Coin Auctions

[Colin G. 147]

Just got back from Warwick & Warwick, and can safely say auction prices are through the roof at the moment. Lots are consistently going for more than I could sell them for

I know I only aim for a specific portion of lots, but is everyone finding this to be the case.

The last three auctions I have been to I have not stood a chance

[Googan 0]

Yes have found that ebay has gone mad lately as well. I see coins going for way more than they are worth all the time. No idea why though, maybe to do with metal prices.

[Rob 3,152]

Yes have found that ebay has gone mad lately as well. I see coins going for way more than they are worth all the time. No idea why though, maybe to do with metal prices.

Dream on. Metal prices only affect bullion value coins. The simple reason for prices going up is that there are virtually no cash deposits that pay interest that is even close to inflation after tax. It doesn't make sense to hold cash on economic grounds and we have yet to see the effects of all the money the government has and will have to print to get itself out it's economic hole. That will result in another bout of inflation because the asset base of the country hasn't changed, just the amount of money in circulation equal to those assets. Governments almost always print money to reduce debt as it is easier to penalise a non-voting organisation holding bonds than it is to tell people who use public services that they can't be afforded because the country doesn't earn enough net income or raise enough taxes to pay for them.

As to what a coin is worth - the answer is it's intrinsic value based on the commodity price. It's just that collectors adjudge it is worth paying a premium to that for the ability to hold a piece of history in their hands, nothing more. And don't we all go overboard, every single one of us, and irrespective of the asset class.

Edited February 9, 2011 by Rob

[Rob 3,152]

Just got back from Warwick & Warwick, and can safely say auction prices are through the roof at the moment. Lots are consistently going for more than I could sell them for

I know I only aim for a specific portion of lots, but is everyone finding this to be the case.

The last three auctions I have been to I have not stood a chance

I haven't won any lots for resale recently. The only things I'm getting are those that I really want and am prepared to bid strongly on, and even then my bid frequently isn't enough. This is where a generalist collection is an advantage. As hot items come and go, it gives the opportunity to collect the out of favour types or denominations, but there aren't many of those about at the moment. Should we be having a bell-boy in the lift moment?

Edited February 9, 2011 by Rob

[£400 for a Penny ? 0]

Also think that the attraction of the higher end investment coins is that their ownership is truly independent. You don't need a trustee, a bank or an administrator, you don't have to declare it (for the time being) it's below the radar and one can see the appeal of that in these uncertain times.

I believe dealers are required to file a return when selling gold, but I've only ever been asked for my name and address once when buying and I was Mr M Mouse, Florida of course.

[argentumandcoins 70]

I posted the below earlier today on the 1861 thread;

There is absolutely no sign of prices slowing down, never mind falling.

Coin prices rise year on year across the board and a high quality collection really is better than money in the bank.

The reasons for the rise are numerous and can be linked with poor interest rates in banks, rises in precious metal prices (this has pushed up the prices on low grade silver), publicity over things like mule 20p and 1933 penny stirring interest from new collectors etc etc etc.

Unlike the majority on here I buy in auctions and I can tell you that they are smoking at the moment. This again pushes your buying price up because dealers are having to pay more at auction.

Any of you thinking of selling think long and hard. Yes, you will turn a profit on what you sell BUT, if you decide to replace your sales in a few months/years time you may find yourself priced out of the market.

Now may however be a good time to assess your aims. If you decide you don't like a particular part of your collection and would like to concentrate on one denomination/reign why not dispose of a portion and re-invest?

Food for thought folks.

[Red Riley 2]

Just got back from Warwick & Warwick, and can safely say auction prices are through the roof at the moment. Lots are consistently going for more than I could sell them for

I know I only aim for a specific portion of lots, but is everyone finding this to be the case.

The last three auctions I have been to I have not stood a chance

Er... so have I (that was me sitting near the front wearing an appalling Lonsdale sweater).

I was prepared to bid up to £1600 on lot no. 1 (est £1,000) but the bloody thing went for over £3k and that continued pretty much throughout! I bought a couple of nice individual lots and a sticky and smelly bulk lot that had clearly been in somebody's attic for decades. Hopefully there are a few bits and pieces in there to make money on. Anybody want five complete Elizabeth II halfpenny date runs?

It may just be my imagination but I get the impression that the hammer prices at W & W are even higher than those at recent London Coin Auctions sales.

[Gary D 76]

Just got back from Warwick & Warwick, and can safely say auction prices are through the roof at the moment. Lots are consistently going for more than I could sell them for

I know I only aim for a specific portion of lots, but is everyone finding this to be the case.

The last three auctions I have been to I have not stood a chance

Er... so have I (that was me sitting near the front wearing an appalling Lonsdale sweater).

I was prepared to bid up to £1600 on lot no. 1 (est £1,000) but the bloody thing went for over £3k and that continued pretty much throughout! I bought a couple of nice individual lots and a sticky and smelly bulk lot that had clearly been in somebody's attic for decades. Hopefully there are a few bits and pieces in there to make money on. Anybody want five complete Elizabeth II halfpenny date runs?

It may just be my imagination but I get the impression that the hammer prices at W & W are even higher than those at recent London Coin Auctions sales.

Although I occassionally attend auctions ebay is my main source by far. I'm concentrating on my maundy run at the moment and prices have gone mad, a set that spink books at £115 will go for £185+ I,m getting blown out of the water on most occassions.

[argentumandcoins 70]

Just got back from Warwick & Warwick, and can safely say auction prices are through the roof at the moment. Lots are consistently going for more than I could sell them for

I know I only aim for a specific portion of lots, but is everyone finding this to be the case.

The last three auctions I have been to I have not stood a chance

Er... so have I (that was me sitting near the front wearing an appalling Lonsdale sweater).

I was prepared to bid up to £1600 on lot no. 1 (est £1,000) but the bloody thing went for over £3k and that continued pretty much throughout! I bought a couple of nice individual lots and a sticky and smelly bulk lot that had clearly been in somebody's attic for decades. Hopefully there are a few bits and pieces in there to make money on. Anybody want five complete Elizabeth II halfpenny date runs?

It may just be my imagination but I get the impression that the hammer prices at W & W are even higher than those at recent London Coin Auctions sales.

The general consensus is that Warwick prices are insane. Don't ask why 'cos I know not!

In their last sale I staked 20 blind bids and got nowt, this sale I gambled 27 blind bids and expect the same return!

[Colin G. 147]

Er... so have I (that was me sitting near the front wearing an appalling Lonsdale sweater)

I should have asked before hand would have been nice to put a face to a name!!

[Red Riley 2]

I should have asked before hand would have been nice to put a face to a name!!

Next time give me a shout beforehand.

Edited February 9, 2011 by Red Riley

[Peckris 579]

Anybody want five complete Elizabeth II halfpenny date runs?

I'll certainly take the 1956 varieties off your hands

[declanwmagee 122]

Anybody want five complete Elizabeth II halfpenny date runs?

I'll certainly take the 1956 varieties off your hands

1956 varieties?? Freeman doesn't mention any of them!

Ah, just checked Mr Gouby's website. Christ, I'm going to have to get another book...

So if we're all getting blown out of the water day in day out, who are these people paying so far over the odds? Do they know something we don't, or are we in the know and they're mugs?

[Peckris 579]

Anybody want five complete Elizabeth II halfpenny date runs?

I'll certainly take the 1956 varieties off your hands

1956 varieties?? Freeman doesn't mention any of them!

Ah, just checked Mr Gouby's website. Christ, I'm going to have to get another book...

So if we're all getting blown out of the water day in day out, who are these people paying so far over the odds? Do they know something we don't, or are we in the know and they're mugs?

Freeman is where I learned of them!!

[declanwmagee 122]

Anybody want five complete Elizabeth II halfpenny date runs?

I'll certainly take the 1956 varieties off your hands

1956 varieties?? Freeman doesn't mention any of them!

Ah, just checked Mr Gouby's website. Christ, I'm going to have to get another book...

So if we're all getting blown out of the water day in day out, who are these people paying so far over the odds? Do they know something we don't, or are we in the know and they're mugs?

Freeman is where I learned of them!!

Oh yes, sorry! Just because all my '56s were 3+C I didn't record the others - database error!!

[Mat 2]

Yesterday was the first time in a year that I didn’t bother to attend as the trend of walking away with nothing became too consistent. And I am sure it would have been the same again, I placed 29 bids over the net (inc a £1500 bid on that bulk lot) without viewing them and won nothing! I used to take a lot of stuff to sell there as I made a 10% deal with them but London coins results ended up winning me over (despite their non-existent customer service), especially for the hammered that I sell, the very rare specialist hammered never used to meet my reserve at W&W but always sold plus good profit at London coins.

[argentumandcoins 70]

Just checked my bids online. 27 lots bid on with a zero success rate. 3rd sale in a row at Warwick and last time I will waste time and effort bidding there.

I have seen one of the lots just listed yesterday on ebay that I was outbid on (the 1902 silver set in long case). So my theory about ebay dealers driving saleroom prices may be correct on this occasion.

[azda 979]

Just got colin cookes circular, i see they have an 1860/59 Penny in, 5k ish

[Red Riley 2]

Just checked my bids online. 27 lots bid on with a zero success rate. 3rd sale in a row at Warwick and last time I will waste time and effort bidding there.

I have seen one of the lots just listed yesterday on ebay that I was outbid on (the 1902 silver set in long case). So my theory about ebay dealers driving saleroom prices may be correct on this occasion.

To be honest, I was very pleased with the lot that I bought which strangely was not heavily bid; around 150 coins, 100 total junk but the rest quite saleable whether on e-bay or through my website. Not only did it include the cu-ni error coin that we have been talking about recently but also an 1804 dollar in condition approaching VF, an 1887 YH shilling above EF and an 1855 obv. 2 farthing in NEF. I would estimate that I could easily double my money without charging outlandish prices although to be fair I need a hell of a lot more like this to make a living...

A feature of the auction was the number of bids from the floor, far more than I had seen at previous sales either there, at Lockdales or London Coins. I don't envy you, John, living so far from the main auction centres as it appears to me that in the present climate, distance bids are doomed to fail.

[Bernie 203]

Just got back from Warwick & Warwick, and can safely say auction prices are through the roof at the moment. Lots are consistently going for more than I could sell them for

I know I only aim for a specific portion of lots, but is everyone finding this to be the case.

The last three auctions I have been to I have not stood a chance

The conclusions that I have heard regarding the last W & W auction is that their estimates are kept low to encourage bidders to take part.

[Gary D 76]

Just got back from Warwick & Warwick, and can safely say auction prices are through the roof at the moment. Lots are consistently going for more than I could sell them for

I know I only aim for a specific portion of lots, but is everyone finding this to be the case.

The last three auctions I have been to I have not stood a chance

The conclusions that I have heard regarding the last W & W auction is that their estimates are kept low to encourage bidders to take part.

I put what I thought was quiet a hansom bid on a piece in the last Baldwins auction, ummed and arred about attending but would have needed to pinch a days holiday from next year, this was before Christmas. Didn't get the win although I wasn't a mile away. Been kicking myself ever since as it was a unique piece.

Gary D

[Red Riley 2]

The conclusions that I have heard regarding the last W & W auction is that their estimates are kept low to encourage bidders to take part.

You are probably right. I thought estimates were there to help the bidder, not to be used as a commercial tool. In this case, the estimates were as much use as a chocolate fireguard.

[TomGoodheart 400]

I just don't think I have the self discipline to attend in person. I'd end up spending way more than I want I'm sure.

I've had some disapointments putting in bids beforehand and just having to wait and see the outcome. But at least I've saved a few pennies too!

As to prices, I suspect some places do keep their estimates low. And also sneak in an interesting item or two described as regular to make people think they will get a bargain maybe?

[VickySilver 830]

Yes, prices are ratcheting up, esp for the finer bits but I think many coins are still relative bargains. The 60/59 penny @ CCC is rather a nice bit for rather nice money, as is (IMO) the perhaps even more desirable and beautiful 1849 penny. These are great and classic coins, and will always be & sad they are now relatively unreachable; do look at the prices that similar US coins bring even though to a larger demand base!

[argentumandcoins 70]

Just checked my bids online. 27 lots bid on with a zero success rate. 3rd sale in a row at Warwick and last time I will waste time and effort bidding there.

I have seen one of the lots just listed yesterday on ebay that I was outbid on (the 1902 silver set in long case). So my theory about ebay dealers driving saleroom prices may be correct on this occasion.

To be honest, I was very pleased with the lot that I bought which strangely was not heavily bid; around 150 coins, 100 total junk but the rest quite saleable whether on e-bay or through my website. Not only did it include the cu-ni error coin that we have been talking about recently but also an 1804 dollar in condition approaching VF, an 1887 YH shilling above EF and an 1855 obv. 2 farthing in NEF. I would estimate that I could easily double my money without charging outlandish prices although to be fair I need a hell of a lot more like this to make a living...

A feature of the auction was the number of bids from the floor, far more than I had seen at previous sales either there, at Lockdales or London Coins. I don't envy you, John, living so far from the main auction centres as it appears to me that in the present climate, distance bids are doomed to fail.

Lot 20 Derek? You sod I had £320 on that so I was outbid by.....YOU

The good thing about being up here is that there is very little competition in the Northern sales and what strong bidders there are quite often have a crack pre sale, naughty but nice

As for estimates, they are supposed to be the price at which the auction house expects a lot to sell at, not "come and buy me" estimate.

There is a possibility that there will be a major Northern house teaming up with me this year to run specialist coin auctions. The cataloguing and grading will be accurate and conservative (ancient and hammered will be a lucky bag as I am weak on those at the moment) and the auction will be a live on-line job. If it comes off it should be a good show (early days yet but fingers crossed). We get a lot of sleepers up here, as you saw from the 2 purchases I had in auction last month, so there should be enough to keep people interested. If the sales do happen I can say with certainty that the estimates will be what I would expect to pay as a dealer/collector so if you doubled the top estimate bidding blind you would be extremely unlikely not to win the lot.