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What is the most over estimate you ever bid?
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<p>[QUOTE="dougsmit, post: 8324547, member: 19463"]Estimates from many sellers have two purposes of which telling what the lot should bring is the less important. If a seller requires a minimum bid of 60% of the estimate AND if the seller has not set a reserve minimum but wants the thing sold, the house is much better off estimating, for example, $100 and letting the bids start at $60 than to estimate the 'fair' value of $500 which would start at $300 and might not receive a single bid resulting in an unsold lot. Auctions that have a high percentage of unsold lots are not popular with buyers of sellers and might drive off potential consignors. If there is one thing an auction house wants is to attract consignments including those from people like my heirs who will want the stuff sold even if it is for half price. We each have coins that will sell for twice what we expect and others that will be lucky to sell. Anything an auction house can do to limit the unsold lots is considered a good thing. Those of you who consign one nice coin and see it sell for half what you paid may see this differently but what the auctions want are the large collections started in the 1950's and built over the years by grandpa.[/QUOTE]</p><p><br /></p>
[QUOTE="dougsmit, post: 8324547, member: 19463"]Estimates from many sellers have two purposes of which telling what the lot should bring is the less important. If a seller requires a minimum bid of 60% of the estimate AND if the seller has not set a reserve minimum but wants the thing sold, the house is much better off estimating, for example, $100 and letting the bids start at $60 than to estimate the 'fair' value of $500 which would start at $300 and might not receive a single bid resulting in an unsold lot. Auctions that have a high percentage of unsold lots are not popular with buyers of sellers and might drive off potential consignors. If there is one thing an auction house wants is to attract consignments including those from people like my heirs who will want the stuff sold even if it is for half price. We each have coins that will sell for twice what we expect and others that will be lucky to sell. Anything an auction house can do to limit the unsold lots is considered a good thing. Those of you who consign one nice coin and see it sell for half what you paid may see this differently but what the auctions want are the large collections started in the 1950's and built over the years by grandpa.[/QUOTE]
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