Have you ever purchased a "Large Lot" from a CNG auction in which there are (as an example) there are 15 coins, but only 6 are pictured? If so, what was your feeling about the coins non pictured when you received the coins? Where they consistent in condition with those pictured or are the pictured coins the best in the lot? Any thoughts are appreciated.
I'm going to leave a few legal phrases for you to make you think: Caveat Emptor: "Let the buyer beware." Assumption of Risk Offer and Acceptance Don't complaint if non-pictured coins are not what you bargained for. Every time you buy sight unseen, you are assuming the risk of the bargain and entering into a binding contract for which you have no legal remedies should you be unsatisfied. My advise: Assume the non-pictured coins are inferior in eye appeal and quality than the pictured coins, and bid accordingly. That way if they turn out to be better, you will be surprised, and if they don't...you bid accordingly and didn't get stung.
I bid based on what I see, not what I dont. If a lot has only half I can see I assume the rest have a value of $0 to me.
Did any of them have un-pictured coins? If so what was your feeling about the un-pictured coins? Can you tell me about the lot you were unhappy with? Thanks Ken!
I've bought a smattering of large lots in the past, some with pictures of a few coins, some with no pictures. Overall, it was fun and probably worthwhile except for a lot of Byzantines in a Gorny auction several years ago, which was an "anger bid" after I failed in more than a dozen preceding lots of greater interest . Only one of the large lots was from CNG (a bunch of later tetradrachms of Roman Egypt).
Well, actually it was not just one lot, but several I considered overall as one. I bought a few hundred antoninianii (Gordian, Philips, etc, the usual suspects). As they were grouped in 50+ lots, most were not photographed. They were accurately graded at VF but what could not be seen in the photo was how porous the metal was (and not mentioned). Just one of those things. I did resell them all, but at a good loss (about half what I paid). Sometimes being a dealer really is a gamble.
I have not purchased lots from CNG, but I agree with @Ken Dorney that I value the coins I can see. The ones I can not see have $0 value. If the unpictured coins are good, it is like found money. I have seen some RR bronze coins from recent CNG large group lots that fit the unpictured value. @TIF Anger bids can be dangerous. I wanted a cast coin recently and bought this "snack" as a consolation. Not the best move because this is the 3rd example I have and it in not in significantly better condition. Aes Grave Bioncia; Apulia, Luceria; 220 BC; cast AE; Obv - Conch shell; Rev - Astragalo with two dots above and L below; HNItaly 677d; TV 284; 18 grams; 26 mm; BB. Patina verde. R. I am not sure the coin qualifies as R, but it is a cast coin and they are not overly common. This type pops up in auctions several times a year.
My recent experiences with large lots has been good but I will point out that you are at a severe disadvantage to people who visit them and look at the coins. If you see something in the photo that makes you think you know more than the people to actually see the coins, go for it. I am dying to get home and be able to research what some group lots in Berk's last sale brought. Being away and on poor/spotty connections kept me from bidding on some lots today but I am generally happy if I assume the worst and bid low. In big sales, sleepers tend to get spotted. My experience with CNG is that they do not play evil games showing only the best coins but no one is going to show the lesser side of the worst coins in a group. Large lots can be anything. I paid over estimate for a few in Triton XX and am relieved that no one else wanted them. Whenever you win a coin, you are the guy who would pay more and that does not seem like a way to find bargains when you have not seen the coins and the competition has.
I posted this group lot in another thread recently, but will post it again since it's almost exactly what you're asking about. This was a CNG purchase, with 6 of the 14 pictured. Sometimes they give a reference number for every coin in the lot, but it wasn't the case for this lot. Seller's pic: Seller's description : GREEK. Miscellaneous. Lot of fourteen (14) AR and Æ. Includes: Broad range of AR and Æ issues from Magna Graecia to Taxila. AR are drachms of Alexander III, Apollodotos I, and Azes, as well as a stater of Ambrakia. Coins Fine to VF. All 14 coins: I've bought quite a few other group lots from CNG and agree with Doug that they don't play the games some other sellers may when it comes to their group lots. The ones I've bought have been nicer than others I've bought elsewhere too. A few notes about this particular lot : - I paid $35 per coin shipped. Obviously, if I had bid based solely on the pictured coins with zero value given to the others, I wouldn't have won it. Yes, it was a gamble, but fortunately it paid off. - Not all the coins were described in the description, but one of those that was was misattributed. The "stater of Ambrakia" turned out to be a stater of Argos Amphilochikon. - One of the coins had a smattering of BD on the surface, but it was easily taken care of. My impression is that CNG is generally good about mentioning these things, even for their group lots, but in this case it was undisclosed. Hopefully, this helps!
Sure, here it is: https://www.cointalk.com/threads/do-you-buy-multiple-coin-lots.294068/#post-2700399
