Another "viewing and bidding in an auction" from the dealer side......

[MarkFeld]

Yesterday, I viewed the Heritage Summer FUN sale.

 

In all, I breezed through approximately 103 boxes (roughly 3800 coins) in slightly more than three hours time.

 

I placed bids on 76 coins, but my maximum bids totaled only $45,000. Currently, I am high bidder on 56 of those coins at roughly 90% of my maximum bid total. There were approximately 10 additional coins that I liked, but for which the bids were already in excess of my limit.

 

I will report back again after the sale has concluded. And please feel free to ask any questions that you might have.

[Mr.Mcknowitall]

Please kindly list the 56 coins you are currently high bid on, so that I can assist you with the math recordation.

 

I just want to be helpful......

 

Respectfully,

Nhoj Silruc, alter personality

[MarkFeld]

Please kindly list the 56 coins you are currently high bid on, so that I can assist you with the math recordation.

 

I just want to be helpful......

 

Respectfully,

Nhoj Silruc, alter personality

 

John, please find the requested list below. Presumably, your decoder is still working properly.

 

 

 

List:

 

 

 

 

[CyberspaceVoid]

too funny

 

My list appears to be the same!

[RWB]

Thanks for the list!

 

I had to reverse the poliarity of my secret decoder ring, but it prints out beautifully.

[L1ncolnF4n]

What brand of ring are you using? I inverted the color display on my monitor and then read it via a mirror. Took a while to set up but no problems now.

[mommam17]

Hi Mark. Do you find a coin to bid on, average about every 2-3 boxes? You must look at some boxes and find nothing?

[bsshog40]

Hey Mark, just curious, but when looking at that many coins, is there something specific that you focus on? Series, Eye Appealing Coins, etc...?

[MarkFeld]

Hi Mark. Do you find a coin to bid on, average about every 2-3 boxes? You must look at some boxes and find nothing?

 

John, it's unpredictable. I can go through multiple boxes without finding anything of interest, or find a few winners in a row.

[MarkFeld]

Hey Mark, just curious, but when looking at that many coins, is there something specific that you focus on? Series, Eye Appealing Coins, etc...?

 

Hi Bobby,

 

I try to buy eye-appealing coins that have personality. So, I go through boxes, looking for coins that catch my eye, due to attractive color, unmistakably exceptional quality, uncommon flash, etc. In most cases I don't pursue untoned coins, but there are exceptions.

[cpm9ball]

Mark,

 

Are most of these coins for your clients' want lists or will some of them be showing up on your website?

 

Chris

[MarkFeld]

Mark,

 

Are most of these coins for your clients' want lists or will some of them be showing up on your website?

 

Chris

 

Chris, hardly any of the coins are on want lists.For the most part, they are just nice coins that I would be happy to add to my inventory

[bsshog40]

Mark,

 

Are most of these coins for your clients' want lists or will some of them be showing up on your website?

 

Chris

 

Chris, hardly any of the coins are on want lists.For the most part, they are just nice coins that I would be happy to add to my inventory

And if you get tired of them Mark, you can add them to mine.

[mkman123]

hahhaha. Hope you win a bunch and them to your inventory for us to buy!

[cpm9ball]

Mark,

 

Are most of these coins for your clients' want lists or will some of them be showing up on your website?

 

Chris

 

Chris, hardly any of the coins are on want lists.For the most part, they are just nice coins that I would be happy to add to my inventory

 

Thanks! I'm always interested to see your new stuff!

 

Chris

[e1cnr]

Does your process go like this?

 

1- view lots

2- note exceptional eye appealing coins

3- determine max bids on coins that meet your criteria

4- place bids

5- watch auction/pay for wins

 

[MarkFeld]

Does your process go like this?

 

1- view lots

2- note exceptional eye appealing coins

3- determine max bids on coins that meet your criteria

4- place bids

5- watch auction/pay for wins

 

That's pretty much it.

[Walkerfan]

Does your process go like this?

 

1- view lots

2- note exceptional eye appealing coins

3- determine max bids on coins that meet your criteria

4- place bids

5- watch auction/pay for wins

 

That's pretty much it.

 

I think that's pretty much what we all do!

[jom]

Does your process go like this?

 

1- view lots

2- note exceptional eye appealing coins

3- determine max bids on coins that meet your criteria

4- place bids

5- watch auction/pay for wins

 

#3 = the most difficult part....for me.

 

jom

[bluel-migration]

It's the accidental looping between 4 and 5(a) that gets me.

[MarkFeld]

I ended up buying only 18 coins, for a pitiful total of just $15,000 and change. I paid roughly 94% of my maximum bids for the group.

 

Of the 18 coins, 7 were NGC and 11 were PCGS graded. A third of the coins were stickered by CAC.

[BillJones]

Does your process go like this?

 

1- view lots

2- note exceptional eye appealing coins

3- determine max bids on coins that meet your criteria

4- place bids

5- watch auction/pay for wins

 

#3 = the most difficult part....for me.

 

jom

 

Usually #3 is the most time consuming step for me also, but at this latest FUN auction #2 was the hardest because I was in unfamiliar territory. I was looking at the Type II Charlotte mint gold dollars in this sale. I had been forewarned from my reference books that these two coins, the 1857-C and the 1859-C, are among most poorly made, ugly coins in the entire U.S. series. I was very accustomed to crudely made items from my experiences with Hard Times and more especially Civil War tokens, but I was not prepared for really primitively made gold.

 

I had picked out one piece from the photos that I thought would be my favorite, but when I saw it, I knew right away that it had been harshly cleaned. Another was already marked "improperly cleaned" on the holder, which was an accurate description, so that was out. That left two coins, and I hemmed and hawed on both because I was not sure what might have done to them. Was the putty involved? Was the toning natural?

 

I also looked at at three or four pieces on the bourse. All but one of them had been cleaned and the fourth one had been marked up by a vandal.

 

Finally I met one of the expert dealers in the field, and he and I exchanged notes. We talked over the pluses and minuses, and finally I did make a selection, but that was most trouble I have had judging a couple of coins in a long time.

 

[Mr.Mcknowitall]

I ended up buying only 18 coins, for a pitiful total of just $15,000 and change. I paid roughly 94% of my maximum bids for the group.

 

Of the 18 coins, 7 were NGC and 11 were PCGS graded. A third of the coins were stickered by CAC.

 

Pitiful may be a little strong.

 

The math:

 

Original bid 45K/76 coins = $592.10 each.

 

Update bid 90% of max bid $ (assume 90% of 45K) for 56 coins = $40,500/56 coins = $723.21 each average, for 73.6% of total original number of coins bid (76/56).

 

Final bid 15K/18 coins = $833.33 each.

Final bid represents 23% of original amount of coins bid 0n (76/18).

Final bid represents 33.33 % of original $ bid average (45/15).

 

You won 23% of the original coins bid on, for 33% of original total bid.

 

18X$592.10 (original bid average per coin) = $10,657.80.

Final bid is 1.407 X original per coin bid ($592.10/$833.33).

 

This also better than bidding 2.5-3X Sheet for a coin, as a fellow member mentioned today on another Thread( just kidding).

 

Assuming at update bid, that 90% of max bid was used, that means that if 100% of max bid had ben used at update, the total would have been 45K/56 coins = $803.57 each.

 

This can be interpreted as having paid $833.33 for each of the coins vs. $803.57 each, which you were willing to bid anyway @ 100%, at the update bid point.

 

$833.33/$803.57: Therefore, your winning bid averaged $29.76/coin above update bid, which is 3.57%

 

That is impressive. What is more impressive is the 23%.

That is one heck of a market share average in any pursuit.

 

My opinion, not worth much, is that you did very well, in a difficult market environment, and for high end product (knowing you).

 

Respectfully,

John Curlis

[MarkFeld]

John, while I appreciate your work, support and encouragement, the bottom line is that I did not spend enough money to give myself an opportunity to make much of anything on the sale.

 

And, while I enjoy looking at and buying nice coins to add to my inventory, the sale was definitely not a good one, financially.

[mkman123]

Mark, your going to have to charge more!

 

Everyone's gonna want to know when the next update is

[Mr.Mcknowitall]

John, while I appreciate your work, support and encouragement, the bottom line is that I did not spend enough money to give myself an opportunity to make much of anything on the sale.

 

And, while I enjoy looking at and buying nice coins to add to my inventory, the sale was definitely not a good one, financially.

 

Thank You for your kind Regards, Mark.

 

Please know my thoughts were honorable. I simply wanted to assist before a Numismatic Dealer Auction Crisis Intervention had to be arranged. That would not be pretty-villagers stomping thru the streets at midnight with torches, etc.....

 

Respectfully,

John

[copper toning]

I ended up buying only 18 coins, for a pitiful total of just $15,000 and change. I paid roughly 94% of my maximum bids for the group.

 

Of the 18 coins, 7 were NGC and 11 were PCGS graded. A third of the coins were stickered by CAC.

 

Pitiful may be a little strong.

 

The math:

 

Original bid 45K/76 coins = $592.10 each.

 

Update bid 90% of max bid $ (assume 90% of 45K) for 56 coins = $40,500/56 coins = $723.21 each average, for 73.6% of total original number of coins bid (76/56).

 

Final bid 15K/18 coins = $833.33 each.

Final bid represents 23% of original amount of coins bid 0n (76/18).

Final bid represents 33.33 % of original $ bid average (45/15).

 

You won 23% of the original coins bid on, for 33% of original total bid.

 

18X$592.10 (original bid average per coin) = $10,657.80.

Final bid is 1.407 X original per coin bid ($592.10/$833.33).

 

This also better than bidding 2.5-3X Sheet for a coin, as a fellow member mentioned today on another Thread( just kidding).

 

Assuming at update bid, that 90% of max bid was used, that means that if 100% of max bid had ben used at update, the total would have been 45K/56 coins = $803.57 each.

 

This can be interpreted as having paid $833.33 for each of the coins vs. $803.57 each, which you were willing to bid anyway @ 100%, at the update bid point.

 

$833.33/$803.57: Therefore, your winning bid averaged $29.76/coin above update bid, which is 3.57%

 

That is impressive. What is more impressive is the 23%.

That is one heck of a market share average in any pursuit.

 

My opinion, not worth much, is that you did very well, in a difficult market environment, and for high end product (knowing you).

 

Respectfully,

John Curlis

 

While you are undoubtably very intelligent and helpful.

 

I had to take a nap halfway through this.

 

Respectfully, Jim

[x2rider]

Mark, your going to have to charge more!

 

Everyone's gonna want to know when the next update is

 

Me three. I hope there's a classic god piece in it.

[Mr.Mcknowitall]

Dear Jim (copper toning), if I may use your first name,

 

Your first observation, while very flattering and mannerly, is not correct.

I do agree with you concerning the boring factor- I also had to take a nap while composing my thoughts.

 

I will try harder next time, I promise.

 

My early strict catholic education is showing.I was deprived of comic books and other fun stuff, like the opposite sex.

 

Respectfully,

John Curlis

[copper toning]

 

And a good sense of humor to boot.