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<p>[QUOTE="IdesOfMarch01, post: 4518318, member: 39084"]From both a consignor's and auctioneer's perspective, the goal of an auction is (usually) to obtain the highest hammer price available for the consignor's coin in the current marketplace. The issue then becomes (1) how to set a minimum opening bid that encourages aggressive bids from collectors, and (2) does an "estimate" help, hinder, or have no effect on obtaining the highest hammer price?</p><p><br /></p><p>As with some other collectors here, I pay only passing attention to the auctioneer's estimate since I'll have done research online to determine what I think is the value of the coin (to my collection) and how high to set my maximum bid. The opening bid, however, can have an effect on my thinking if it seems high; if it's close to my maximum for the coin, I tend to think that the auctioneer might know something more about the potential bidders for the coin than I do, and I'm less likely to stretch my maximum in order to get the coin. So my analysis would be that setting the opening bids somewhat high would not produce the best results for the consignor and auctioneer.</p><p><br /></p><p>In that context, a lower opening bid will make me mentally more flexible since I'll be thinking that some bidders are looking for a bargain more than they're looking to add the coin to their collection or inventory, so I have a better chance of outbidding them when they no longer think the coin's a bargain. Don't get me wrong -- I like a bargain as much as the next collector -- but if I want a coin for my collection, whether or not I got a bargain is a secondary consideration, not the primary one. In this case I'm likely to stretch my budget in the hopes of leaving the bargain hunters behind, which works out better for the consignor and auctioneer.</p><p><br /></p><p>All this is a bit moot for me, though, since I always bid on coins through my dealer (the same as yours, Mike, when you were collecting!) and for many of the reasons posted here, I'm reluctant to (read: never) engage in online-only auctions. To the extent that an online auction could be conducted as closely as possible to a live auction (going once, going twice, sold...) I would consider bidding or having my dealer bid. But submitting a maximum bid and hoping for the best, or even worse, having to monitor an auction via the Internet, type in bids, and hope not to get sniped at the last nanosecond, just doesn't appeal to me. I'd have to really, really want a particular coin in order to deal with the whims and vagaries of an online auction. So far, I haven't seen any must-have coins for my collection during this live-auction hiatus, but I'm not sure what I'll do if/when that happens.[/QUOTE]</p><p><br /></p>
[QUOTE="IdesOfMarch01, post: 4518318, member: 39084"]From both a consignor's and auctioneer's perspective, the goal of an auction is (usually) to obtain the highest hammer price available for the consignor's coin in the current marketplace. The issue then becomes (1) how to set a minimum opening bid that encourages aggressive bids from collectors, and (2) does an "estimate" help, hinder, or have no effect on obtaining the highest hammer price? As with some other collectors here, I pay only passing attention to the auctioneer's estimate since I'll have done research online to determine what I think is the value of the coin (to my collection) and how high to set my maximum bid. The opening bid, however, can have an effect on my thinking if it seems high; if it's close to my maximum for the coin, I tend to think that the auctioneer might know something more about the potential bidders for the coin than I do, and I'm less likely to stretch my maximum in order to get the coin. So my analysis would be that setting the opening bids somewhat high would not produce the best results for the consignor and auctioneer. In that context, a lower opening bid will make me mentally more flexible since I'll be thinking that some bidders are looking for a bargain more than they're looking to add the coin to their collection or inventory, so I have a better chance of outbidding them when they no longer think the coin's a bargain. Don't get me wrong -- I like a bargain as much as the next collector -- but if I want a coin for my collection, whether or not I got a bargain is a secondary consideration, not the primary one. In this case I'm likely to stretch my budget in the hopes of leaving the bargain hunters behind, which works out better for the consignor and auctioneer. All this is a bit moot for me, though, since I always bid on coins through my dealer (the same as yours, Mike, when you were collecting!) and for many of the reasons posted here, I'm reluctant to (read: never) engage in online-only auctions. To the extent that an online auction could be conducted as closely as possible to a live auction (going once, going twice, sold...) I would consider bidding or having my dealer bid. But submitting a maximum bid and hoping for the best, or even worse, having to monitor an auction via the Internet, type in bids, and hope not to get sniped at the last nanosecond, just doesn't appeal to me. I'd have to really, really want a particular coin in order to deal with the whims and vagaries of an online auction. So far, I haven't seen any must-have coins for my collection during this live-auction hiatus, but I'm not sure what I'll do if/when that happens.[/QUOTE]
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