Auction update -

[dragonfly5]

So I just got back from a live auction and am feeling a bit down. My dream was to get some silver at $10/oz - just a fantasy. More realistically I was hoping to get a few good deals on silver at spot or maybe a tad below. So, I go to the preview and there is a fair selection of coins - including some junk silver in plastic bags and then some coins in bags that were silver in color but not silver. Lots of RCM sets - some stirling, some 999 and a bunch of others that I wasn't interested in. I notice before the auction starts that there are 3 or 4 "players" in the room - guys I figure who buy and sell coins - maybe they even have a coins shop. So the bidding starts and some of the non coin items are selling for semi reasonable prices ( I am so glad that my wife and I are far past the stage of wanting "stuff" - apparently many other people still need it.) I figure maybe I'll come away with a couple of items at reasonable prices. NOT! The big guys bid up prices so fast I had to check my list to see if I had missed something. I stayed long enough to see the pattern and although there were a few coins sets left that I had interest in I knew there was no chance at them at a reasonable price.
Here is a part of what I decided to pass on. Remember it's an auction, so for the prices below add 15% auction fee and another 13% GST.

Bag of scrappy looking 1 oz bars(old wedding favors) 15 bars - $550

$20 1/4 oz Polar Bear Coins - $40 each.

1 oz. RCM Valrey, Stormy Weather - $120 (Still available at mint for 89)

Other regular 1 oz silver coins $60+

I'm going to try 1 more auction this weekend - completely different auction house, but I expect much the same . . .

[Honey]

Very interesting... I also thought you would be able to pick up a bargain at an auction.. or at least if you didn't, someone else did. So regarding the items and prices you listed below... is that what they sold for? If so, then no one is getting a deal there.

Let us know what happens at the next one!

H

[Mojofabulous]

Those are some terrible bargains, lol. Sorry to hear it was a wash.

[slow to learn]

Wow maybe you should consign some older generic 1 oz bars in an auction and see what happens! My coin dealer says the public love those 1 oz bars even the christmas and birthday bars! LOL!

[dragonfly5]

I'm going to another auction on Sunday - different firm - so I'll let you know what happens there.
Should have brought some of my maples along today. I could have tried selling them to the one guy - say for maybe $55 per coin.

[EL34]

Ok, that pretty much squashed my hopes for the big auction coming up here locally.

Seems to be the same silly mental framework as Ebay auctions.
Or it's the ego of being the auction winner and having everyone look at you and admire you.
I am always amazed what people will pay for crap on ebay that you can go buy new for the same price.

I recently bid on 10 englehard silver prospector coins on ebay just to see where the other bidders where at and where the reserve was
I bid several times until I drove the auction up from under $50 right up to current spot price
The reserve still was not met at spot and people kept bidding way past spot

Maybe I'll take a bunch of my junk silver to the auction, put a reserve on to make back auction fees, make a profit and then buy more at the current price.

[dragonfly5]

Let me know how your auction goes. I think it's good to see if my experience was a one off or a general trend. The one guy at the auction last night dropped over $1000 on silver items and I left before it was half done. I figure he was paying $50-60/oz on silver!?!?

[johndvs]

is this like an estate auction or a live auction house?

[dragonfly5]

This is an auction company - they set up in various cities over a period of weeks/months. What they don't sell one night gets put up in another location 2-3 days later. I suspect many items (furniture and the ever present Group of 7 "Limited" edition prints and framed sports prints) are manufactured for them on a continuing basis. They fill up their stock with leftovers from various other estate sales. This was the first one that I've been to that had a good number of coins. The auction I'm going to in a couple of days is more of an estate sale from what I can tell - so I'm hoping that there will be a different attitude there. I will not be surprised to see other coin collectors there. It will be interesting to see what the prices will be like. I'm still a bit stunned that people last night were so eager to put down almost double spot price on silver that was not collectable. If they can turn around and sell it at a profit after paying $55/ oz there there must really be some suckers out there . . .

[harleyd70]

are you guys that dumb? It's obvious to me that they have shill bidders in their audience to jack up the prices. I bet you half the items that "sold' really were never paid for and sold. I experienced this at an art auction a long time ago and haven't been to an auction since.

[Mojofabulous]

How exactly does this new wisdom of yours(and insult) change the consensus that there were no good deals to be had?

[Honey]

(04-20-2012 09:37 PM)harleyd70 Wrote:  are you guys that dumb? It's obvious to me that they have shill bidders in their audience to jack up the prices. I bet you half the items that "sold' really were never paid for and sold. I experienced this at an art auction a long time ago and haven't been to an auction since.

First off: Harleyd70: Don't be insulting in the future unless you want us to ban your arse....

Secondly.. you have a point: It is entirely possible and logical that they have a shill contingency working up the prices. They could bid up the price and if they get caught with the bid, they can keep it for the next auction and sell it. I bet it happens. I bet it happens a lot and thank you for posting this.. even with the insulting edge....

H

[dragonfly5]

I'm aware of the whole "shill" thing that can go on at auctions - in this case I have no proof that it was actually taking place. It's possible and like I said, as soon as I saw the pattern I decided to leave. I wasn't taking notes on each transaction - but I don't recall too many other people getting caught up in purchasing coins for outlandish prices - maybe one or two out of about 20 coin transactions. For the most part it was 1 individual who was buying most of the stuff.

I guess the only way to prove he was a shill was if there were some way to mark the items and see if the same ones show up at the same companies auction a few days later in a different city. i have better things to do with my time

[harleyd70]

(04-20-2012 09:50 PM)Mojofabulous Wrote:  How exactly does this new wisdom of yours(and insult) change the consensus that there were no good deals to be had?

there were no deals to be had because almost all auctions are rigged (just like this one). I admit it 100%, even I used to shill bid on my ebay items to make them go up. It's a win win! I decided the price on my items and it only sold if I wanted it too. Of course, I stopped doing this because it is not right, but then again, is it right to charge 10% fees to do absolutely nothing on ebay? Excuse my rudeness, I'm the dumb arse.

[dragonfly5]

OK -I didn't get to the second auction as planned. There are more coming up in the next couple of weeks so I'll add to this thread once I have taken in the next one. I'm also going to be checking out yard sales for any stirling pieces that I can sell for melt and turn into 9999.

[Honey]

Thanks Dragonfly.. Even if you never find anything worth buying.. it is still fun to read what happened..

H

[EL34]

Quote:Let me know how your auction goes

Will do, but it's not until June

Quote:are you guys that dumb

Obviously not, he left the auction

Where did you see that he stayed and bought over priced items?
No need to be saying things like that.