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<p>[QUOTE="Ignoramus Maximus, post: 4517781, member: 104741"]Frankly, to me estimates are about as valuable a tool as next weeks and last weeks weather forecast.</p><p>Ultimately the coin is worth what somebody is willing to pay for it. Intrinsic value doesn't exsist, it's all a question of how and why a coin fits into someone's collection. Contrary to most commodities all ancient coins are unique. The ultimate hammer price is as much and (perhaps even more) determined by subjective perception of condition, patina, artistic quality, rarity, esthetic and collecting preference, budget, etc. etc., as it is determined by the price it ought to get. And then there is of course the competition from other bidders...</p><p><br /></p><p>So, estimates?</p><p><br /></p><p>I've learned to focus on the coins I want and that I think I can get for a price that I find acceptable. I've also learned to spot a coin that I think it's going to fetch a multiple of the estimate and I've learned to leave them be, if only to protect myself from disappointment ( and every now and then double disappointment, when I realize afterwards that I could have gotten them at a bargain if only I would have bid...<img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" />)</p><p><br /></p><p>Most buyers at auctions are experienced collectors/buyers and know what to expect. Estimates, high or low, don't mean too much to them, I think.</p><p><br /></p><p>To me the way an auction is held is more important. In a timed auction (CNG, Roma, Leu) you're basically bidding into a void, a max bid there is like throwing an offering into an abyss and then pray the gods will honor the offering and reward you what you desire ( and please, don't let me be weighed and found wanting) Prices could explode and double or even triple in a matter of seconds. I prefer the old fashioned 'going once, twice' type. They're much more transparent. At least I know where I stand vs the other bidders and can adjust my strategy accordingly, both in relation to this lot and other, upcoming lots. They're also a lot more fun to watch and participate in.</p><p>( I sometimes have a fleeting suspicion timed auctions are part of a cleverly engineered, market researched selling strategy to maximize yield ).</p><p><br /></p><p>In short, the question of timed vs 'going once...' auctions is much more important to me than estimates. Just my two obols worth...[/QUOTE]</p><p><br /></p>
[QUOTE="Ignoramus Maximus, post: 4517781, member: 104741"]Frankly, to me estimates are about as valuable a tool as next weeks and last weeks weather forecast. Ultimately the coin is worth what somebody is willing to pay for it. Intrinsic value doesn't exsist, it's all a question of how and why a coin fits into someone's collection. Contrary to most commodities all ancient coins are unique. The ultimate hammer price is as much and (perhaps even more) determined by subjective perception of condition, patina, artistic quality, rarity, esthetic and collecting preference, budget, etc. etc., as it is determined by the price it ought to get. And then there is of course the competition from other bidders... So, estimates? I've learned to focus on the coins I want and that I think I can get for a price that I find acceptable. I've also learned to spot a coin that I think it's going to fetch a multiple of the estimate and I've learned to leave them be, if only to protect myself from disappointment ( and every now and then double disappointment, when I realize afterwards that I could have gotten them at a bargain if only I would have bid...:-)) Most buyers at auctions are experienced collectors/buyers and know what to expect. Estimates, high or low, don't mean too much to them, I think. To me the way an auction is held is more important. In a timed auction (CNG, Roma, Leu) you're basically bidding into a void, a max bid there is like throwing an offering into an abyss and then pray the gods will honor the offering and reward you what you desire ( and please, don't let me be weighed and found wanting) Prices could explode and double or even triple in a matter of seconds. I prefer the old fashioned 'going once, twice' type. They're much more transparent. At least I know where I stand vs the other bidders and can adjust my strategy accordingly, both in relation to this lot and other, upcoming lots. They're also a lot more fun to watch and participate in. ( I sometimes have a fleeting suspicion timed auctions are part of a cleverly engineered, market researched selling strategy to maximize yield ). In short, the question of timed vs 'going once...' auctions is much more important to me than estimates. Just my two obols worth...[/QUOTE]
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