Discussion - Member to Member Sales - Research Center
Discussion - Member to Member Sales - Research Center
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Auctions are a crap shoot unless you have a knowledgeable person representing the estate, both from a subject matter and auction experience standpoint. You need someone who is well versed in the exact area of the collection who can establish a realistic reserve price. I've also noted that auctions seldom give a good description of large lots, a big problem when trying to get a decent price.
For instance my specialty collection could be described as "hundreds and hundreds of Scott 300 and 314", without much supporting photography, and sell for pennies. But a knowledgeable rep would realize that in there is a complete set of private perforations including several uncatalogued varieties with documentation.
If anyone watches the show "Chasing Classic Cars" you'll see that owners of million dollar cars will hire Wayne Carini's company to sell their car. Wayne knows how to prepare the car, deal with the auction company and make sure the owner gets the maximum out of his collection. I'm sure the fees are well earned.
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10:00:07am
Tom is spot on with his assessment that choosing the right auction house, with the best support system, is the key to success. In addition to stamps and other minor collecting interests, I have an extensive fine art and antique collection. I have, over the course of over 30+ years submitted many items to auction. My successes have not always been through Sotheby's or Christie's, but are often through smaller auction firms whose specialty and client base more closely matched that which I offered. It takes a lot of research, a lot of homework, a little luck, and a firm and realistic reserve to make an auction experience work to your advantage.
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I would love it if someone posted an article or two on SOR about auction houses. Examples of topics I would find interesting would be:
Description of the major and specialty auction houses (what they sell, realizations expected such as % Scott CV, seller's premium, exposure to which markets, etc.)
How to work with auction houses (contacting them, deciding how to send material as singles or lots, what sells and what doesn't generally, etc.)
Reviews might not be possible or even desirable as they are highly individualized and I would leave these to board postings.
Anyone want to help the rest of us out?
Peter
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"the estate realized thirty some thousand for the collection"
That's what I've been saying about putting up non-exceptional/specialized/rare items at an auction house. Remember that $30,000 was the net after the auction house took its cut. The collection probably sold for around $50,000. That would include the hammer price, from which the estate would receive its money, and the buyer's fee.
I have discussed selling my collection and single stamp items with dealers and auction houses. No doubt in my mind that selling to a dealer would result in a much larger check and much quicker (often on-the-spot) payment.
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Michael, if one is not a member of APS (and please folks, don't tell me to join) how do you go about finding a reputable dealer? We only have one stamp store left in Atlanta, and for my specialized collections, I imagine I might have to go to the UK to transact business. Micheal Rogers was an obvious choice, but I guess that's not a private option any more.
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01:42:49pm
Following up with Peter's request, I would greatly appreciate someone or several people writing up info on auction houses for the Rambler. It would be exciting to have a good variety and perspectives from people who have had experience both positive and negative with auction houses and the process of using auction houses.
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i am going to tell the kids if they want to bother that if they take a U Haul 230 miles to Dutch Country auctions with our stuff they will realize a FEW thousand dollars in 7 or 8 weeks. If they do not want to do that they can do what they want !
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You don't have to be a member of the APS or the American Stamp Dealer's Association to request of those organizations if a particular dealer is a member, and if there have been any complaints on that dealer. You can ask other collectors and even dealers if they've had any dealings with the dealer in question and get their opinions.
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There are collectors here with a wide range of experience so this tale may not come as too earth shattering..but as i was picking covers near a respected dealers table i heard him talking of his experiences in the business. He has sold covers for 50 years and knew one gent in his 90s that had a collection of U.S. that the dealer thought was worth 300 thousand dollars..he wanted to buy the collection and thought it would cost him 75 to 80 thousand dollars...the widow or the estate decided to go to auction and i guess there were not too many deep pocketed people in attendance and the estate realized thirty some thousand for the collection..i don't know why the dealer did not participate in the auction himself..so here you go..revelation..auctions can be a crap shoot .
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re: When the collection is sold..the luck of the draw
Auctions are a crap shoot unless you have a knowledgeable person representing the estate, both from a subject matter and auction experience standpoint. You need someone who is well versed in the exact area of the collection who can establish a realistic reserve price. I've also noted that auctions seldom give a good description of large lots, a big problem when trying to get a decent price.
For instance my specialty collection could be described as "hundreds and hundreds of Scott 300 and 314", without much supporting photography, and sell for pennies. But a knowledgeable rep would realize that in there is a complete set of private perforations including several uncatalogued varieties with documentation.
If anyone watches the show "Chasing Classic Cars" you'll see that owners of million dollar cars will hire Wayne Carini's company to sell their car. Wayne knows how to prepare the car, deal with the auction company and make sure the owner gets the maximum out of his collection. I'm sure the fees are well earned.
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They who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety. -Benjamin Franklin
17 Mar 2015
10:00:07am
re: When the collection is sold..the luck of the draw
Tom is spot on with his assessment that choosing the right auction house, with the best support system, is the key to success. In addition to stamps and other minor collecting interests, I have an extensive fine art and antique collection. I have, over the course of over 30+ years submitted many items to auction. My successes have not always been through Sotheby's or Christie's, but are often through smaller auction firms whose specialty and client base more closely matched that which I offered. It takes a lot of research, a lot of homework, a little luck, and a firm and realistic reserve to make an auction experience work to your advantage.
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10:07:44am
re: When the collection is sold..the luck of the draw
I would love it if someone posted an article or two on SOR about auction houses. Examples of topics I would find interesting would be:
Description of the major and specialty auction houses (what they sell, realizations expected such as % Scott CV, seller's premium, exposure to which markets, etc.)
How to work with auction houses (contacting them, deciding how to send material as singles or lots, what sells and what doesn't generally, etc.)
Reviews might not be possible or even desirable as they are highly individualized and I would leave these to board postings.
Anyone want to help the rest of us out?
Peter
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11:52:13am
re: When the collection is sold..the luck of the draw
"the estate realized thirty some thousand for the collection"
That's what I've been saying about putting up non-exceptional/specialized/rare items at an auction house. Remember that $30,000 was the net after the auction house took its cut. The collection probably sold for around $50,000. That would include the hammer price, from which the estate would receive its money, and the buyer's fee.
I have discussed selling my collection and single stamp items with dealers and auction houses. No doubt in my mind that selling to a dealer would result in a much larger check and much quicker (often on-the-spot) payment.
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01:18:34pm
re: When the collection is sold..the luck of the draw
Michael, if one is not a member of APS (and please folks, don't tell me to join) how do you go about finding a reputable dealer? We only have one stamp store left in Atlanta, and for my specialized collections, I imagine I might have to go to the UK to transact business. Micheal Rogers was an obvious choice, but I guess that's not a private option any more.
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17 Mar 2015
01:42:49pm
re: When the collection is sold..the luck of the draw
Following up with Peter's request, I would greatly appreciate someone or several people writing up info on auction houses for the Rambler. It would be exciting to have a good variety and perspectives from people who have had experience both positive and negative with auction houses and the process of using auction houses.
Login to Like
this post
re: When the collection is sold..the luck of the draw
i am going to tell the kids if they want to bother that if they take a U Haul 230 miles to Dutch Country auctions with our stuff they will realize a FEW thousand dollars in 7 or 8 weeks. If they do not want to do that they can do what they want !
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this post
08:50:00pm
re: When the collection is sold..the luck of the draw
You don't have to be a member of the APS or the American Stamp Dealer's Association to request of those organizations if a particular dealer is a member, and if there have been any complaints on that dealer. You can ask other collectors and even dealers if they've had any dealings with the dealer in question and get their opinions.
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