Is anyone participating in the Fall Kunker auction? Some beautiful pieces are up for auction My question to those those who have bid before, is this particular auction going to be live? Right now the bids would be pre-bids correct? I have heard the Kunker live auctions can be challenging & pieces fetching very strong premiums
I wish I could, I def see 2 coins that I would love to get but theyre already starting off pretty high.
I'm eying one, but I'm keeping my head down about what it is. I was already assuming that, following recent trends (one need look no further than CNG), it'll close at multiples of the 'estimate.'
Do you know if the sale itself will be a live auction? Usually when they’re electronic only we have a better chance
I'm very new to bidding from outfits on this scale, but each part of the current auction lists both days and times, so it would appear to be a safe guess that they'll all end live. ...At least the website isn't already posting pre-bids.
Some nice lots in the auction but all of the estimates for the items I like seem exceedingly low for the most part.
On better authority than mine, CNG is notorious for the same thing. More anecdotally, I've run into the same phenomenon in other European auctions. I've heard the practice described as a common ploy to get more bidders through the door.
Yes there is a live session. In the past it wasn't possible to participate in Kunker's live session over the internet, but it looks like they've changed that. You can read Kunker's auction terms here: https://www.numisbids.com/sales/hosted/saleterms.php?sid=4074 The auction schedule is here: https://www.numisbids.com/sales/hosted/saleinformation.php?sid=4074 In my experience the "big" auctions all have a live session. Like CNG's Triton or NAC auctions. Lots sold by Kunker tend to hammer for many times the original estimate.
I think the purpose is definitely to inspire more people to come through the door and bid. The same basic principle as what a carnival barker does! As several people have explained, it helps to view CNG's estimates (and those of other auction companies who follow the same practice) as wholesale numbers, and to expect to have to pay at least twice those estimates. But just calling them "estimates" without qualification makes the term essentially meaningless, and (I think) skirts the edge of the implied covenant of good faith and fair dealing. It's not what I'd call fraud, though, because the estimates aren't representations of fact, but, legally, are mere statements of opinion. No promises are made. I still think calling them "estimates" is questionable, though.
I have one watchlisted but I fear I will be unable to bid, for reasons of budgetary caution, and boring realities like "my old jalopy car has to go into the shop and is about to cost me money".
