Selling Coins through an Auction.....

Discussion in 'Coin Chat' started by StevenHarden, Jun 19, 2019.

  1. StevenHarden

    StevenHarden Well-Known Member

    Hello All.

    I have been accumulating several better items in coins/paper money/tokens/etc. and am interested in what some of you have to say about selling through an auction.

    When I say auction, I am referring to the following (in no particular order):

    I am curious if anyone has had any experience with selling anything numismatic-related through any of the above auction locations (or any others not listed).

    The main questions I have are the following:

    • What kind of seller fees were incurred?
    • How did the final amount you received vary from the hammer price (with and without the buyer's premium included)?
    • What was the overall turnaround time from when you shipped your items in for consignment to when the auction was held, to when you received payment?
    • Do you recommend one auction setting over another for numismatic-related items or do different numismatic items do better at different locations?
    • How much exposure does each firm provide for just "average" high-end pieces ($1,000-$10,000 each)?
    Any response to the questions above, or any further information involving the sale of numismatic-related items through an auction setting, is greatly appreciated and encouraged.

    Thank You.
     
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  3. Kentucky

    Kentucky Supporter! Supporter

    Good questions, I look forward to the answers
     
  4. ddddd

    ddddd Member

    One thing I can say (based on buying and looking at results) is that certain material is better at certain auction houses. With Legend that would be PCGS slabbed material with CAC approval. Great Collections has been seeing solid results with toned coins (both NGC and PCGS).

    At the same time some material shouldn't go to auction houses at all. For example, many modern gold coins that tend to sell for around spot (generic pre-1933, Buffalos, Eagles, etc) are not great at any of these place since most net under melt after all the fees are accounted for (one would likely do better at a coin show or a local dealer).

    In general, I'd recommend searching the more recent sold archives of each auction house for similar items to the coins you have. That will give you a good starting point for which place might get the best result. Next you can read the terms to learn what the fees are. Always take into account both the buyer's and seller's fee.
     
  5. calcol

    calcol Supporter! Supporter

    I've dealt with the first four companies that you mentioned, and they're all good folks to deal with. I've sold only through Heritage and Legend though. If you have $5K or more of PCGS- and NGC-graded coins to sell, you should not have to pay a seller's fee. If one of them is going to require it, move on to the next.

    You should pay attention to the buyer's fees though. Despite its name, it's actually the seller that pays it. The reason is that buyers have a maximum amount they are willing to pay for a coin and don't care how their check is divvied-up .... seller, auction house, shipping, tax, etc. ... who cares if you're the buyer. But as a seller, a higher percent to the auction house means a lower percent to you.

    Generally, the auction house pays you promptly after they get paid by the buyer(s). This is usually 2-6 weeks after the sale ends. Sometimes it's faster, especially if the house itself was the high bidder or the house is willing to pay the bid price even if the buyer reneges.

    Usually, higher-end coins are sold in live/internet auctions and lower-end only via the internet. Great Collections is internet only for all coins.

    If you have some higher-end coins that appear at auction frequently, it may pay to research prices realized to compare auction houses. I prefer PCGS's auction prices realized for US coins; it's well organized and comprehensive.

    Cal
     
    johnmilton and EyeAppealingCoins like this.
  6. imrich

    imrich Supporter! Supporter

    DITTO!!
     
  7. baseball21

    baseball21 Well-Known Member

    This is really the wild card. How many of each do you have? 5 1k pieces will have less leverage than 2 9k pieces etc. A lot is negotiable with these houses and the more your total value is the more leverage you have. If you have enough you can even get part of the buyers fees.

    Certain things do better at certain places, but overall if Legend would do it they would be my high end choice. The reason I say that is their auctions are much smaller and more boutique style, it's a lot harder for your pieces to get lost in the mix and a lot less likely (if it even happened) to have duplicates in the same auction whereas the big houses you may have 5 or 10 of the same thing which will obviously suppress the prices.

    It doesn't hurt to talk to all of them though and see what they would offer and check and see if they have past sales for comps of how it might do there
     
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