Opinion on Bidding Amount

Since they deduct Wisconsin taxes now my highest bid is 75% of what I consider a coins value unless it is an exceptional example. In that instance I may go as high as 90%.

 

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Only way to fly. My experience is a majority of the competition is doing the same thing.

 

I will pm you in the next few weeks once shows start up again....and give you the low down. Also go to coinzip.com this is Alan's web site it list shows from coast to coast.
This site also has an auction ending this weekend if you're a lg cent fan there are plenty of nice coins .

 

The Annandale Coin Show is also local. Similar to Vienna in terms of attendance, but it's about twice the size.

 

Yes I couldn't think of the name ....and that's funny as I am all around Md, D.C. Va. Every week. That takes me about 1.25 hour on a Saturday to drive as I'm near BWI.
Good show!
And if you were not aware the person who owns Wizard coin runs it.

 

@Paddy54

I need to move to your region. Mine has a grand total of 3 shows a year.

 

Alan have you looked at coin zip site? And yes it is nice to be able to have that many shows. Plus here Alan you can hit Pa. Va, WVa,Md. De.all can be hit from my central location south of Baltimore.

 

Unfortunately, Coinzip confirms that I live in a black hole.

 

How is Calcutta this time of year.?

 

I bet Calcutta has more coin shows than where I live.

 

Yes, this is exactly how you have to think about it (and how most people think). The cost of the coin is $5000.... so you spend $5000 total and adjust your bid down accordingly.

This is the primary reason why, when auction houses raise their buyers premium, sellers are the most upset.

 

As for bidding amounts. If it's something unique (or nearly so) that I'm really set on, I don't factor in the fees. I just pay the extra if I win it and chalk it up to overhead. If it's material I think will come up again in a reasonable amount of time, I absolutely figure in the fees with my bid.

 

That's one reason why I like Great Collections. The buyer's fee is 10% (12.5% if using CC) and seller's fee 5% for coins under $1000, otherwise 0% ($5 processing fee per coin in all instances). For a while Heritage coins seemed to bring more money than GC coins but I don't think that's true anymore. If I'm selling my coins I'll stick with GC.

 

That's the one I refer to as the NOVA Show.

 

But that makes you closer to the Whitman shows.

 

GC has definitely upped their presence in the coin auction market.
They are my first stop before I go elsewhere.

 

My first posting - I've been lurking for a while, enjoying the byplay and appreciating the expertise!

I agree with your strategy of deducting the buyer's premium from the calculated coin value. I employed the same arithmetic at the Heritage Summer FUN show auction and won my two lots (>$5K total) for less than my maximum calculated bid amounts. I did a lot of price guide and auction research to come up with my numbers. For coins worth thousands, S&H and insurance are not worth taking into account.

Taking the buyer's premium into account in your bid is the only way to do this while employing some cost discipline. The auction company's "juice" is just the price the seller/consigner has to pay to play. I know, the buyer pays the buyer's premium but it is actually the seller who, usually but not always, winds up paying it by virtue of the lower bids. More woe to the consigner if his coins aren't good enough to negotiate away the seller's premium, usually 5%.

Now, that said, any auction can work otherwise depending upon the item, the bidders, enthusiasm, hysteria, etc. But you know all that so I won't belabor it.

 

Oh hell yeah. You and everyone else. Less you got money to burn

 

I still say no. Make all cost important. Won't spend a dime over its worth. For a grand you can fly to a show

 

Yeah, but you don't KNOW if the same item will be there...or how much it costs...and it takes TIME and $$$ to drive around or fly around to shows.

You certainly pay a premium on Ebay, HA, or GC for the convenience of being able to buy at home. But it's quick, you can do it from your desk or smartphone, and you aren't waiting weeks or months to drive or fly hundreds or thousands of miles and risk being disappointed. You know within minutes if you want it or bought it and it comes within a few days, give or take.

Heck, even the guy who bought the 1933 Double Eagle paid a 15% hammer.