Official Ancient Coin Auction -- Fantasy Game

Ancient Coin Auctions – Fantasy Game​

Structure & Rules​

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1. Each participant starts with a budget of $200,000 (for all auctions).​

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2. Any additional buyer’s fees are waived (accommodating buyer’s fees is functionally equivalent to giving each participant a higher budget).​

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3. Foreign exchange rates are fixed as follows:​

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- 1 Swiss Franc = $1.05​

- 1 Euro = $1.30​

- 1 British Pound = $1.50​

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These are generous rates but are chosen to simplify the structure.​

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4. Bids may be made only at the following six official auctions:​

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- CNG Auction 94 (18 Sep 2013, “season opener”)​

- Roma Numismatics Auction VI (29 Sep 2013)​

- Kunker (7 – 11 Oct 2013)​

- Nomos AG Auction 8 (22 Oct 2013)​

- Gorny & Mosch (14 – 18 Oct 2013, whichever auctions are appropriate)​

- NAC Auctions 73 – 75 (18 Nov 2013)​

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These auctions and associated online catalogs can be found on www.sixbid.com 4 – 6 weeks prior to the actual auction.​

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5. All bids must be placed prior to the auction’s start. There is no requirement to bid in any particular auction.​

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6. After each auction starts, bids cannot be withdrawn.​

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7. Once a participant’s funds are allocated for a specific auction and that auction starts, those funds are no longer available for future bids even if you don’t win the coin. I.e., if you bid $5,000 for a coin at CNG and don’t win the coin, you have only $95,000 remaining for future bids and cannot reuse the $5,000 from the CNG auction. Similarly, if you bid $10,000 for a coin, but win the coin for $5,000, you cannot reuse the $5,000 that you overbid.​

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8. If a coin is withdrawn prior to the start of an auction, the participant can reuse the funds allocated for that coin in a different auction.​

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9. If a coin fails to sell (but isn’t withdrawn), the coin is deemed sold at its minimum opening bid as listed on the auction site, or 80% of the estimate if there is no minimum opening bid posted.​

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10. If two participants bid on the same coin and both bids win, then each participant is deemed to have won the coin at the price he/she bid. This is a fantasy auction, not a real one!​

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11. After the last auction of the season, each participant receives an Auction Efficiency Score (AES) calculated as follows:​

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AES = fraction of bids successful * fraction of funds used​

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For example, if you bid on 10 coins in all the auctions, win 6 of those coins, and spend $65,000 in winning those coins, your AES is:​

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AES = (6/10) * ($65,000/$100,000) = 39%​

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Notes:​

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- Use this thread to post and edit your bids.​

- I’ll attempt to track final bids and results for all participants and auctions (via an Excel spreadsheet), but each participant is primarily responsible for recording their bids and results. ​

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