prices: auction vs. shows

Anybody have any wisdom regarding how auction prices compare to coin shows ? Talkin' about Heritage / Teletrade type auctions. Higher end coins.

 

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I think coin shows are cheaper.

 

LIVE SHOWS:
I go to 6-8 coins shows a year, everything from moderate sized (30-50 dealers) to the big ones (500 at the last Baltimore show.)
IMO the larger the show, the more items are overpriced.
Outside of my primary dealer, I find it difficult to find coins that even are priced at Trends.

Which is why I recall a particularly pleasant transaction at a big show.
I needed a particular gold $1 for my typeset, spotted a NGC slabbed AU example and asked for the price.
Dealer quoted me the CDN Buy value!!! I guess it was one he was having trouble selling.
I quickly bought it.

When I got it home a chatter from another venue suggested I check it out in Breen (something I rarely do and ought to more often.)
It turned out to be a DDO!!!
Back it went to NGC for attribution.
Only sale I can find for this variety went for 50% over CDN.
Now you can see why I remember that transaction.

But in general large shows result in overpriced coins.
Go for the middle-sized shows; less selection but more realistic prices.

LIVE AUCTIONS:
Been quite a while since I've been to one.
Problem is most Live Auctions deal with high end stuff, so the average collector doesn't have deep enough pockets.
If you find a smaller one that is within your price range keep in mind the Buyer's Fee.
At 15-20% that can turn your "nice buy" into sticker shock.
But whatever, at least once attend a large Live Auction. It's truly an experience.

ONLINE AUCTIONS (not eBay):
I've never participated in one, but some of their offerings have caught my attention.
Same caveat as Live Auctions and then some.
Buyer's Fee and S&H can turn a good buy into and overpriced coin.

EBAY:
You have to wade through a LOT of garbage, but you can get some REAL buys if you're willing to spend the time.
And you have to be psychic sometimes to know how good a seller is and how good his offerings are.

Remember: If it looks like it, smells like it and tastes like it, DON'T step in it.

 

Agreed, within limits.
Are you willing to pay any amount to fill that last hole in your set?
I have 4 sets that are in "last coin" status, but I'm still going to stay within reason.
Will I pay more than catalog?
Yep, sure will. But not significantly more.

"Significantly more" has to be a personal definition.
And that's tied to price.
If I need a $60 coin, I'll go to $80.
If I need a $600 coin, I won't go to $800.

 

I've landed some outstanding buys on ebay but you have to put time into it and try to spot something most people are missing. I probably view 75% or so of the barber dimes listed and only manage maybe 2 really good deals a month. I have tried teletrade for a few years and have not come across a deal yet there, they are on the pricey side.

 

I would say that the more interested buyers there are, the higher the ultimate selling price will be. A well-attended show will probably have a higher price than a virtually unknown auction, and an Ebay auction with a lot of views will probably result in a higher price than a small show -- all things being equal, of course, which they almost never are.

 

Personally, I'd stop with "looks like it and smells like it". I think you can safely skip "tastes like it" before you avoid stepping in it.

 

Prior to going to coin shows I always have a list of coins I want, need or possibilities. There are several columns after tthe coins date, mint and grade. These are for prices per the Red Book, Grey Sheet, ebay, heritage, etc. I try to get approximately 4 to 5 prices for coins I really want. Then at coin shows I only buy coins that are cheaper than all prices on the list. If I can't find prices cheaper than on my list, I don't buy that coin. This takes time but well worth it. Armed with this list I have an arguing tool for dealers that have to high of a price on a coin or coins. I go to about 2 to 4 coin shows a Month all year long. I only buy from coin shows or flea markets. I've never found an internet type auction or web site that is less than a coin show.