How to [kindly] tell people they overpaid?

We should make it a contest The person who overpays the most wins the ability to buy a coin for 6x book value :devil: From me.

 

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True sir. I just bought a group of 9 Byzantines and by definition "overpaid" since I won the auction. However, in it was a Class F anonymous follis, which I do not think anyone else saw. Just that coin was worth the purchase price, but if you didn't recognize that coin, then you thought what I paid was too much. I know darn well I miss many more rare coins than I recognize in such lots, I just happened to see this one. For this reason I am always very curious when a coin or group goes well above expectations, I like to see what I missed, and try to not miss it next time.

Btw Doug I would love to play your little game, but how do you suppose I put a "expected price" on the little weird things I collect? How will I know if I overpay?

 

Funny on overpaying paying for a item we all do it, I did and will with out knowing at first that's how you learn the hard way with out thinking and doing your homework, I see all time on here get a book ask aound but we do all think we know all, so if a small cost on a buy it's good, I will still buy before thinking but that's me

 

If I saw someone overpaying at local coin club auction, I would probably not say anything, as he/she may be doing so for reasons such a enjoyment, cherrypicking, flipping, etc. If I saw someone obviously getting taken advantage of at same auction, I might strike up a casual non-intrusive conversation with him/her, offer congratulations on the wins, and then tactfully mention that the coins he/she is bidding on can be found elsewhere for even less money. TC

 

Exactly. This is what people do at auctions and is why a lot of people don't bother going to them. I won't go out of my way to go to one. The auctioneer is there to purposely get everybody excited and emotional. Sometimes they'll put the coins off till the end so you have to wait. Sometimes hours. By the time they get to them, everybody's bound and determined to take something home so they didn't waste all their time standing around. Then it turns into a pi***** contest where everybody thinks they're going to show somebody else. Not the greatest format. Now you would have very likely been better off staying home and finding what you want online. Save the gas and the time.

 

If one goes to an auction knowing what they will pay, it is impossible to overpay.
As far as "greedy persons" go, that just means somebody wanted it more than you.

 

I have been to a lot of different type auctions. Antique fishing tackle, art, industrial, and coins. No matter what auction you go to you will see people over paying. Part of the problem is people get wrapped up in bidding and they are in the fever of the auction and just keep going when they should back away. I have friends that have over paid by way too much on an item, and afterwards I ask them what was you doing. They told me they was not going to let that SOB out bid them. There are many reasons that actions are different than buying in any other format.
Big Ed

 

Aw, heck, why beat around the bush? Just go up to them (him?) and say "I saw you picked up that nice/run-of-the-mill/sorry-looking (insert appropriate adjective) common-date Morgan for (name the price they paid). Can you tell me why you would lay out 35 dollars. (Insert amount of money overpaid in dollars or percentage) for a coin that is easily had at (name price or the term 'melt')?" Then they might start a conversation with you as to why they bought it for that price.

 

Personally I have been known to sell at public auction from time to time exactly for the reasons people have mentioned above. Sometimes people will pay full market... or above for coins. There also have been instances however where some items bring FAR less then wholesale at the same auction. It's really tricky.

Personally.. and this is just my personal opinion... I'd mind my own business... If they want to be uneducated and spend their money foolishly it's not my place to approach them about it. However if they happened to strike up a conversation with me... and we happened to get on the subject... I would probably take that opportunity to try to figure out why they are paying so much...and try to point them in the right direction, but other then that I'd just let it be.

 

If you came up to me at an auction with a line like that, I can guaranty you would not be happy with the response you'd get!
People - mind your own business.

 

I think you'd be better off keeping your mouth shut.

If you must open your mouth, you might ask them how they arrive at the price they pay.

Like telling a parent how to raise their child -- you may be right, but you're still wrong.

 

I said that tongue in cheek, as if the OP did that, he likely would get a huge response to his question, and possibly decide it's not going to be in his interest in the future to worry about what others pay for coins, and why they did. Especially when he's unwilling to go higher on coins and knows that they are sold for amounts over what his limit is for the coin. :smile Witness your reaction to me writing that.

P.S. I think I would never inquire of someone as to why they bought a "run of the mill" coin. Just that adjective in front of it would be enough to set off someone if they liked it.

 

I go back to my original statement: Just because someone is willing
to pay more than you are doesn't mean they over paid for the coin,
it just means that you lost the auction. Take it like a man and walk
away quietly.

A closed mouth gathers no foot (and no fist, either).

A fool hates being called a fool by a fool.

 

I don't ever overpay with the intent that it's a coin that's going to stay in my collection until my dying days. Ask any veteran, numismatics isn't the type of hobby where you can safely flip every coin you purchase for profit. It's real tough and it's a competitive market out there. Most people lose out than gain, especially the armchair collectors who don't do it 24/7.

 

I think that's just a little harsh. Its a matter of degree, and Doug has it right that there is never a "right" answer. If you see a couple of people clearly bidding too high for worn morgans that you have seen and KNOW have no special value, I do not think its unfair to try to educate them. If I think a group of ancients is worth $200 and they go for $2000 I try to educate myself on what I missed, because I cannot say I KNOW that I had superior knowledge than the purchasers, and most likely they know more than I and I wish to find out what I am ignorant of.

The point, though, is before you ever get cocky and dismiss someone's bid you had better darn make sure you are as knowledgable as you think. When I collected US coins, even in series I specialized in I could miss something and tried to learn what I missed. However, if I saw someone buying common stuff I KNEW was common, for twice what they could buy it for at a dealer, I would try to help educate them in the manner I described earlier.

Just a matter of degree sir, just like a lot of things in life. I do not see any absolutes here.

Just my opinion.

Chris

 

My fist still has teeth marks. =(

 

I would and have slid up to these folks and said something to the effect that "I think things are going way to high at this auction"..... And wait to see if they respond.

If they open the door by asking a question you can state your case. There will be no offense.

And IMO, people who do get offended at hearing the truth, NEED to be offended. You are doing them a favor whether they realize it or not.

 

Even if you are 100% sure the buyer overpaid, you should just say nothing.
The buyer may have spotted a rare die variety or some other thing.
Frankly, even if the buyer is an idiot and wildly overpaid for something, it's absolutely none of anyone's business.