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<p>[QUOTE=&quot;AncientJoe, post: 8294442, member: 44357&quot;]Doug made a good point in another thread recently that the price is set by the second underbidder (the bidder beneath the underbidder). This is important to keep in mind and can help avoid overvaluing coins.</p><p><br /></p><p>The key notion is that the underbidder may have just spent all of their money on the following lot and can no longer afford your coin. Or, perhaps they were briefly struck with auction fever, or they just didn&#039;t want to see you buy another coin, and after the hammer, came to their senses and now won&#039;t buy it even if you need to sell tomorrow.</p><p><br /></p><p>Their underbidder, however, stayed out of your battle and represents a &quot;support level&quot; where some calmer head was interested.</p><p><br /></p><p>Now, all of this changes if one of them buy an example of the type before you sell. The list of buyers anywhere near your price level may quickly evaporate if they are successful in acquiring suitable pieces in the interim.</p><p><br /></p><p>All this to say: valuing coins is not straightforward and requires understanding <i>why </i>a coin sold where it did and what the market and players thought at the time (even better is an annotated catalog listing the buyer and anyone in the room taking notes/remembering underbidders: some sharp dealers will do this).</p><p><br /></p><p>A particularly infamous example of this was the Sheikh who didn&#039;t remember that he gave a bid on a big coin to two different dealers and ran himself up by many bid increments. Not exactly the smartest move but at least the consignor was happy![/QUOTE]</p><p><br /></p>

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