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myt

Question on Teutoburger Münzauktion actions

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Hi everyone, 

I was wondering if anyone had purchased from Teutoburger Münzauktion auctions before? Specifically, I didn't see any information about the way pre-sale bids are executed. I assume that bid submitted online before the auction will be carried out in the normal fashion during live bidding, in that the lot will sell for the lowest possible price. However, because I didn't see anything specifically about it, I got worried that if I submit a maximum bid amount the bidding might open at my bid. Does anyone know that it happens the first way?

Thanks!

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In case anyone else had the same question, I received a clarifying response from the auction house (see below):

"We will take your bid as you bid in the room. If you bid 1000,- for a lot what is estimate with 500,- and we have no bid you will get it for 450,- (90 %), if there is a bid in the book for 600,- you will get if for 650,- (always + commission). If you will win a lot"

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2 hours ago, myt said:

In case anyone else had the same question, I received a clarifying response from the auction house (see below):

"We will take your bid as you bid in the room. If you bid 1000,- for a lot what is estimate with 500,- and we have no bid you will get it for 450,- (90 %), if there is a bid in the book for 600,- you will get if for 650,- (always + commission). If you will win a lot"

I haven't used them so can't comment, but given your question which is pertinent to a well known Australian saleroom, I can understand your concern.

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7 hours ago, myt said:

In case anyone else had the same question, I received a clarifying response from the auction house (see below):

"We will take your bid as you bid in the room. If you bid 1000,- for a lot what is estimate with 500,- and we have no bid you will get it for 450,- (90 %), if there is a bid in the book for 600,- you will get if for 650,- (always + commission). If you will win a lot"

Interesting that they would start at 90% of estimate if no other bid.

Can anyone tell me how (for example) LCA or DNW would work in the same situation?

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With DNW I would be confident that the starting bid would be the lowest that meets the reserve, allowing for auctioneers discretion if applicable. (I assume the answer above allows for 10% discretion on a £500 reserve.) I would expect the same from most other reputable auction houses, whether coin specialists or not.

With LCA I have no such confidence.

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How difficult would it be for any existing website to start an auction section?

So long as a lot of people are seeing it, surely anyone could sell items, say, at the highest bids received by a certain time and day,

and that would work?.....why do we all let the vultures get their way and take as much cash as possible, often almost fraudulently?

Is it inevitable when the number of lots goes over a certain size, because of staffing levels etc?

Having your own auction site that only ever sells say 100 items in a month would not be too difficult, 

so long as you have views...

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17 hours ago, Paddy said:

With DNW I would be confident that the starting bid would be the lowest that meets the reserve, allowing for auctioneers discretion if applicable. (I assume the answer above allows for 10% discretion on a £500 reserve.) I would expect the same from most other reputable auction houses, whether coin specialists or not.

With LCA I have no such confidence.

I have a feeling that DNW would start at bottom estimate rather than 90%, but I don't know why I think that. 

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7 hours ago, blakeyboy said:

How difficult would it be for any existing website to start an auction section?

So long as a lot of people are seeing it, surely anyone could sell items, say, at the highest bids received by a certain time and day,

and that would work?.....why do we all let the vultures get their way and take as much cash as possible, often almost fraudulently?

Is it inevitable when the number of lots goes over a certain size, because of staffing levels etc?

Having your own auction site that only ever sells say 100 items in a month would not be too difficult, 

so long as you have views...

There are several small auctions being held on a few coin groups on Facebook that have been going on for a while now. For example there's a  24 hour auction you place your bid and the auction is carried on until a clear. 24 hours is completed without anymore bids. It works like this, you perhaps place a bid of £10 and are the highest bidder. Once you are outbid the clock is reset for another 24 hours. It carries on until there is a clear 24 hour gap with no more bids, and if you are the highest bidder you win the lot. It can go on for a few days. The other auctions are usually set to end on a certain date and time. I have picked up a few nice coins this way .

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4 hours ago, UPINSMOKE said:

There are several small auctions being held on a few coin groups on Facebook that have been going on for a while now. For example there's a  24 hour auction you place your bid and the auction is carried on until a clear. 24 hours is completed without anymore bids. It works like this, you perhaps place a bid of £10 and are the highest bidder. Once you are outbid the clock is reset for another 24 hours. It carries on until there is a clear 24 hour gap with no more bids, and if you are the highest bidder you win the lot. It can go on for a few days. The other auctions are usually set to end on a certain date and time. I have picked up a few nice coins this way .

I like live auctions or the set ending time of ebay. 24 hours is way too long to think about bidding a bit more, which is why people do it. I don't participate in those. :D

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So a quick update if anyone is interested, I did win a lot at the last auction and the processing was super fast. The total was 240EUR, 17% commission, and shipping brought my total to 305.8EUR. For what I got I thought it was a good price - shipped same day as payment (they accepted PayPal which was convenient), shipping from Germany to USA door to door was 3 days via FedEx with signature. I placed my max bid like a month early, and just waited for the results to come in and like they mentioned it sold for the lowest possible (I assume because it wasn't my max bid). Overall, I thought it was a pretty nice buying experience. 

I will say though, all four hammered coins in the lot came in one plastic flip sleeve, all on the same side? Is this normal? You would think for 300 EUR they could at least spring for two plastic flip sleeves. I understand the ticket is on one side and all the coins are on the other which is convenient for tracking, but I thought the last lot I bought from LCA they were all separate. I can say though, that the single coin sleeve was in Self-Adhesive Corrugated Wrap labelled as "Coins Inside!", in another bulkier cardboard package, inside a FedEx bubble sleeve, inside a FedEx box... which overall all seems secure. 

Just wanted to share if anyone was interested in future auctions, it didn't seem like there were many on here who had purchased from them before. 

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Good to know you had a good experience with Teutoburger. 

I personally put high bids into their sales for usual pieces without worrying about having to pay more than the reserve if no-one else bids; I once put €250 on a rare British token and won it at the €45 reserve which allayed any concerns. Not sure I would do the same with a big ticket item though. 

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