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<p>[QUOTE="Carausius, post: 4516781, member: 76440"]As a long term collector, I typically ignore auction estimates because I either know the value of the coins that I want or I research comparable sales ahead of closing. So, I say let your current estimate/opening bid process continue, and let the market determine the value. Several years ago, I saw a memorable auction fail miserably when the auction house took the opposite approach and estimated at full retail. No one benefits from passed lots. Low opening bids certainly encourage bidders to enter the fray, because all bidders hope that they might get a bargain - otherwise they'd skip the anxiety and buy retail. As a consignor, I may not always get a "fair market" hammer price from a particular coin with a low estimate, but I think that balances-out over the course of an auction by eliminating passed-lots and possibly encouraging "froth" on other coins.</p><p><br /></p><p>However, I also see three possible, minimal-impact alternatives you could consider to eliminate newer collector confusion. Option 1: call them "wholesale estimates". Option 2: give a "range" estimate of high wholesale to low retail for each coin, but continue to base the opening bid on 60% high wholesale. Option 3: give a retail estimate, but continue to base the opening bidding on 60% high wholesale.[/QUOTE]</p><p><br /></p>
[QUOTE="Carausius, post: 4516781, member: 76440"]As a long term collector, I typically ignore auction estimates because I either know the value of the coins that I want or I research comparable sales ahead of closing. So, I say let your current estimate/opening bid process continue, and let the market determine the value. Several years ago, I saw a memorable auction fail miserably when the auction house took the opposite approach and estimated at full retail. No one benefits from passed lots. Low opening bids certainly encourage bidders to enter the fray, because all bidders hope that they might get a bargain - otherwise they'd skip the anxiety and buy retail. As a consignor, I may not always get a "fair market" hammer price from a particular coin with a low estimate, but I think that balances-out over the course of an auction by eliminating passed-lots and possibly encouraging "froth" on other coins. However, I also see three possible, minimal-impact alternatives you could consider to eliminate newer collector confusion. Option 1: call them "wholesale estimates". Option 2: give a "range" estimate of high wholesale to low retail for each coin, but continue to base the opening bid on 60% high wholesale. Option 3: give a retail estimate, but continue to base the opening bidding on 60% high wholesale.[/QUOTE]
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