ok, so I went to a local auction last weekend for something to do and noticed they had some coins up for bid (nothing great, some older Kennedy hales/wheat pennies). Now I had done a little research before I went to get an idea of the value of the coins. When the coins opened up for bidding...I couldn't believe y ears!.....within about 4 to 5 bids they were already over value....and proceeded to go up to about 40 percent of their worth. A I missing something? Has anyone ever gone to a live auction and purchase coins at a value (that's what an auction is supposed to be about)...seems like people are just bidding because they are coins.
I generally figure at estate auctions silver dollars will go too high, sometimes way too high, a lot of common stuff that the general public doesn't see much sells too high like you say, but there can be good buys in vintage coins if there are better dates & grades most of the buyers are not proficient in.
All it takes is for two overeager bidders with a lot of money and little sense, and you can set record high auction prices on a lot.
Last Saturday I went to a small live auction and they had this... and sold it as 1 lot!... I scored it for $850 + 10% bp. Silver spot alone on the lot is about $1200 and overall numismatic value is around $2k-$2500... This is NOT the norm though. I really scored on this lot. Keep going, you just never know. That's the thrill of small live-only auctions
It was a good day for sure. Heck I almost got it for $600 until some guy and his wife jumped in but they only took it to $800 I also picked up a 10g solid 14k bracelet too for, are you ready... only $75 freaking dollars... Right place right time
O_O For those reading, let me reemphasize this is not the norm. Gamebird98, your experience is closer to the reality. People attend auctions on whims, with money burning a hole in their pocket. You would prefer to be in the company of more informed bidders; at least then you'd pay reasonable prices for stuff but that only happens in fantasy fiction. And Cascade's life.
And since this forum.isn't quite familiar with me and my luck yet I don't want you all thinking of me with suspicion so... Sorry to jump your thread, maybe I should just make a seperate one with more pics
