An incredible looking Morgan. Hammer price?

Those are all good points. There is obviously a balance needed and GC is trying to walk that line (although their return policy is likely too generous). If you read the threads that show up about returns, it seems like there is a sizeable number of people that won't buy without a return privilege. I don't have the GC internal statistics, but I'm guessing they still find it beneficial to have the return policy in order to draw in more bidders. I agree that the consignor is ultimately the one who is hurt in these cases (even if the return rate is low, if it happens on your one consignment, that can be a big sting).

 

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I've been the second guy many times, I would pass on a lot. Because there are times I just run it up because no one else would do it. It's one of those things, you don't want to see it sell for a stupid low amount. You run it up. If i was second bidder and they offered it to me I would be skeptical too.

 

I've been there too. Sometimes I reflect after the auction and am glad I was the runner-up as the coin wasn't really for me (so I get why a runner-up would not always want to buy if the sale fell through).

 

I know a lot of people say they won't bid without return privileges but I just really dont believe that. There's not return options at other houses, and plenty of people buy from shows with no returns etc. I know in person is different but the the GC pictures are good enough and if anything the purchases often look better in hand than the pictures.

The only way to really get stats on returns vs not would be to change the policy and see what happens, but I agree its probably rather low. My suspicion would be they just don't want to make such a change for potential forum backlash over it but I doubt it would impact them in any even remotely significant way if even at all.

I did actually just check their terms and non payment the buyer is responsible for the seller fees. That sounds nice but for a coin over 1k the only seller fee is the listing fee so the seller would generally get $3 covered and almost always lose significantly more than that. I'd assume most of the time its just counted as their free return anyways. 1 free return a month is certainly to much for a big auction house, theres just no way around the fact that if someone needs that they're a problem buyer

 

I'm always surprised by those threads but there are plenty of people that assert it (maybe they only mean it for eBay/forum purchases and make exceptions for auction houses).

And I think you have a point about changing the GC policy now might lead to a lot of forum backlash. Then again, Heritage has increased their buyer's fee and that always leads to forum backlash but they continue doing well.

 

Exactly. Forums just dont really move the market or really impact an auction houses success when youre talking about houses of this size. A lot of times the loudest complaints are ones that don't use the place or would have no impact. Those that actually could make a major difference have their own terms already anyways or would work them out.

Realistically every change will always lead to complaints. To be fair it probably would be a pain to make the change as I believe they would have to announce it for the future but they really should roll back that number allowed. Its just pretty brutal for the consignor when they didnt do anything with the listing other than send the coin.

Like I said I like them a lot and use them a lot and this wont change how I view or use them at all. I just think for their own sake a policy update there would be beneficial for everyone.

 

A 100% PCGS premium ?

That's way too steep, IMO. Bordering on Greater Fool pricing.