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<p>[QUOTE=&quot;Analyst, post: 2441849, member: 29854&quot;]<i>CalCol: &lt;&lt;Watched the Pogue auction at Stacks-Bowers yesterday. 1804 $1 was hammered &quot;sold&quot; for about $10.6 million and 1822 $5 was hammered &quot;sold&quot; for about $7.3 million. (Cited from: &gt;&gt;</i></p><p><br /></p><p>This statement is NOT true. I was at the auction. The auctioneer definitely said &quot;pass&quot; after the closing of the bidding for each of these two lots.</p><p><br /></p><p><i>CalCol: &lt;&lt;My speculation is that Pogue has standing private offers on the coins and wanted to see if he could get more at auction; hence, the reserves.&gt;&gt; </i></p><p><br /></p><p>As I have made clear in my articles, the Pogue <b>Family</b> Coin Collection is being sold. The collection was not owned by one person. My strong impression is that the Pogues were not listening to offers before the Pogue IV sale. In the past, I have interviewed Brent and others involved in the building of this collection.</p><p><br /></p><p><i>AF: &lt;&lt;All they would have known at the time is that the coins were &#039;sold&#039; to a paddle number that was not theirs. &gt;&gt;</i></p><p><br /></p><p>For these two lots, paddle numbers were not announced. As I said above, the auctioneer said &quot;pass&quot; at the end of the bidding for each of these two lots. All of the other lots in the sale were sold.</p><p><br /></p><p><i>AF: &lt;&lt; There are many ways of dealing with a passed lot. &gt;&gt;</i></p><p><br /></p><p>In the State of NY, there are NOT many ways in legal sense, though there is more than one way. For a third time, I make clear that the auctioneer spoke the word &#039;pass&#039;!</p><p><br /></p><p><i>AF: &lt;&lt; An estimate that seems unreasonably high is often a sign that the vendor has insisted on an unreasonable reserve.&gt;&gt;</i></p><p><br /></p><p>No, that would often be a sign that the consignor &quot;insisted on an unreasonable reserve,&quot; not the &quot;vendor.&quot;</p><p><br /></p><p><i>Baseball21: &lt;&lt;They auction houses set their own polices, but SBG announced ahead of time they have the right to bid up to the reserve price on behalf of the consignor. No one knows who was what except for the house and the bidders with real money know their bid. &gt;&gt;</i></p><p><br /></p><p>My current understanding is that, under NY State Law, an undisclosed reserve is legal and the auction firm may bid for the purpose of pushing the level to reach the reserve. There was an announcement before the auction began, and it was implied that there would be such activity. I am not aware of any evidence that the reserves were changing during the activity.</p><p><br /></p><p><a href="http://www.coinweek.com/auctions-news/stacks-bowers/pogue-family-coin-collection-half-dollars-bust-dollars-4th-auction/" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.coinweek.com/auctions-news/stacks-bowers/pogue-family-coin-collection-half-dollars-bust-dollars-4th-auction/" rel="nofollow">Pogue Family Coin Collection Part 18 – Half Dollars and Bust Dollars Fare Well in 4th Auction</a></p><p><br /></p><p><a href="http://www.coinweek.com/auctions-news/marvelous-pogue-family-coin-collection-part-17-importance-4th-sale-collectors-cannot-afford-coins/" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.coinweek.com/auctions-news/marvelous-pogue-family-coin-collection-part-17-importance-4th-sale-collectors-cannot-afford-coins/" rel="nofollow">Marvelous Pogue Family Coin Collection, part 17: Importance of 4th Sale to Collectors who Cannot Afford the Coins</a>[/QUOTE]</p><p><br /></p>

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