Just received a E-mail from iNumis for the "Post Auction Sales" of their recent, Feb. 21 auction. Approximately 90% of the coins are still available. I find this odd considering the state of the current market. Any thoughts?
I looked at iNumis and found that they are French. If so, I'm not surprised if US bidders were a large part of that 90%. I didn't look at opening prices.
This seems to happen alot with certain auction houses and appears to be increasing - the starting prices are too high. From the lots I have been interested in they appear again at the same price later on, still do not sell and then the auction starting prices seem to drop one sale after another - about sale 4 seems to be where the starting price is the full price people (including me!) are willing to pay.
In the age of the internet, what is the cost of posting coins to another auction? Has to be close to zero. So, some sellers are calling "auctions" which are basically fixed price listings. If no one bites, reduce it an increment and try again. Problem with this approach is you will eventually chase away return users, so you need a constant batch of newbies who may stay interested for a while. Another benefit is the firm can charge "auction fees" on top of price list items.
Another option is that the auction house owns the coins (bought direct from collectors) and therefore the starting prices are set to give the desired level of profit - I assume the auction house does not charge themselves fees which makes continual relisting a possibility.
