Hi all, i was wondering what happens sale 1e coin goes to number .... 2e unsold 3e coin goes to NAC what does 3e mean? cheers eric
I'm sure AJ, IOM, or Volodya can answer that question accurately, but I assumed "the lot goes to NAC" means they executed a client's book bid (a bid placed prior to the auction). 4to2 is correct though... auction houses can and do sometimes bid on their own lots for various reasons.
this is it i think 4. The auctioneer may raise or reject a bid without giving a reason, and furthermore reserves the right to combine or split up catalogue lots, or to offer them out of sequence or omit or withdraw them from the auction.
They (and many auction houses) represent some select clients, buy for their own stock, execute book bids, or have reserves on coins. It could be any of them depending on how the coin was consigned and how it was sold. For some of the flagship coins in this auction which went to NAC, I'm fairly certain it was to a few particular clients of theirs where they handle the bidding in their own sale. Hope that helps!
Thank you Joe, I was not aware this was going on, about 25-35% went to NAC i think, lot 500-600 Best regards, Eric
TIF is almost exactly right, but it's a little trickier. "To NAC" is indeed the way Arturo Russo announces that he bought a coin on behalf of the book... but it's also the way he announces that he bought a coin for NAC's own account. It's often possible to make an educated guess what's going on on any given lot, but generally there's no way to be sure.
No, it definitely doesn't mean unsold. Unsold will always be called out as unsold. Swiss auction regulations require that, and a representative of the canton government is always present to enforce the regulations and arbitrate any disputes. (Disputes are very rare.)
I think NAC and other auction houses buy for some customers and for their own stock sales. I have seen some items bought by NAC in their auctions offered by Naville Numismatics, see note from NNs web page below. http://www.navillenumismatics.com/home-wts/ From NN's web site: "Naville Numismatics Ltd., founded by Andrea Lippi and Mattia Torre, is a partner of NAC, an auction house founded in Zurich in 1988, and..."
Addendum on a bit more reflection: In my experience, Arturo very very seldom competes with legitimate client bids, whether from the book, the floor or the Internet, even if he thinks a coin is selling too cheaply. (He may never compete with clients, but I hesitate to make quite so blanket a claim.) Almost anything NAC buys for their own inventory will otherwise have gone unsold; i.e., it will sell to NAC for the minimum 80% of estimate opening bid.
This is my understanding as well. I would be shocked if Russo ever bid against any of his clients. While I don't know this for a fact, this might be regarded as double-dealing and NAC's reputation is worth far more than any benefit they could gain by doing this. On another note, I appear to have won one of the two lots on which I bid. I'm awaiting confirmation...
I hope you get your confirmation soon - I always dislike the waiting period between the sale and finding out if everything was successful. I managed to win all six lots I was after, a personal success record, especially at NAC. Some of these coins represent significant upgrades and long-term wantlisted coins for me, so I'm elated!
My only winner today was lot 435 (other than lot 259, an inexpensive lot early in the RR section I bid on to make sure there were no glitches with online bidding. I didn't expect to win! but at 275 CHF I can live with it. It's interesting.) 435 was the coin I most wanted (and could realistically afford), so I'm pleased. I would've gone quite a bit higher. Lot 435, Clodius Vestalis:
Nice coin big V!! Had my eye on that one myself. I had a great auction. Bought 7, old collection coins. My favorite of the bunch that I couldn't live without (and fortunately won't have to) is a denarius of Sextus Pompey. Sextus Pompeius. Denarius, Sicily 37-36, AR 3.86 g. MAG·PIVS·IMP·ITER Head of Cn. Pompeius Magnus r.; behind jug and before, lituus. Rev. PRÆF Neptune standing l., foot on prow, between the brothers Anapias and Amphinomus, with their parents on their shoulders; in exergue, CLAS·E.T·ORÆ / MARIT·EX·S·C. Babelon Pompeia 27. C 17. Sydenham 1344. Sear Imperators 334. Woytek, Arma et Nummi p. 558. RBW 1785. Crawford 511/3a.
