Representation at Auctions

[IGWT]

I've asked a couple of dealers to represent me at auction in the past, and they've kindly obliged. The coins that I'm interested in, however, aren't exactly big-ticket items (well, to me they are, but the values are small potatoes in the coin market). So, I feel that I'm imposing when I ask for a dealer's help at an auction that I can't attend.

 

Is it bad form to ask for representation at auction unless the value of a coin (or group of coins) reaches a certain level; and, if so, what is that level?

[cpm9ball]

I look at it this way.............if you take a 5-gallon water bottle and fill it with your pocket change, how much do you think you'll have when it is full? Though it may be that some dealers might decline the request, I would think that a smart dealer would take the opportunity to "cultivate" potential clients for the future. If he didn't want to, he could politely decline.

 

At the same time, you certainly do not strike me as the kind of person who would not show his gratitude in some way or other.

 

Chris

[michael]

just ask....................

 

 

if the dealer cant or does not want to help you or does not have the time or for whaatever reason does not want to do it it is up to the dealer to just say NO

 

eventually you will finmd someone who will help you with auction rep

[HaydenTubbs]

just ask....................

 

 

if the dealer cant or does not want to help you or does not have the time or for whaatever reason does not want to do it it is up to the dealer to just say NO

 

eventually you will finmd someone who will help you with auction rep

 

 

What Michael was trying to say...

[MarkFeld]

Are you paying for the service? If so, in the absence of unusual circumstances, there should be no minimum value required. Either way, the dealer is always free to decline.

[IGWT]

Yes, I'm paying for the service. In fact, although the custom is to pay only in the event of a successful bid, I've happily paid a fee -- without any request by the dealer (and much to his surprise) -- when I've been warned off the coin or lost in bidding. I don't think that the fee should be contingent on winning at auction. After all, I've benefitted from the dealer's expertise and time no matter whether I win or lose. I also think that it helps to avoid any conflict of interest that a dealer might subconsciously feel when advising on a coin.

 

I know that there's no harm is asking for a dealer's help. And the dealer, of course, can always decline. But the question still remains. Am I unfairly imposing on a dealer by asking for services on a coin when the fee will be no more than $50-100? What dealer wants to leave his table on the bourse floor to view and to bid under these circumstances?

[MarkFeld]

Am I unfairly imposing on a dealer by asking for services on a coin when the fee will be no more than $50-100? What dealer wants to leave his table on the bourse floor to view and to bid under these circumstances?

Many dealers often view auction lots before or after the show, so there might be no need to "leave his table" to view on your behalf.

 

My general answer would be that you are not unfairly imposing. Depending upon the particular circumstances, however, there might be times when it would be a very bad deal financially for the dealer to view lots on your behalf.

[cpm9ball]

What dealer wants to leave his table on the bourse floor to view and to bid under these circumstances?

 

This wasn't part of your original question, but it doesn't change anything. You are not imposing upon anyone. If a dealer doesn't like interacting with customers, then he should open shop in the middle of the Sahara Desert or at the North Pole.

 

Chris

[James_OldeTowne]

I do auction representation at any level. The least expensive coins I've bought for clients have been in the $10 range, and the most expensive were in the $25,000 range. Generally, I'll charge 10%, but if it's an expensive item, say over $1000 or so, then I'll often just charge the next bidding increment, which frequently ends up being around 5%.

 

I don't think there's any shame whatsoever in asking for representation on an inexpensive coin. What makes someone a true collector has nothing to do at all with how deep their pockets are. If anything, I've found that collectors who must watch their budget are the best ones to deal with. I don't enjoy working with someone who's answer to every issue is to "throw more money at it".

 

James

[cpm9ball]

I do auction representation at any level. The least expensive coins I've bought for clients have been in the $10 range, and the most expensive were in the $25,000 range. Generally, I'll charge 10%, but if it's an expensive item, say over $1000 or so, then I'll often just charge the next bidding increment, which frequently ends up being around 5%.

 

I don't think there's any shame whatsoever in asking for representation on an inexpensive coin. What makes someone a true collector has nothing to do at all with how deep their pockets are. If anything, I've found that collectors who must watch their budget are the best ones to deal with. I don't enjoy working with someone who's answer to every issue is to "throw more money at it".

 

James