Buyers overpaying at auctions

[exbingoaddict]

It's been awhile since I've went to a scrap, bullion, and coin auction. Getting close to a year probably. Seemed there was too many people willing to overpay for items. 90% silver coin getting bid up higher then it deserves. So, this week I went to a auction. Same story, people willing to pay too high. I did get a little smirk seeing that silver dropped today. Hope their happy with their buys now.

Has anybody else that hits the auctions notice this? Buyers overpaying?

[dakota1955]

around here they all overpay

[CU Baker]

I have been at two auctions in the last month and a half. Both times with fellow realcenter ND Farmer. We both agreed at the auctions, that just plain junk silver was going over spot and you had to pick your spot for any numi coins.
Cull indian heads were going nuts,$1.00 to $3.00 bucks. We both figured were should card up a bunch of junk and get it into one of these. Key dates were in the ball park, while SAE's were going for six to eight dollars over spot. Wish we would have had a monster box to sell at the time. But we had a great time and most likly will do it again.

[Bluegill]

I have been to a quite a few auctions over the years. Estate, auto, antique, farm, glassware, coin, storage unit, you name it. Overpaying buyer infestation at all of them.

You really want to see some insanity, go to the government online auctions...

[scrapper2010]

Haven't been to one since last Fall. But it was the same story, 90% halves going for $16 a pop, common date silver dollars for $38. There was one guy in particular who was leading the charge. Many people do this to drive away competition, not because they are naive.

[cesariojpn]

eBay is bad. While able to get good deals, bidders don't seem to factor in S&H costs. I'm willing to go over abit if the S&H is reasonable per coin, but still...

[doug]

One auction I deal with they bid 90% over spot and that is before the 10% buyers premium.

[Albert]

High quality rare date coins are the only bargains at auctions. No one is willing to pay big bucks for a single coin.

[Thogey]

The last thing I bought at an auction was $135 in wheat cents for $165 + 10%

I sold a bunch here and the rest locally. It was a good score.

[OneBiteAtATime]

I love auctions. I L-O-V-E auctions! I go to at least one a week. From time to time, I am the coin guy, but mostly I see stuff go too high. I do well on pennies, anything foreign, and anything small. Sometimes I get a 10-20% discount. My big scores are on old "new stock" stuff like toy railroad tracks, model cars, board games. If its wrapped in plastic - I'm interested.

[Rodebaugh]

High quality rare date coins are the only bargains at auctions. No one is willing to pay big bucks for a single coin.

Spot on. In our area, we see common morgans average condition go @ $30-40 regularly. Folks overpay on the common. Now if a GSA 1881cc is auctioned.....you can bet it will be sold at well under greysheet.