How to [kindly] tell people they overpaid?

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I have to agree with this statement. Most of the people I see overbid at auctions "know" what they're doing, whether I agree or not. While I'm all for helping to educate those who are interested, we are not the be all-end-all, and educating people only works if they are willing to accept the help. Unless they're bidding with your money, you really do not have the right to intervene. While I understand your frustration at being outbid by these types, move on. You lose absolutely nothing by waving goodby to the lot and moving on.

 

This is a very informative and educational thread. The central issue is human nature. Most people want to get the best deal for their money. But there are exceptions, especially in this hobby, for collectors who are trying to find a specific coin in a certain condition. I try to be as frugal as I can, researching various price guides and auction results before I buy, most often setting a cap, and then staying under it. But I've knowingly overpaid for certain coins that had exceptional eye appeal to me, or ones for which I had been searching for a long time. This phenomena, along with simple supply and demand, helps explain why key dates tend to do so well in terms of price appreciation over time.

Now if I knew someone who is routinely overpaying for coins, and considered that person a friend, I'd find a tactful way to let them know those coins can be had for less. If it's someone I don't know, I'd consider it their business. If they're smart enough, they will figure it out anyways. If they aren't, well the world needs minnows to feed the bigger fish.