My first Auction

[saltydecks]

So i found a new website that list auctions in your area, and I'm going to my first estate auction.

I am looking at bidding on a couple of halves and a couple of different rolls of other 90% silver.

My question is about two gold pieces that will be in this auction. It is two 2&1/2 dollar gold pieces.

Based on what I have seen online my max bid will probably be around $175.

Is this a good range to be in?

Thanks for any and all help.

[Day9]

Can you show us this website?

Unless you tell us more about the pieces don't pay more than the rate you can get for gold bulliion at your LCS

[Engineer]

Pay attention to the buyer's premium too. If you have to pay 10% more than your bid, a $175 bid suddenly turns into $192.50.

IMHO, it's generally easier and cheaper to buy stuff here.

[saltydecks]

The website is http://www.auctionzip.com/

The auction I am going to has no buyers fee or participation premium.

[NDFarmer]

If it is like any estate auction or household auction that I have ever been to you will pay way more than you will at your local coin shop. I see Morgans sell for $40.00 and $50.00 all the time at estate sales that I can buy at the coin shop for under $30.00

You have to watch for a buyers premium and also sales tax. You can add 15% or more onto what you buy if you don't watch it.

Around here very few auctioneers add the buyers premium. I always check before I go to an auction and if they are adding a buyers premium I don't go.

[Catfish4u]

I have seen very good deals at auctions and horrible deals. I went to an estate auction and say morgan and peace dollars that were selling for a 50% premium while at the same auction 'junk silver' was selling for 15% below melt value. Also...... watch out for fakes or ask about the auction company practice if fakes are found. JMHO

[deacon]

I have seen very good deals at auctions and horrible deals. I went to an estate auction and say morgan and peace dollars that were selling for a 50% premium while at the same auction 'junk silver' was selling for 15% below melt value. Also...... watch out for fakes or ask about the auction company practice if fakes are found. JMHO

Very true. Usually bad though.

[Whinstone]

I like auctions but not to buy coins. I like the boxlots at the end of the auction when everybody has gone or run out money. You can buy a box of brass or copper wire for $2.50. The coins are usually "whoa momma" too high but I still keep my eyes and ears on them.

[wheeler_dealer]

Finding deals on coins at auc tion is rare. Bid premium and tax usually can be deal killer. Research pays off and set your price pre start. Also don't always use the marked grade on the coin they are usually over graded.

[Whinstone]

Oh yeah, One should also be aware that some auctioneers are sneaky and will try to trick you into buying something that is not worth it. So always know what you are buying.