Consigning coins to European auction sites

Discussion in 'Ancient Coins' started by Quant.Geek, Mar 2, 2021.

  1. Quant.Geek

    Quant.Geek Well-Known Member

    Hi,

    I am thinking about consigning some of my coins and I am looking to see if I can consign them to some of the European auction sites as opposed to the US ones. Does anyone know the pros/cons and any tax implications by doing this? Is it worth it? Or should I just stick with the US one?

    Thanks,

    QG
     
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  3. baseball21

    baseball21 Well-Known Member

    The only advantage would be is if they would sell for SIGNIFICANTLY more there.

    Just some of the cons which there are many:
    Shipping there is significantly more expensive
    Taxes are higher in Europe which may or may not be reflected in bids
    Customs can confiscate them for any reason they feel like
    There's a fee to convert Euros back to USD
    If the auction house stiffs you, you have little to no recourse given you don't live there
    etc etc

    It's not worth the added hassle and complications imo
     
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  4. medoraman

    medoraman Supporter! Supporter

    Depends on the coins. I have seen some types of coins sell for 10x what they do in the states, especially good medieval material at an auction house in the country they were minted, (German coins in a German auction house, early Anglo Saxon in England, etc).

    Shipping shouldn't be that much more than shipping to US firm, I do not think their taxes affect you, yes their will be exchange fees. Customs from the list above would have me a little concerned, but only depending on material. I don't think auction house not paying is a concern if you do your due diligence.

    IDK, one of the greatest collectors/researchers on ancients in the US sold her collection through a UK auction house, so I do not think the idea is dumb. At a minimum research them and use as leverage for US firms to get your listings. Its a hot time to sell coins right now.
     
  5. Shea19

    Shea19 Supporter! Supporter

    I've consigned coins with Leu twice now, and it was a great experience both times. It costs maybe an extra $15-20 to ship internationally, but other than that, there were no additional expenses. I had no issues at all with customs. Very smooth and easy process, and some great hammer prices, I was very happy.

    If you are selling any really high-end coins, there may be different tax implications (I honestly don't know). I'd recommend just reaching out to whatever auction houses you are interested in, they'll be happy to answer any questions you may have about the process (customs, fees, etc).
     
  6. panzerman

    panzerman Well-Known Member

    I have know people that had very good experiences with Leu/ Roma/ Kunker.
    I only once consigned material (US obsolete banknotes) to Heritage Auctions. That went really well, and told them to keep the money there for future coin auction winnings.:D
     
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  7. Quant.Geek

    Quant.Geek Well-Known Member

    Thanks for all the advice. It has been extremely helpful.
     
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  8. Finn235

    Finn235 Well-Known Member

    Are you selling your Eastern coins, or more popular ones like Roman or Greek? Stephen Album gets pretty consistently excellent hammer prices for everything Eastern, if you don't want to send thousands of dollars through customs offices that sometimes have sticky fingers.
     
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  9. Quant.Geek

    Quant.Geek Well-Known Member

    I would most likely split them among different auction sites based on their main focus. Stephen Album will probably get some as I am a loyal customer of theirs. I need to focus a bit more on my collecting areas and plus the misses wants me to tone it down a bit :D
     
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