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<p>[QUOTE=&quot;robinjojo, post: 8258743, member: 110226&quot;]That is a very attractive OP coin, but the hammer price seems high.&nbsp; I&#039;m really not a collector for that period, but it appears that you were in a situation where someone else wanted that coin to the point of putting an extremely high book bid. </p><p><br /></p><p>All sorts things are at work with auctions, whether electronic or floor.&nbsp; The overriding factor for all auctions and even private sales is the huge amount of cash in the hands of collectors and investors who have the means to acquire a desired coin regardless of the cost.&nbsp; This is especially true for attractive coins, such as the OP coin, or coins of great or even moderate rarity. </p><p><br /></p><p>So here are some of the things at work at auctions. based on my experience:</p><p><br /></p><p>1. The availability of a coin type - Coins, once considered rare or scarce, are almost suddenly numerous, due to a hoard or hoards hitting the market.&nbsp; At auction this usually depresses hammer prices, but certain types are not as adversely affected when hoards appear, such as Syracusan coins and even Athenian owls seem to have fairly solid hammer price &quot;floors&quot; given their appeal and desirability.</p><p><br /></p><p>2. The investor factor - With the influx of investors from Asia and elsewhere, solid, even exorbitant bids can occur.&nbsp; The focus here is investment: holding the coin for a certain period with the expectation of a nice gain down the road.</p><p><br /></p><p>3. The Ego factor - What&#039;s a coin worth in an auction?&nbsp; If at least two bidders are vying for a coin, even one that is available elsewhere, the bidding process can become one of gaining the high bid and hammer price regardless of the coin&#039;s market value.&nbsp; In other words the bidding process morphs into a game of gratuitous competition.</p><p><br /></p><p>4. The shill factor - I am sure this is not a practice condoned by the more reputable auction houses, but it might be a factor elsewhere, such as eBay.</p><p><br /></p><p>5. The currency factor - If a country&#039;s currency has a strong exchange rate versus other currencies, this factor could put bidders from the country in a stronger position to place higher bids than they would otherwise.&nbsp; This is especially true for overseas auctions.</p><p><br /></p><p>These are a few factors.&nbsp; There might be more.[/QUOTE]</p><p><br /></p>

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