidding against the chandelier

Items not really for sale, just put in the auction to determine a "fair price"

Unique coins being sold as unique when the auction house knows about hoard of this once unique coin

Consignors bidding on their own material to run up the price ( I see this a lot in so called "estate" auctions)

Items being sold before the auction

Items only being for sale if they can be sold for more than the consignor paid

I've seen auctions where all the bidders in the room collude (sp?) to keep the prices down, agreeing not to bid against one another and splitting up the proceeds after the sale

Lots being opened and closed so fast no one has time to bid

Lots being hammered as sold only to show up again and again in future auctions by the same company

In the NY auctions in January, only with CNG and Gemini do you know when a lot has no book bids or goes unsold. They announce both quite clearly. The other auctions just start at some opening and the lot closes, with no indication if there was a book bid or not.

I could go on and on about this. Most of these things happen very infrequently, but they do happen. You need to know how to spot these things in an auction and take care not to get caught in any traps. I'd say bidding against an inanimate object is the easiest thing to get caught with, though this is easy to prevent.

Barry

HS note::signs14: this came from a coin site and thought the INFO was great knowledge to be aware of AND BE PREPARED IN ADVANCE FOR, RIGHT?

Re: COIN bidding games played so you lose...
 

Is collusion against the "rules"? I've certainly had discussions with other bidders before to make sure we weren't going to be fighting each other on certain lots.

Re: COIN bidding games played so you lose...
 

In regards to auctions, has anyone here ever consigned a coin(s) to one of the major houses such as Heritage or B&M? If so, how did it go for you?

I am asking because I am thinking about using one of them for the ANA show in Boston this coming summer. I've spoken with several individual dealers but I almost always feel dirty after talking to some of these guys. I hate the back and forth of negotiating and I am not that good at it. But in the end I hate getting screwed in a deal even more and will go whichever route makes the most financial sense

Re: COIN bidding games played so you lose...
 

You have the right to remain silent...

Anything you say can and will be used against you...

Just kidding - you proved the point...

:36_1_34:

Re: COIN bidding games played so you lose...
 

Use one of the online auction sites - pay the FEES because you don't have to mess with a brick & mortor crook sleezebag joint - set a low break even reserve :yes: - (kid starts here) and play the field like you did when you were a single coin collector...

Just kidding...:111:

:111:

Re: COIN bidding games played so you lose...
 

No I did another stupid thing I sold 10 ounces of Platinum in Eagles for $4,000.00 years ago - I could have kept them but they were different than gold at the "stupid" time.

:cry1::cry1: