Experiences with consignment/estate auctions

I found a consignment auction in my area a few weeks from now and was thinking about going since there appears to be good amount of coins. I was wondering what experiences others had with similar type estate/consignment auctions. Are they worth going to? Do you take reference material and magnifiers with you? Generally, were their any "deals"? Etc.

Fred

 

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I always go to the local estate auction and every time they advertise that there are coins there, well I don't win anything. I always go early and look at each coin and right down the lot # and how much I want to bid. I always bring reference material and my lope. My only problem is that when there any coin that are worth anything the big wig dealers show up. The last one I went to had 250 coin lots and 1 dealer won every auction except the proof set and that was because he didn't bid. I was right behind him when he went to check out and his bill was $12,258. There was some nice 1/4 oz gold coins!!

PS I havent scored a deal yet!!

 

I hit them on occasion out here in AZ. What you need to be aware of, is many times these are the coins and items passed over by the 1st place the seller took them to, in other words, they have already been cherry picked.

You will need to be careful, and most of all, watch for shill bidding.

Some bargains will be had, but you'll have to work for them. Buy no key dates " raw " unless you are 1000% confidant in your ability to spot a fake, and watch for problem coins, that's going to be the majority of whats being sold.

These auctions are 99.99 % of the time.....final, zero return period and cash and carry. Bring your wallet and a load of common " cents " ( pun intended )

 

I keep well away from estate auctions. The reason is some time back someone I know worked for an auction house. They would have estate auctions all the time. His job was to go there, sit in a seat, bid on items until they reached the prices the auction houses wanted, then stop bidding. Know as a ringer in the audience. If he won the bid, the item would just go back on for another auction. Heard that, watched a few, never again.

 

The key things is patience so its tough if your having a recession fire sale.

Ruben

 

You guys are confirming what I had hoped not to be true, but assumed. When I went back and looked at the pictures, although not that great of pictures and not everything was posted, I didn't see any coins that jumped out at me. The Mercs and Buffalo nickels looked well worn as did the Lincoln cents, there was also some silver but it looked to be on the lower end of the grade scale too. I can't imagine a collection of that size didn't have some half way decent coins, so it may have been cherry picked.

Oh, and with my untrained eyes I probably couldn't spot a counterfeit coin unless it had a bright blinking sign and red clown nose on it. I still may go just for the experience and to see what this stuff goes for. Thanks for the info!

Fred

 

I would be very wary of these types of auctions. It is almost a prerequisite that you are a superb grader and very good at counterfeit detection -- as the vast majority of offerings will be raw.

 

I have been to a few of these auctions... and have sat and watched people pay stupid money for junk coins... save your gas

 

And in most if not all states this is illegal. They can lose their reputation, license, and possibly even be chargd with fraud. On the other hand it is allowable for an auction house to bid on items for themselves. This makes it hard to prove a ringer charge. But a bidder for a reputable house will usually be readily identifiable. They don't use anonymous bidders.

 

As usual many think that if something is against the law, it can't be done. I know that in my state this is illigal but I've been to many, many of these so called auctions and so are many of the items sold illiegal. Of course there is the good part that I was able to buy something that should not have even been there.
I guess the auction police are rather busy around here avoiding all the drive by shootings. And those too are illegal.
I don't mean to be sarcastic but there are so many laws being broaken all the time that what goes on in auction houses is just to trivial.

 

It would be pretty funny to complain to a beat cop that they have to shut down an auction...

Ruben

 

Even better. My ex-wife drives with a Wisconcin License plate in NYC because she can avoid paying for insurance. Its illegal. I've complained to the Cops, DOT DMV. Its just useless.

Ruben

 

I have been to many estate auctions in my hometown. Few things I have learned.

1. All coins are marked with a grade (these were graded when they came to us). Whatever grade they have I lower it to come to an amount that I would be willing to pay. It pays to have a good idea what the grade actually is.
2. Some people are one up on me already. There is one guy I know that spends an aweful lot of money but he is never there prior to the auction to take a look at the coins. Would assume he has a private viewing.
3. I now know who the high rollers are. When they start bidding its time for a Pepsi break.
4. There is no such thing as a bargain. At least I havent found one yet.
5. Some people have way to much disposable income.

I do enjoy going to these auctions. It is entertaining to be around people with the same interest I have. Have learned a thing or two along the way which is never a bad thing.

 

There is often viewings before the auction and I have went to look at the coins!! The ones I go to are 1 day before the auction.

 

Deals can be had!! :goofer:


http://www.numismaticnews.net/article/Not_your_average_find/

 

For item 2. Didn't you ever wonder why? Very good chance he works for the place so why would he be there looking at coins when he will bid on anything to get the prices up. That is his job.
Item 5. Your right. And most of them don't realize what to do with that.

 

You guys do realize that all or virtually all coins at auction by major houses (Heritage, Goldberg, Superior, etc., etc.) are on consignment from collectors, and not owned by the auctioneer, don't you?

"Consignment" auctions and "estate" auctions should not be lumped together as if they were the same thing!

 

Your correct there. And also people mistake Estate Sales with Estated Auctions. Same with so called close out sales, out of buisness sales, lost our lease sales, bankrupsy sales, etc. However, all sales projects are ment to make money regardless of the name. And the method of marketing, stocking, sources of merchandise is also a large variant.

 

Carl, you seem to have missed my third, fourth, and fifth sentences.

 

2. Some people are one up on me already. There is one guy I know that spends an aweful lot of money but he is never there prior to the auction to take a look at the coins. Would assume he has a private viewing.


Or they are his coins that he consigned and he is setting a "reserve"...