Recent CNG eAuction 410

Greettings,

I participated in the most recent CNG eAuction which included a large number of books.

I was excited to bid on many that I did not own but wished to. I placed what I considered to be sensible but aggressive bids based on my understanding of the market rates for those books.

I just received the results in my email this morning. I was quite to surprised to see that in some cases I was outbid by people who will end up paying more than the price those same books are currently retailing for elsewhere.

I understand the bidding frenzy on some of the books which are difficult to find. I dropped out of the bidding for some of them where clearly a bidder had their heart set on a particular volume and I did not have a specific interest in the areas they covered.

But those books which are available on vcoins and many other dealers websites at same or lower prices - why would anyone bid the same or higher price?

One of the books, in fact, was available in the CNG shop and someone is now going to pay almost twice the price they could have bought it for - from the same website!

Despite how this post might read, I am not bitter at all about losing out on those books, just bemused and slightly curious - as well as a little bit relieved for my wallet's sake. I always thought people who collected ancient coins were well researched given how closely linked researching is to the hobby.

Ultimately I won the one coin I had my eyes on - but had to pay (read, overpay) a hefty price for that privilege - together with a few other coins / groups of coins. In fact, it is the most I have ever paid for a single coin.

Anyone else participate in this auction? If so, did you notice any strange behaviour (if I may call it that) or have any comments generally?

Peter

 

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Can't wait to see what you picked up in the sale @greekandromancoins.

I also put in several bids on books and came up empty handed for the same reasons you mention. I also found it rather bizarre that people were paying such a premium above retail for books that are readily available (even if they aren't cheap!)

 

Like always, I got clio’d 8 Times today. 3 times in 2 minutes.

Barry Murphy

 

Some of the books were duplicates from the ANS so some people bidding them may consider that it goes to a good cause.

 

I'd never bid on books at an auction prior to this and caught myself forgetting that the amounts I was bidding was before the 15% buyer's fee. I was also surprised at how high the bidding went for some of the books. There were three or four less available ones that I really wanted but I lost out on all of them.

 

I got blown out on every coin and every book except one. I agree that the book prices went rather silly at times.

 

I did not bid on anything here, but have noticed prices are above retail in many cases. I did have my eye on the Greek Coins by Hirmer:

https://www.cngcoins.com/Coin.aspx?CoinID=348665

Sold for 900 + BP on an estimate of $200. Two nicer ones are available on Vcoins for half that price:

https://www.vcoins.com/en/stores/ch...eek_coins_abrams_printing/873112/Default.aspx

https://www.vcoins.com/en/stores/ch...s_thames__hudson_printing/849942/Default.aspx

Pretty insane if you ask me...

 

I bid on one, but did not win it. I will go and find a cheaper copy.

 

https://www.cngcoins.com/Coin.aspx?CoinID=348759
https://www.cngcoins.com/Coin.aspx?CoinID=348758

one ripped and repaid while the other is "Near new"
the bad condition book sold for 220 which was $30 more than the "near new" book.

 

I totally agree with the thoughts on some of the books. I won one and lost one. The one I lost went for about 150% of current available books on the market. I figured I must have missed something about the book.

 

Didn’t bid on any books. I was the underbidder on the one coin I really wanted, won one that I wasn’t sure I wanted and then in my haze I forgot to bid on something I really planned to bid on.

 

That had me puzzled too. I really wanted the second set of Seleucid Coins by Houghton & Lorber, which was selling for $295 on CNG


In the action it sold for close to $250 yet was retailing for $175 midway through the auction. Either someone had really unfortunate timing in their bidding or has incredible sums of disposable income.

I agree with you @beef1020 That was possibly the strangest result. I assumed anyone biding on those books would check prices elsewhere before biding and establish a ceiling of sorts.

 

@Barry Murphy

Incredibly I did not get 'Clio'd' on the prize coin I coveted. But, as explained above I knowingly made an exception to bid for that privilege in excess of what what I could usually justify on a single coin. I suspect I was influenced by reading something BCD wrote in one of his auction catalogues to the effect of "never pass up the opportunity to buy something rare. You will always regret it later". I still expected to wake up this morning to discover myself outbid.

I am pleased to give my business to the likes of Charles Davis whose books are always reasonably priced and avoid bidding against those who seemingly treat it as a sport and take the 'disposal' in 'disposal income', far too literally. Incidentally, last time I missed out on a book at auction, he found it for me at a much cheaper price than had I won it! Perhaps, once again, this is a blessing in disguise.

Peter

 

Bottom line is that people get emotional when bidding. Its already been pointed out that new copies of some books were available at fixed prices lower than the auction for used. Me, I try not to get emotional about coins. I have to as a dealer. But I did win one coin today I simply cant resell. I am a sucker for base metals and I paid full bore for a stunning Faustina As. I dont care. When I am dead and gone maybe my kids can get more for it.

 

There were a few books in the auction I wanted to bid on, but I forgot all about it! No matter, all of them went much higher than I was willing to go.

 

Faustina I or II?

Peter

 

I wanted Jenkins "Coins of Greek Sicily" reprint, but after all it is available online to download free if you know where to look...took me a whole morning to find it.

 

With the approaching holidays cash was a bit tighter than it has been, so I was glad that there wasn't a lot in this sale for me. I had bid on two coins, which I got, so I was relieved to have been outbid earlier on a set of the Sear cats which I don't have and don't really need since I have full sets of the RIC and BMC cats for Roman. The set of Sear Roman in this sale was a bit confusing inasmuch as the first volume said it was the 4th edition and the rest of the set resumed with volume 2. No current volume 1?

I was fascinated by some of the deals on books I was seeing. Someone got a very good deal on the volume by Robert Carson on Roman Imperial at $65. A complete reprint set of BMCRE at $340 was another good deal for someone, despite the 15%. OTOH I could not believe that a set of Vagi sold for $150 + tip - I would never have paid so much. I was a little surprised that the Mitchiner volume sold for $320 since I know quite a few people who were after one.

It was an interesting sale to watch.

 

I also saw a lot of auction catalogues go for 50, 100 + even over 250 that are available free online

 

Hi, The BMCRE I believe was the second edition, not the spink reprint, which in fact is based on the earlier edition. I agree it went for a good price especially as this edition is hard to find. I bid on it initially but dropped out after realising that between my spink edition and BMC collection online, I did not need it.

Peter