Live Auction Premium

[mtnstyne]

OK, just came home from a live auction (second one attended, yes I am new to this).

 

I had my eyes on some proof sets from the 70's and 80's, and also GSA CC Morgan Dollars from 82, 83, and 84. I went early and looked at the morgans closely, they weren't anything special, the 83 being the best condition but I wouldn't guess a MS64. I have none to compare it to, but from scans online I would say 63, maybe 64. Regardless, these 3 coins ungraded sold for:

 

82CC - $275+tax

83CC - $300+tax

84CC - $195+tax

 

the proof sets sold for around 10-12 each.

 

All those prices seemed quite high. I also have to say that I was by far the youngest guy in the room at 38, probably by at least 10 years. I am now wondering if there is some sort of phenomenom at local auctions that cause prices to fly? Caught up in bidding? Old timers don't use the internet, but paper pricing? Maybe I missed how nice those morgans where? comments?

 

I plan on going to more auctions, but that one amazed me.

[MarkFeld]

It's impossible to comment in specifics without having any idea what the coins looked like. However, generally speaking, I believe that local auctions of uncertified coins tend to bring too much, rather than too little. That's because there are apt to be participants who don't know how to grade, who can be swayed by hype and who bid more than they should.

[physics-fan3.14]

I know what you mean about being the youngest guy there - I just turned 24. Usually people are at least twice as old as me.

 

As Mark said, auction fever tends to take hold at local auctions. I have not participated in a live auction yet, but I'm quite sure I would succumb to the exact same thing.

[Schatzy]

Every auction that I go to, there is dealers there and they always out bid me.

 

One reason I think the common proof sets go so high is because people bidding

will be standing with there redbook in hand and they seem to bid to whatever the

value in the book says.

 

The best thing to do is see what things are selling for on eBay before you go to the auction.

[mtnstyne]

I think it is more of the redbook thing. All these guys came in with brief cases and pages of price guides.

 

Another one of the items was the 1971 Silver Proof Ikes that sold for $12.50 each (lot of 7).

 

I did my research on eBay, and was ready for the bidding, but it wo quickly went past my target it was amazing.

[TomB]

I've gone to many local auctions like the one you have described and am only a few years older than you. One thing I have noticed is that the "book" buys quite a few coins from the auction under the guise of mail bids or others within the room. In effect, the material is shilled up and not sold.

[Jakeblue]

Last summer, I hit many auctions in western and central missouri. I was truly surprised at the level of what many of the coins and currency sold for. Crazy prices.

 

Fever? Probably. I even got caught up a time or two by going above my pre-set limits. Mildly, but never greatly above.

 

Although, I will agree with TomB on the shilling aspect. What I have witnessed and learned is to watch the "driver". Different names for it, but that is the peson who is looking in the crowd and calling the card numbers and acknowledging the bidders. They will make "shadow" bids for others, including themselves if they want the item. Pretty slick some of them.

[mtnstyne]

Interesting about the shilling theory. I don't think that was going on at this auction because when a coin was won they walked over and handed it to the high bidder. Unless of course one of those guys was the one doing the shilling. Anything is possible.

 

My next auction is in a week and half and we will see if the same crew shows up. It is 15 miles further down the road so maybe less traffic.

[World Colonial]

If these prices are higher than "normal", I do not see why anyone would pay more for such common material.

[HiHoAudio]

I have an 1883-CC GSA Morgan certified in it's holder by NGC as MS64 with the original box and papers and I paid much less than $300.

 

This came from a Sunday night Heritage auction. You just have to be patient and bid low a few times until one day you luck out.

 

I'm not rich but I can be very patient...

[mtnstyne]

Thinking about hitting another one this weekend in a really rural area, they have coins at an estate sale that the house is selling out. Sounds like it is in the country too so maybe I will get lucky and no one else will show.

[gbsten]

$300.00 for an ungraded '83-CC GSA? Wow, I want to sell some stuff there! Drive to an auction, invest hours of your time, and then pay $300 for that?!? You can get nice MS-63's all day long for $200 from your living room!