Was anyone watching the Roma Numismatics auction that closed today? I was surprised to see that most lots sold at quite strong prices. This doesnt usually happen in the summer months. Some of the weakest prices realized are historically during the summer months, so I was surprised by todays results. Kind of puts a hole in the Brexit issue and how it will hurt everyone. Having said that, I did win two lots at about half of retail, so I am happy with those!
If many or most of the bidders are outside the UK, it's not surprising that the prices were strong. The logic would be "My (dollar, Euro, Swiss franc, etc.) is worth more in pounds than it was last week, so I can afford to bid more (in pounds) than I had originally planned."
Luckily, the one lot I was going after had little competition and I was able to win it at just £10 over the estimate. After watching earlier lots go much higher than their estimates I was quite relieved I got off so easy!
I was outbid on lot 240, a stater of Kition, Cyprus, which was estimated at GBP 1000 and sold for 1,400.
I pulled one off at the close of auction...but at about average or even high retail---but it was a coin I've been after for months.
I can only think this does have some bearing on the results, but it is largely false in reality (sort of...depending on point of view...well, mine anyway). Take the recent high exchange rate of $1.48 to the Pound on the 23rd and compare it to Fridays close of $1.33. Bidders paying in dollars only gained 15 cents. Not a bad percentage but does not budge the needle when considering the high prices realized.
True, it's only 10%. I didn't even look at the auction so I don't know how high the prices were. That would be enough for me to consider in bidding, however, especially if I'm chasing an expensive coin. People could also putting their pounds into tangible assets. My personal opinion is that has been one of the driving factors in the rapidly rising prices for ancients since the financial meltdown, especially for high quality coins.
