London Coins Auction - Anyone Bidding?

[jaggy 528]

I am bidding on 4 lots. Nothing big as there are a couple of expensive lots in DNW I am interested in. Mainly trying to improve the quality I have for certain dates.

[pies 33]

planning to attend hopefully both days,just some of the cheaper coins though

[VickySilver 776]

Not much for me, I really think not.

[jaggy 528]

Not much for me, I really think not.

Same here ... I was quite disappointed in that there was nothing on my main target list. The 4 lots I am bidding on are all George V coins with a view to improving the quality of the dates concerned. But if I don't get them then it really isn't a problem.

In contrast, the DNW sale has two coins that I really want. One is probably out of my reach financially but I will bid on the other to win.

[Rob 3,003]

A couple for me. Nothing too exciting though, so my diet will not be restricted to beans on toast if I win them.

[Colin G. 147]

A few for me but nothing too extravagant

[RChris 3]

I've sent bids by email on a few lots, pennies & halfpennies to fill gaps - also the reverse brockage penny which I'm a sucker for. Just waiting to see if I get the promised email reply within 5 days......

[azda 973]

I much Prefer DNW because you can actually bid live and know on the day if you've won. So i won't be bidding with Londons. I don't know why it seems so Hard for them to do some live Internet bidding, i Bet estimates and totals would be much higher with live online bidding.

Edited August 29, 2013 by azda

[Colin G. 147]

I much Prefer DNW because you can actually bid live and know on the day if you've won. So i won't be bidding with Londons. I don't know why it seems so Hard for them to do some live Internet bidding, i Bet estimates and totals would be much higher with live online bidding.

That's why it needs to be left alone!!

[jaggy 528]

I prefer the auction that has the coins I want.

[azda 973]

ALL auctions have coins i want, i'd Rather be the one who decides whether to Push it a Little more or just leave alone

[Nicholas 51]

So sell your coins with good online bidding systems, buy from the ones with poor or no online bidding!!!!

[Gary1000 41]

Not much for me, I really think not.

Same here ... I was quite disappointed in that there was nothing on my main target list. The 4 lots I am bidding on are all George V coins with a view to improving the quality of the dates concerned. But if I don't get them then it really isn't a problem.

In contrast, the DNW sale has two coins that I really want. One is probably out of my reach financially but I will bid on the other to win.

Yes I have an eye on a George V coin. It's the one gap in my collection so is a must have. I've booked the day from work to go along in person so as not to leave it to chance. I think I will have to be wearing those trousers with the very long pockets.

[jaggy 528]

Not much for me, I really think not.

Same here ... I was quite disappointed in that there was nothing on my main target list. The 4 lots I am bidding on are all George V coins with a view to improving the quality of the dates concerned. But if I don't get them then it really isn't a problem.

In contrast, the DNW sale has two coins that I really want. One is probably out of my reach financially but I will bid on the other to win.

Yes I have an eye on a George V coin. It's the one gap in my collection so is a must have. I've booked the day from work to go along in person so as not to leave it to chance. I think I will have to be wearing those trousers with the very long pockets.

Hopefully not a sixpence

[Gary1000 41]

Not much for me, I really think not.

Same here ... I was quite disappointed in that there was nothing on my main target list. The 4 lots I am bidding on are all George V coins with a view to improving the quality of the dates concerned. But if I don't get them then it really isn't a problem.

In contrast, the DNW sale has two coins that I really want. One is probably out of my reach financially but I will bid on the other to win.

Yes I have an eye on a George V coin. It's the one gap in my collection so is a must have. I've booked the day from work to go along in person so as not to leave it to chance. I think I will have to be wearing those trousers with the very long pockets.

Hopefully not a sixpence

No, somewhat bigger than a sixpence

[azda 973]

So sell your coins with good online bidding systems, buy from the ones with poor or no online bidding!!!!

And thats how non rarities sell for above their price because everyone who has an eye on a particular coin will have observied the esrimate and thought well maybe someone will go higher than top estimate, so i'll go a smidge higher, meanwhile the other 5 or 6 wannabes will be thinking the same thing and do the same and in the end we have an overpriced coin.

[NRP 38]

I have put about about 30 bids in, I just put the max I am happy with if I get any then great if I don't at least I am not there to get drawn into a bidding war.

[jaggy 528]

I have put about about 30 bids in, I just put the max I am happy with if I get any then great if I don't at least I am not there to get drawn into a bidding war.

Exactly .. discipline is everything when it comes to auctions. You work out the max you are willing to pay and walk away if the bidding goes over that max. That is one reason I like bidding by mail (or email). Because my max is on the form and I cannot go over that.

Edited August 29, 2013 by jaggy

[Peter 615]

I've been put on a temporary stop UNTIL I shift a large quantity of coins not required which Mrs Peter stumbled across .

[RLC35 288]

So sell your coins with good online bidding systems, buy from the ones with poor or no online bidding!!!!

And thats how non rarities sell for above their price because everyone who has an eye on a particular coin will have observied the esrimate and thought well maybe someone will go higher than top estimate, so i'll go a smidge higher, meanwhile the other 5 or 6 wannabes will be thinking the same thing and do the same and in the end we have an overpriced coin.

Another thing most auction houses do, is place the estimate range lower than the value to stimulate bidding, and also only let the seller place a reserve at 60% of the low estimate (I know Baldwins does it this way)!

[Coinery 926]

So sell your coins with good online bidding systems, buy from the ones with poor or no online bidding!!!!

And thats how non rarities sell for above their price because everyone who has an eye on a particular coin will have observied the esrimate and thought well maybe someone will go higher than top estimate, so i'll go a smidge higher, meanwhile the other 5 or 6 wannabes will be thinking the same thing and do the same and in the end we have an overpriced coin.

Another thing most auction houses do, is place the estimate range lower than the value to stimulate bidding, and also only let the seller place a reserve at 60% of the low estimate (I know Baldwins does it this way)!

When you're buying to sell, the low estimates always stand out but, as you say, I think they are generally set to attract bidders! The truly class material, however, generally adopts a different principle entirely, and I'm guessing that you all know what I mean by that! Top dollar estimate to attract an 80% paper bid, and they'll go from there, thank-you very much!

[VickySilver 776]

I know that I have bid as much as FIVE TIMES estimate to secure choice and rare bits....Took more than just me to do it however! I try to get them low, but really in a topline London auction of a rare coin, do any really believe there are low priced bargains to be had?

[Coinery 926]

I know that I have bid as much as FIVE TIMES estimate to secure choice and rare bits....Took more than just me to do it however! I try to get them low, but really in a topline London auction of a rare coin, do any really believe there are low priced bargains to be had?

Not for class pieces, I'd say not! But [by human nature] what bid is determined by the estimate! As an example, you bid five times the estimate to secure the coin, if the estimate had been five times what it was, you would still have had a go, and could possible have had some competition alongside you?

Edit: strike 'by human nature'

Edited August 29, 2013 by Coinery

[VickySilver 776]

Yes, good point, but it was the second high bid that determined the sale price - and I think (s)he and I knew the fair "collector price", and I was prepared to go even a bit higher. When the estimate is closer to true value of the coin, it does not prompt me to still bid multiples of the HIGHER price.

Overall, I think the lower estimates catch interest initially and make a bidder feel like he's going to come through with a win at a relatively higher percentage price. I know as the relative estimate rises - and I have seen this on occasion as well - that my bids are much closer to estimate and I take the loss rather than go very high.

[jaggy 528]

I look at the estimates but that doesn't really affect what I am willing to bid.

The factors I take into consideration are:

1. How badly do I want the coin? For example, there is a 1913 sixpence in the current Heritage auction. Nice coin but I already have one that is as good. So I don't want it really badly.

2. How nice is the coin? Very subjective but is it desirable? There are some coins with a high grading that don't always look very nice.

3. What is the book value for the coin. Am I willing to bid over or under book value?

4. What have similar coins sold for in recent auctions. Again, for example, a 1913 UNC sixpence sold for 40 pounds not long ago. So that sets my market value.

5. How likely is it that a similar coin will come up for auction soon? Well, there are at least three in this London Coins auction alone so if I didn't get this one there will probably be plenty of subsequent opportunities.

6. Is it likely to be in my price range. For an expensive coin that I cannot really afford I might stick a low bid in just in case I get lucky.

So, based on the above, for the 1913 sixpence, I set the maximum I am willing to pay at around 50 pounds (plus buyers premium). As it happens, that is bang in the middle of the Heritage estimate.