Tips required for auctions

[Peter 615]

I have missed out on auctioned coins...Ebay I don't really give a damn because my bid is what I believe is the price I would be happy to take the coin..(maybe a lower desired coin).

However with an auction I put my bid in thinking it would be nice for that.I really don't know where the price will end up.

Does anyone have success in absentee bidding?

I think I could calm myself over the fever should I be present...but if I put an absentee bid in does the auctioneer feel happy to drive up the price past this.

I'm really peeved over a couple and then some I haven't bothered with went for peanuts.

Is it case of technique?

To attend a London auction would cost me a day in time and considerable travelling expense...what is the secret?

[Peckris 579]

I have missed out on auctioned coins...Ebay I don't really give a damn because my bid is what I believe is the price I would be happy to take the coin..(maybe a lower desired coin).

However with an auction I put my bid in thinking it would be nice for that.I really don't know where the price will end up.

Does anyone have success in absentee bidding?

I think I could calm myself over the fever should I be present...but if I put an absentee bid in does the auctioneer feel happy to drive up the price past this.

I'm really peeved over a couple and then some I haven't bothered with went for peanuts.

Is it case of technique?

To attend a London auction would cost me a day in time and considerable travelling expense...what is the secret?

The principle is the same as eBay. Decide what your maximum bid is (what the coin is worth to you) and don't go above it. As for absentee bids, you should abide by the same principle - put in your maximum bid. What the auctioneer does is out of your control, all you can control is your own bid.

One halfway house between being there and absentee, is to put in phone bids. You are at least "there", even though you can't see.

[Coinery 926]

If there are any techniques, Peter, I'd sure like to know them?

I left around 5k in absentee bids at the last DNW auction, this was my first ever absentee auction, and I placed bids at more than double the estimate in some cases, and at least 80% of my bids were a decent amount over the estimate.

I still cannot believe to this day that I didn't win a single lot! I do wonder, if there's only a £ or 3 difference in the bidding, whether the auctioneers let the lots go to the floor. It's much easier to process sales and get rid if you're dealing with an attendee, also it keeps a frenzy going in the room, I should think?

[Coinery 926]

I've just reflected on the above...they obviously can't sell short of your bid, you'd notice in the final published prices! Haven't got my thinking cap on tonight!

I'm still amazed I won nothing, though!

[ski 1]

i have bid on 2 absentee bids this year and one through my friendly dealer which ive won, lost more besides.

ive long been suspicious of the 2 absentee bids ive won as ive won them at my highest bid, maybe a fact of life, but i guess ive won them at what was my max.

i think were all in a middle ground at the mo regarding auctions, investors??? seem to be pushing prices beyond what knowledgable collectors would pay, and i think whilst this is happening.....as collectors, were stuffed, were gonna lose auctions. Whether prices will return to what is acceptable to dealers/collectors when markets pick up.....we will see.

until then every little win at auction becomes a little more precious.

ski

Edited December 30, 2011 by ski

[Peckris 579]

If there are any techniques, Peter, I'd sure like to know them?

I left around 5k in absentee bids at the last DNW auction, this was my first ever absentee auction, and I placed bids at more than double the estimate in some cases, and at least 80% of my bids were a decent amount over the estimate.

I still cannot believe to this day that I didn't win a single lot! I do wonder, if there's only a £ or 3 difference in the bidding, whether the auctioneers let the lots go to the floor. It's much easier to process sales and get rid if you're dealing with an attendee, also it keeps a frenzy going in the room, I should think?

The floor competes with commission bids. Only when the 'book' is 'out' does it go to the floor entirely. If there are no 'floor' bids, the auctioneer has already calculated and called out the highest commission bid and that's who wins it. In essence, the floor is competing with the highest commission bid.

[ski 1]

no tips there then..........sorry

[Gollum 2]

Don't these new fangled high tech places do video conference bidding ?

[Accumulator 52]

My tip is that it's definitely worth attending in person if at all possible. I've suffered all the problems noted above when bidding as an absentee, namely being very surprised to lose out (room bids taking priority, apparently) and getting anything I do win at my highest proxy bid price.

I attended the last London Coins auction and it appeared most lots were won in the room, with the absentee bids being used almost as fodder to start the real bidding (remember they only have about 30 secs for each sale so aren't going to mess around going through dozens of bids to get to the sale price). Telephone bidding is a hassle as they have just two lines and are probably only willing to take calls on the major lots.

Without doubt the best option is live on-line bidding, where this is available (London Coins don't have it yet). I tried this for the first time at the DNW December auction and puts you on equal footing with room bidders.

[Peter 615]

Trouble is I may want 1 coin with an estimate of £200.I put an absentee of £300 in because I really want it and it goes for £320.

I'm not prepared to waste a day and travel costs to win it live for £330.

Has anyone won an absentee for less than estimate or their bid?

With Ebay you know it can't be fixed unless you're shilled.One particular coin I wanted was at £10 early Sunday morning finishing at noon.

I put a max bid of £60 on it and headed off to the Midland fair.I had a great day & when I checked Ebay in the evening I had won it for £30.

I also found the Colin Cooke auction method frustrating...as a side point a particular client decided on live internet bidding (like the Colin Cooke rules...a cartel soon formed and we all creamed him).I would like a postal auction (no Emails) and the best bid wins..this can still be shilled but hey at least I would try.

Edited December 30, 2011 by Peter

[Accumulator 52]

Trouble is I may want 1 coin with an estimate of £200.I put an absentee of £300 in because I really want it and it goes for £320.

I'm not prepared to waste a day and travel costs to win it live for £330.

Has anyone won an absentee for less than estimate or their bid?

With Ebay you know it can't be fixed unless you're shilled.One particular coin I wanted was at £10 early Sunday morning finishing at noon.

I put a max bid of £60 on it and headed off to the Midland fair.I had a great day & when I checked Ebay in the evening I had won it for £30.

I also found the Colin Cooke auction method frustrating...as a side point a particular client decided on live internet bidding (like the Colin Cooke rules...a cartel soon formed and we all creamed him).I would like a postal auction (no Emails) and the best bid wins..this can still be shilled but hey at least I would try.

The other option is to find someone on here who's attending and can bid on your behalf. I'd certainly be happy to do that for any auctions I attend.

[Peter 615]

Trouble is I may want 1 coin with an estimate of £200.I put an absentee of £300 in because I really want it and it goes for £320.

I'm not prepared to waste a day and travel costs to win it live for £330.

Has anyone won an absentee for less than estimate or their bid?

With Ebay you know it can't be fixed unless you're shilled.One particular coin I wanted was at £10 early Sunday morning finishing at noon.

I put a max bid of £60 on it and headed off to the Midland fair.I had a great day & when I checked Ebay in the evening I had won it for £30.

I also found the Colin Cooke auction method frustrating...as a side point a particular client decided on live internet bidding (like the Colin Cooke rules...a cartel soon formed and we all creamed him).I would like a postal auction (no Emails) and the best bid wins..this can still be shilled but hey at least I would try.

The other option is to find someone on here who's attending and can bid on your behalf. I'd certainly be happy to do that for any auctions I attend.

Thanks I will bear that in mind

[VickySilver 775]

That is my usual choice as well.

BTW, how did you "cream" the video bidder?

Hypothetically speaking of course....LOL

[Peter 615]

That is my usual choice as well.

BTW, how did you "cream" the video bidder?

Hypothetically speaking of course....LOL

It was all on line but never finished for 2 minutes after the last lowest tender (bid).

This went on for a while then suprisingly the clients advisors suggested anticipated tender prices were increasing.

[TomGoodheart 373]

I've had very varied success. Mostly I've won stuff for near my maximum but within estimate. I think my worst purchase was from WAG several years ago, estimate 175€ and I got it for 240€, just under my max. I'd hoped for quite a bit less and so, while not disappointed, probably paid too much.

Oddly, my most expensive purchase ever (one of the Prestbury hoard coins through DNW) I put in a bit over top estimate and was surprised to get it for under the lower. At the time none of that type had come to market since the Brooker coins and I was expecting a fight, but .. I guess they were just over priced. There was a second example of the coin in poorer condition and that didn't sell at all, surprising I thought for the, what, fifth and sixth known examples. I understand someone picked it up after the sale.

Generally I prefer fixed prices. That way I can decide if I'm happy with the price, maybe haggle a bit and I know what I'm getting. eBay, I've bought a few for way too much. But I'm that sort of collector. I don't buy to resell, but to add to the collection. If I have a gap and think the condition is good and decide to buy I aim to win. Not a good way to collect really, though I guess I've some coins that are rare that way, the price was high (and I've perhaps irritated a few other collectors by denying them their 'prize'!)

[DaveG38 385]

Trouble is I may want 1 coin with an estimate of £200.I put an absentee of £300 in because I really want it and it goes for £320.

I'm not prepared to waste a day and travel costs to win it live for £330.

Has anyone won an absentee for less than estimate or their bid?

With Ebay you know it can't be fixed unless you're shilled.One particular coin I wanted was at £10 early Sunday morning finishing at noon.

I put a max bid of £60 on it and headed off to the Midland fair.I had a great day & when I checked Ebay in the evening I had won it for £30.

I also found the Colin Cooke auction method frustrating...as a side point a particular client decided on live internet bidding (like the Colin Cooke rules...a cartel soon formed and we all creamed him).I would like a postal auction (no Emails) and the best bid wins..this can still be shilled but hey at least I would try.

I occasionally buy at auctions and in doing so, I have a simple personal technique which has served me reasonably well over the years. Looking through a catalogue I soon pick out anything I am interested in and then from the list of wants, I establish which coins I really want and which I can live without if unsuccessful. I then place my absentee bids and generally, I end up with something, but not everything. When it comes to coins I really really want then I will go in way over estimate and for the others, I'll maybe go a little over.

As an example, last year, I bought a 1684 James II farthing from DNW. It was the last major farthing date/type that I wanted and so was a must have. It was in fine condition, quite nice with a very clear date, so I went in with a max bid of around £700, against an estimate of £350 or so. In fact I got it for about £450, well under my max bid, so it is possible to buy at a price well under a maximum commission bid.

[1887jubilee 36]

I have missed out on auctioned coins...Ebay I don't really give a damn because my bid is what I believe is the price I would be happy to take the coin..(maybe a lower desired coin).

However with an auction I put my bid in thinking it would be nice for that.I really don't know where the price will end up.

Does anyone have success in absentee bidding?

I think I could calm myself over the fever should I be present...but if I put an absentee bid in does the auctioneer feel happy to drive up the price past this.

I'm really peeved over a couple and then some I haven't bothered with went for peanuts.

Is it case of technique?

To attend a London auction would cost me a day in time and considerable travelling expense...what is the secret?

I have to agree with Peckris the only way to get the feel of the auction is to have a telephone bid or better still the live internet links provided by Sixbid and the saleroom.com Both these services are invaluable as they are as good as being in the saleroom without having to do the journey. Nobody likes being squeezed but it is always that last bid you feel slightly uncomfortable with that wins the day. Another way to play it if you know who is buying is to let the dealer buy the coin, without pushing him up, then contact him afterwards. Risky but it occasionally works.

[Colin G. 147]

I have also had mixed results, it really seems to depend on the day. I have had some bargains and also a few that I know I overpaid for...but that's the way it goes, at some auctions I seem to crash and not get anything, and at others I seem to get everything I was chasing. It really is bizarre!!

[Gary D 76]

When I got my 1922 penny I was the only bidder and had to up my bid to get it at the reserve, bargain. This year a coin came up at Baldwins that I really liked. I was going to attend but bottled out and put in an absentee bid well above estimate, got beaten and saw the same coin at coinex for £800, not bad as it was bought for £320 plus juice. Still kicking myself for not going.

[jaden 0]

There are several reasons why goods may be sold at auction and it is important to know why the goods are being sold and where they came from this information can be found by consulting with the auctioneers before the sale or it may be stated in the catalogue of lots relating to that auction sale.

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