CNG estimates are generally low to very low. Only their least expensive offerings, those estimated below $200, often fail to make estimate. Their really good coins often go well over estimates, even several times over. Almost every auction of theirs has many coins my friends and I would buy in a flash at estimate, but we (and they) know quality coins sell well regardless of low estimates (which may serve to get bidding going). If you want to buy at CNG, be prepared to pay what the coin is worth, not what it is estimated at.
You'll see a few go under, and I think that's more in the bronze pieces which I don't collect as much. As far as AV and EL, most everything I see there is sold for higher than the estimates. I'm not sure if this saves them money consigning, or as someone pointed out, superficially indicates a "successful auction." Probably both. Don't bother looking at estimates. Some sites have them way too high, others way too low. Just know what it's worth and if you don't you can always do researh on similar lots.
Yah, I think it gives some potential bidders the illusion that they might be able to win the coin for that sweet initial estimate, so they put-in early bids ... however, come auction-day, those low early bids are often blown out of the water during auction-fever (a feeding frenzy often occurs => blood in the water!!) I think that often an early bidder will eventually become attached to their target-coin and so when game-day finally arrives, the bidder is psyched-up and will often bid more for the coin than they first intended (*sigh*) ... ... however, every now and then a coin seems to go unnoticed and it'll go below estimate (it's a nice feeling to score a winner for less than you expected) ... man, I wish that feeling happened more often!!
With the stuff I look at, British hammered, some world and some ancients - the estimates are usually blown out of the water at the close of the auction. Several of the higher end British go exponentially higher than the estimates - particularly old gold and nicer silver.
There are usually enough bidders in those sales that things go for what they're actually worth, and often more. If something doesn't go for estimate, that means it wasn't worth that much and is probably a problem coin, albeit with the problems accurately described. Steve hit the nail on the head - a low estimate draws in bidders and gets them interested in the lot. Ultimately, this results in better results for the seller. Moral of the story - if a coin sells for opening bid (60% of estimate), whoever estimated the lot didn't do a good job. That's usually me.
In contrast look at some of the estimates on some other auction sites where they estimate at near full catalogue value for items.
If a coin sells for ten times estimate, do you get an attaboy from management?Whose fault is it when a coin fails to sell? I always assumed that the consignor would not accept what the coin was worth (after fees) or that the coin was not worth the minimum allowed as a single coin lot but someone did not want it posted in the bulk section. I never consider the estimates so much as a call on what the coin is 'worth' but at what level the seller is willing to accept a bid. Some sellers post separate starting and estimate numbers so they are not tied to a percentage which allows for the fact that some coins should bring more than $60 but less than $100. In truth I don't see a good reason for anyone to read or believe estimates created by the seller who obviously has something to gain by the coin selling high but has the most to gain by it selling. High estimates that scare off bidders (even bidders sure to lose like most of us) do no one any good. If I were consigning coins to an auction, I would not be impressed by how much their last sale realized but by how many different bidders participated in the sale. If you were to bid the 60% minimum on every lot in a sale, you would win a few but the question is would you want any you won. Might that be a sign that everyone else saw something about the coin that made them skip it? How may unsold lots after a sale do you wish you had bid on? I look at such statistics and rarely bid any more.
The most I'd get is a laurel and hearty handshake. Nine times out of ten, it's the consignor insisting on a higher estimate than the lot warrants. We always err on the low side, so even if we're wrong the lot usually still sells, and 'above estimate.' That's the reason most unsold lots are estimated at $100 - we can't go any lower.
The most I'd get is a laurel and hearty handshake. Nine times out of ten, it's the consignor insisting on a higher estimate than the lot warrants. We always err on the low side, so even if we're wrong the lot usually still sells, and 'above estimate.' That's the reason most unsold lots are estimated at $100 - we can't go any lower.
