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Another viewing/bidding in auction from a dealer's perspective - HNA FUN sale..

Started by MarkFeld,

56 posts in this topic

MarkFeld

MarkFeld

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A couple of weeks ago, I viewed the upcoming FUN sale in Heritage's Dallas office.

 

I looked at approximately 5000 coins. As I always do, I breezed through the common/generic examples, unless I was looking on behalf of a client (or the coins caught my eye, due to color, flash, superb surfaces, etc.).

 

I liked and placed on-line bids on nearly 300 coins, quite a few more than I had ever bid on, previously.

 

My bids ranged from $100 to $50,000 and totaled $850,000.

 

Currently, I am the high bidder on roughly 2/3 of the lots upon which I bid. I am certain that I will be outbid on many, many more. I will report back with final numbers, after the sale has ended.

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comicdonna

comicdonna

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If you would rather not say, no worries, but when you place bids that equal that kind of money, how much do you actually expect to win/pay?
He said he would report back with the final numbers.
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BillJones

BillJones

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Ahh, to be dealer again when you bid on many items ... But you could only keep one if any of them. Now I am looking at only a few lots with any serious intention of really going after them.

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MarkFeld

MarkFeld

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If you would rather not say, no worries, but when you place bids that equal that kind of money, how much do you actually expect to win/pay?

 

The % of lots or % amount of total bids that I win can vary considerably, from sale to sale. There really is no way to make an accurate estimate. Sometimes I win a few higher value lots, while others, I might win many low value coins.

 

But just for fun, I will guess that I win 63 lots and spend $137,500. Please keep in mind, the chances of my guesses being anywhere close to accurate, are extremely remote.

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newprepper

newprepper

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If you would rather not say, no worries, but when you place bids that equal that kind of money, how much do you actually expect to win/pay?

 

The % of lots or % amount of total bids that I win can vary considerably, from sale to sale. There really is no way to make an accurate estimate. Sometimes I win a few higher value lots, while others, I might win many low value coins.

 

But just for fun, I will guess that I win 63 lots and spend $137,500. Please keep in mind, the chances of my guesses being anywhere close to accurate, are extremely remote.

 

137,500, for a handfull of change. haha

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MarkFeld

MarkFeld

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I guess this is also a candid question but...

 

Do you always have enough to cover if every bid is a winner?

 

In some sales, if every bid of mine were a winner, I would have to borrow funds in order to pay my bill. But I have done this for a long time and I have never been anywhere close to needing to do that.

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jom

jom

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I guess this is also a candid question but...

 

Do you always have enough to cover if every bid is a winner?

 

You know...I was going to ask this but was hesitant...afraid it was an obvious answer. Guess not.

 

jom

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MarkFeld

MarkFeld

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I just realized I forgot to note that the $850,000 in total bids I mentioned, was for hammer bids. So, including the 17 1/2% buyer's premium, the total is just shy of $1,000,000. Thus far, I have been outbid on approximately half of that amount.

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newprepper

newprepper

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Do you ever reconsider and go higher for your store, not for buyers you are bidding on behalf of. And if you are bidding for a buyer, do ou try to stop them from getting buried in a coin ?

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MarkFeld

MarkFeld

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Do you ever reconsider and go higher for your store, not for buyers you are bidding on behalf of. And if you are bidding for a buyer, do ou try to stop them from getting buried in a coin ?

 

I don't have a store or shop, but in answer to your questions:

 

Yes, I review all my bids at least once, often more, and sometimes raise them.

 

When bidding for clients, I offer advice and suggestions, if they ask. And on occasion, even if they don't ask. ;)

 

 

 

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e1cnr

e1cnr

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How many hours does it take to view 5000 lots? and how long do you go between breaks?

 

This long before the auction, how is security? Do they lock you in a room or do you get boxes of 20 at a time. Was anyone else viewing the same time as you?

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MarkFeld

MarkFeld

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How many hours does it take to view 5000 lots? and how long do you go between breaks?

 

This long before the auction, how is security? Do they lock you in a room or do you get boxes of 20 at a time. Was anyone else viewing the same time as you?

 

It took about 10 hours, including breaks, which I took approximately every two hours, on average. Most were about 3 minutes, but lunch took a bit longer.

 

I was in a room with a few other lot viewers and either one or two people from Heritage. I won't go into the particulars, but will state that I feel very much trusted, while there.

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jom

jom

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It took about 10 hours, including breaks, which I took approximately every two hours, on average. Most were about 3 minutes, but lunch took a bit longer.

 

You're a loafer.... zzz

 

jom

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e1cnr

e1cnr

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How many hours does it take to view 5000 lots? and how long do you go between breaks?

 

This long before the auction, how is security? Do they lock you in a room or do you get boxes of 20 at a time. Was anyone else viewing the same time as you?

 

It took about 10 hours, including breaks, which I took approximately every two hours, on average. Most were about 3 minutes, but lunch took a bit longer.

 

I was in a room with a few other lot viewers and either one or two people from Heritage. I won't go into the particulars, but will state that I feel very much trusted, while there.

 

How many notes do you write down? Is it just on coins you feel like researching for price and on coins you are checking for clients?

 

After viewing, how long do you research coins price history to determine what your max bid will be? How many minutes is the most you ever remember spending on determining how high you will bid on a coin lot?

 

ps, thx for your time and good info supplied to this board.

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x2rider

x2rider

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Mark

When asked for advice from clients is it usually taken . I'm talking about price and look of the coin . We all know the impatience to buy .

Secondly . Have you ever refused to put a bid because it was against your thoughts on the coin ?

 

Thanks Martin

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MarkFeld

MarkFeld

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It took about 10 hours, including breaks, which I took approximately every two hours, on average. Most were about 3 minutes, but lunch took a bit longer.

 

You're a loafer.... zzz

 

jom

 

True, I did go about my work more slowly than usual.

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MarkFeld

MarkFeld

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How many hours does it take to view 5000 lots? and how long do you go between breaks?

 

This long before the auction, how is security? Do they lock you in a room or do you get boxes of 20 at a time. Was anyone else viewing the same time as you?

 

It took about 10 hours, including breaks, which I took approximately every two hours, on average. Most were about 3 minutes, but lunch took a bit longer.

 

I was in a room with a few other lot viewers and either one or two people from Heritage. I won't go into the particulars, but will state that I feel very much trusted, while there.

 

How many notes do you write down? Is it just on coins you feel like researching for price and on coins you are checking for clients?

 

After viewing, how long do you research coins price history to determine what your max bid will be? How many minutes is the most you ever remember spending on determining how high you will bid on a coin lot?

 

 

ps, thx for your time and good info supplied to this board.

 

If the coin is one I might or will be trying to acquire for myself, I note the lot number, (sometimes/often) along with a notation about its color and/or other notable attributes. Occasionally, I will write down a ballpark bid level to consider.

 

If the coin is potentially for a client, I will note flaws and attributes. And if applicable, answer any questions that the client has asked in advance. I take longer, when viewing coins for clients than I do for myself.

 

In most cases, I can determine very quickly (as in less than a minute) approximately what my maximum bid will be. In some instances, however, it can take longer.

 

I can't really say what was the most time I ever took to determine my maximum bid on a coin. Because sometimes I enter a bid, think about it then and/or later, and then raise my bid. But I will say, that very rarely does it take more than a few minutes. For the majority of coins I pursue, I already have a pretty good idea as to value. Still, I double check prices/values and compare them to my initial assessment/gut feeling.

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MarkFeld

MarkFeld

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Mark

When asked for advice from clients is it usually taken . I'm talking about price and look of the coin . We all know the impatience to buy .

Secondly . Have you ever refused to put a bid because it was against your thoughts on the coin ?

 

Thanks Martin

 

Hi Martin,

 

Rarely does a client fail to bid on a coin, once I have given it a thumbs up. Occasionally, though, the bid level is already too high, or other factors cause the client not to bid.

 

As far as a bid level/price - some clients don't even ask and others who do, go with what I recommend. Still others ask, but decide to bid higher. Rarely do they bid lower.

 

I am never bothered when a client decides not to take my advice. After all, it is their money and their collection, not mine.

 

I have not refused, and can't imagine refusing to bid on a coin for a client, merely because we disagreed about the coin and/or its value.

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coinman_23885

coinman_23885

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If the coin is one I might or will be trying to acquire for myself, I note the lot number, (sometimes/often) along with a notation about its color and/or other notable attributes. Occasionally, I will write down a ballpark bid level to consider....

 

In most cases, I can determine very quickly (as in less than a minute) approximately what my maximum bid will be. In some instances, however, it can take longer....

 

I can't really say what was the most time I ever took to determine my maximum bid on a coin. Because sometimes I enter a bid, think about it then and/or later, and then raise my bid. But I will say, that very rarely does it take more than a few minutes. For the majority of coins I pursue, I already have a pretty good idea as to value. Still, I double check prices/values and compare them to my initial assessment/gut feeling.

 

Do you have a computer, smart phone, iPad or other electronic device with internet access that you bring along with you to price the coins for more esoteric series?

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