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Sword

LCA catalogue now online

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Sept catalogue now online if interested. 

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I would have mentioned it but Ugh! So little....

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7 hours ago, VickySilver said:

I would have mentioned it but Ugh! So little....

That must be a consequence of no live or even room bidding. 

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What? Only online like Ebay?

 

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34 minutes ago, Sword said:

That must be a consequence of no live or even room bidding. 

It's OK, we'll just have to rely on the honesty of the auctioneers! Which is a completely unknown factor behind closed doors. They will have completely free rein to do as they like.  So not all bids will win at their maximum of course, that's too obvious, but who's to know how honest their final price is? 

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1 hour ago, blakeyboy said:

What? Only online like Ebay?

No, at least on Ebay you can see the progressive bidding but with LCA you're completely blind, submitting commission bids and hoping that a) you'll win and b) you won't have to pay your top bid.

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4 hours ago, secret santa said:

No, at least on Ebay you can see the progressive bidding but with LCA you're completely blind, submitting commission bids and hoping that a) you'll win and b) you won't have to pay your top bid.

So basically it's the equivalent of a postal auction? :(

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Posted (edited)
4 hours ago, secret santa said:

No, at least on Ebay you can see the progressive bidding but with LCA you're completely blind, submitting commission bids and hoping that a) you'll win and b) you won't have to pay your top bid.

It's all up in the air and c ompletely non-transparent. Say your maximum bid is £800 for a £5-600 estimate. If you get it for £600 you might think they're being honest and you've done well. However, in an open auction you might have got it for £400. Who's to say anyone bid £400 - £550? So who flippin' knows. The fact they're carrying on this blind bidding is a bit worrying as well - it obviously suits them.

A lot of the Noble Numismatics copper went for way below estimate, but I don't think LC would allow that to happen. They'll pump it up to at least low estimate if the sole bid maximum is above that. 

Edited by oldcopper

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2 hours ago, Peckris 2 said:

So basically it's the equivalent of a postal auction?

Totally.

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Why are they so restricted? Is it still covid-related?

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They have offered no explanation. Could it be that this approach gives them the best results ???

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2 hours ago, blakeyboy said:

Why are they so restricted? Is it still covid-related?

Covid's been and now gone bar the shouting. Don't think it's that.

But either way, it's yet another big disappointment in terms of what's on offer.   

 

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2 hours ago, secret santa said:

They have offered no explanation. Could it be that this approach gives them the best results ???

Their approach keeps their costs down and they control the bidding. What's not to like from their point of view?

Except that more and more people are questioning their approach and the quality of what's on offer declines.

I suspect Steve Locket and Semra will eventually get the message.

As it stands you either tell them what you are prepared to bid or let them know that you want to bid on an item by phone.

As a regular bidder with them for many years I wont be going back until they have open and transparent bidding.

 

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5 hours ago, secret santa said:

They have offered no explanation. Could it be that this approach gives them the best results ???

Probably.

Covid ensured they had a couple years to trial in house auctions without people attending, so they will have the figures to compare with the previous returns obtained when the sales were in the hotel. One can only assume the returns in the current buoyant climate persuaded them to continue with the in house sales.

As it stands, there is no need to hire the hotel room for a few days, move all the lots from the office to the other venue together with about a dozen people involved in the sale who would also have to be put up in hotel accommodation for a couple nights. 

Whether it is sustainable in the future - who knows? Based on the lower estimates (£1.420m) for the featured lots listed as of 20 minutes ago, the commissions just on these few lots ought to give a good start for their sale income, assuming all find a buyer and the vendor isn't being too greedy. I would hazard a guess that the status quo will prevail until such time as income takes a hit, because any business is essentially a numbers game.

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Agreed (but surely you didn't go through the catalogue with a calculator ?)

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1 hour ago, secret santa said:

Agreed (but surely you didn't go through the catalogue with a calculator ?)

No, I just added up the lower estimates from the featured items section on the website. These are all have over 10K for lower estimates and comprise only a few dozen items. Being simple numbers - no calculator required. What the estimates are for the other lots, I have no idea, but the number will be significant.

I don't bother looking at the whole contents until the catalogue arrives.

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8 hours ago, Rob said:

Probably.

Covid ensured they had a couple years to trial in house auctions without people attending, so they will have the figures to compare with the previous returns obtained when the sales were in the hotel. One can only assume the returns in the current buoyant climate persuaded them to continue with the in house sales.

As it stands, there is no need to hire the hotel room for a few days, move all the lots from the office to the other venue together with about a dozen people involved in the sale who would also have to be put up in hotel accommodation for a couple nights. 

Whether it is sustainable in the future - who knows? Based on the lower estimates (£1.420m) for the featured lots listed as of 20 minutes ago, the commissions just on these few lots ought to give a good start for their sale income, assuming all find a buyer and the vendor isn't being too greedy. I would hazard a guess that the status quo will prevail until such time as income takes a hit, because any business is essentially a numbers game.

I notice that some of their estimates are remarkably low.

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I remember around 4 out of 5 n 6 out of 8 of my successful bids are my max bid at past 2 LCA auctions.  It is either my bids are so accurate or......

By the way, i found they are listing at numisbid this time, which whether they did the same before.

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1 hour ago, Bruce said:

I remember around 4 out of 5 n 6 out of 8 of my successful bids are my max bid at past 2 LCA auctions.  It is either my bids are so accurate or......

By the way, i found they are listing at numisbid this time, which whether they did the same before.

Not the first that has happened I know.  5 out of 6 lots that i won at one LCA auction were at my max bid. Nice coins though.  I just take a percentage off my bids now and funnily enough, i don't win so many, so who knows.

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26 minutes ago, Iannich48 said:

Not the first that has happened I know.  5 out of 6 lots that i won at one LCA auction were at my max bid. Nice coins though.  I just take a percentage off my bids now and funnily enough, i don't win so many, so who knows.

yes, actually it will make us becoming more prudent in submitting bids indeed.

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Yep, 6 of my last 7 at max and the other one bid below it.   The last time an identical coin in UNC went for the same amount as mine in AU.    

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Posted (edited)
2 hours ago, Bruce said:

yes, actually it will make us becoming more prudent in submitting bids indeed.

The last one I won at LCA was an 1806 gilt proof penny. I bid £800 and got it for £800 - surprisingly enough !

Sarcasm aside though, I still think it was a bargain, as FDC and there was another FDC example on offer by a dealer for over £2, 250. Same KP No.   

Edited by 1949threepence
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5 hours ago, Bruce said:

I remember around 4 out of 5 n 6 out of 8 of my successful bids are my max bid at past 2 LCA auctions.  It is either my bids are so accurate or......

By the way, i found they are listing at numisbid this time, which whether they did the same before.

I am not certain what's happening. I click on their link in numisbid and it directed me to some Japanese site! 

It is not so easy for any auction house to get quality back once it has gone downhill...

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Wow, with just on exception, the half crown, all the Elizabeth hammered is eBay fodder!

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London Coins? The people I paid for a subscription to their auction catalogue and, despite several reminders, never received any? Pft. Are they still going?

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