Coin Cabinet - Auction #41 - discussion - 541 lots !

[Paul]

New catalogue live now to view - 541 lots in total something for everyone by the looks of it.  Some will be first time at auction 

1/4 reverse proof gold Beasts set - 2oz premium gold Britannia - plenty of graces - a 70 silver Una & Lion 

Lots of items to go 541 in total !! cant expect high prices on everything so expect some bargains amongst these

Are there enough bidders/buyers for this many items ?

https://auctions.thecoincabinet.com/auctions/4-2LY9WT/the-coin-cabinet-auction-41-0-buyers-premium?limit=36

Edited July 16, 2021 by Paul

[Fadeingstar]

Quite the collection there. I have never bought from an offical auction like that. What is the postage costs like?

 

Edited July 16, 2021 by Fadeingstar

[Shinus73]

2 hours ago, Fadeingstar said:

Quite the collection there. I have never bought from an offical auction like that. What is the postage costs like?

 

Generally around £10.

[Mrpound]

I’ve never used it either are there any other costs apart from winning bid price and postage?

[Fadeingstar]

I think there is zero fees for buyers except postage. I assume the people that consign their items to auction pay the auctioneer fees.

[Seasider]

I think you also pay insurance.

Coin Cabinet obviously have lots of coins to sell - they have only just finished the last auction.

[Mrpound]

I cant see a obvious way you would pay, am I right in thinking if you won they would email you an invoice to pay?

[Richym99]

18 minutes ago, Fadeingstar said:

I think there is zero fees for buyers except postage. I assume the people that consign their items to auction pay the auctioneer fees.

Buyers pay zero fees. Consigners usually pay 10% of hammer price.

Shipping in the UK is by DHL and costs £12.50 per shipment (or combined purchases.

Coin cabinet email successful bidders a couple of days after the auction, with invoice of final cost and details of payment methods. Terms are payment within seven days of invoice.  

[Richym99]

20 minutes ago, Seasider said:

I think you also pay insurance.

Coin Cabinet obviously have lots of coins to sell - they have only just finished the last auction.

The  auction today was exclusively sovereigns and half sovs.

The hext one has a huge variety of coins.   

[Foster88]

4 hours ago, Paul said:

New catalogue live now to view - 541 lots in total something for everyone by the looks of it.  Some will be first time at auction 

1/4 reverse proof gold Beasts set - 2oz premium gold Britannia - plenty of graces - a 70 silver Una & Lion 

Lots of items to go 541 in total !! cant expect high prices on everything so expect some bargains amongst these

Are there enough bidders/buyers for this many items ?

https://auctions.thecoincabinet.com/auctions/4-2LY9WT/the-coin-cabinet-auction-41-0-buyers-premium?limit=36

I couldn’t believe it when I got the email about auction 41, I’d just got over today’s auction. 😂

[Simmoleon]

Was considering putting a little bid on that Gothic Crown as it’s an upgrade on my PF55 but the bidding if very strong. Looks like I am back on the sidelines with this lot

[BrumChris]

It will be interesting to see what the graces go for. Gothic Crown is tempting but I'm not sure my bank account can take another hit so soon.

[AndrewSL76]

Some good movement in prices already and some bargains to be had, for sure (at this point!!). Will be interesting to see how the move to weekdays works. I have a feeling it will work out well. From my perspective a Tuesday is way better than a Sunday. 

I have a few items in this auction too, so do not be shy!!!

[Foster88]

On 18/07/2021 at 09:31, Simmoleon said:

Was considering putting a little bid on that Gothic Crown as it’s an upgrade on my PF55 but the bidding if very strong. Looks like I am back on the sidelines with this lot

 

On 18/07/2021 at 20:06, BrumChris said:

It will be interesting to see what the graces go for. Gothic Crown is tempting but I'm not sure my bank account can take another hit so soon.

That Gothic Crown is stunning!!

[Foster88]

35 minutes ago, AndrewSL76 said:

Some good movement in prices already and some bargains to be had, for sure (at this point!!). Will be interesting to see how the move to weekdays works. I have a feeling it will work out well. From my perspective a Tuesday is way better than a Sunday. 

I have a few items in this auction too, so do not be shy!!!

There are (currently) some bargains Andrew. I couldn’t believe what some Sovereigns went for in the last auction, the sovereign that went for £310, bang on spot, I couldn’t believe.

But I had to step away from the auction sadly for work.

[AndrewSL76]

Anyone got bids in?

I have bids on 10 items but already out bid on six of them and I cannot be going higher!!

The remaining four are still quite a way behind my highest bids. I am guessing I will not get any given how recent auctions have gone but keeping fingers crossed!!

[badar]

9 minutes ago, AndrewSL76 said:

Anyone got bids in?

I have bids on 10 items but already out bid on six of them and I cannot be going higher!!

The remaining four are still quite a way behind my highest bids. I am guessing I will not get any given how recent auctions have gone but keeping fingers crossed!!

Good luck with them.

I'm going to start bidding on Fri/Sat; since last time all of my bids got outbid on the last day by 1 or two increments. 

[AndrewSL76]

6 minutes ago, badar said:

Good luck with them.

I'm going to start bidding on Fri/Sat; since last time all of my bids got outbid on the last day by 1 or two increments. 

Thanks! Good luck to you too.

I wonder what the best strategy for bidding is. I have marked some coins in the past for watching and waited till the live auction to bid. My view was that I really wanted the coins and so would not drive the price up. However on other occasions I have struggled to make the live auction and so placed my highest bid in the week before the auction. It is hit and miss for me. I find that when I bid live, I sometimes go a little higher than I would have liked but then I miss out on that opportunity to get a stunning coin that may not be offered again when I only bid in advance!

Thoughts?

[badar]

Thankyou.

Your stategy makes a lot of sense as sometimes people just start a bid war which other people see; so others start hopping onto them too, even if similar coins are listed. Classic case of they're bidding on it so it must be worth more. In my opinion, there isn't any strategy to win. I just bid on coins I really want or the ones where there isnt a bid war going on and hope my bids are good enough. Even though I still add a good premium on my bids; a lot of them get outbid so I let them go. Occasionally I get to snap up some good ones that make it worth it.

I still try to pre-bid my maximum prices and stick to them, unless its a really great example then you have to stay till the live auction. Alot of coins get outbid in the live auction, everyone gets the fear of missing out. 

I have noticed one thing (uncomfirmed as it was only on one bid), usually if you pre-bid £350 and someone else bids 350, you will be the winning bid.

[Richym99]

I bought two in auction 40 last week. I had an idea what I was looking for and the price I was willing to pay, and waited for them to come up. In both cases, bid at fair warning and got both with no further bids at a reasonable price. 

[Pipers]

One thing to watch out for at the coincabinet is you only get 1 week to pay and you have to pay by bank transfer.  If you do not pay for your winning bid in time you are automatically refered to a debt collection agency.  I have never known these terms before at any other auction, though it shouid stop shill bidding.  Anyway best to always have funds ready to go and let your bank know you are going to send the the funds to them before you send it.

[AndrewSL76]

16 minutes ago, Pipers said:

One thing to watch out for at the coincabinet is you only get 1 week to pay and you have to pay by bank transfer.  If you do not pay for your winning bid in time you are automatically refered to a debt collection agency.  I have never known these terms before at any other auction, though it shouid stop shill bidding.  Anyway best to always have funds ready to go and let your bank know you are going to send the the funds to them before you send it.

You have 14 days to pay via Coin Cabinet. It was 21 days but they have recently amended and updated their terms and conditions. 

Section 8.2 sets out (and note the the following is an extract) that:

8.2. Notwithstanding the rights as set out under clause 12, should a Buyer fail to pay within 14 days after receiving an invoice, the Auctioneer reserves the right to take legal proceedings against the Buyer, as well as pass collection over to a debt collection agency. This would entail a collection fee of 15% of the value of the total order, payable by the Buyer. [...]

https://thecoincabinet.com/terms-conditions/

[Richym99]

15 minutes ago, AndrewSL76 said:

You have 14 days to pay via Coin Cabinet. It was 21 days but they have recently amended and updated their terms and conditions. 

Section 8.2 sets out (and note the the following is an extract) that:

8.2. Notwithstanding the rights as set out under clause 12, should a Buyer fail to pay within 14 days after receiving an invoice, the Auctioneer reserves the right to take legal proceedings against the Buyer, as well as pass collection over to a debt collection agency. This would entail a collection fee of 15% of the value of the total order, payable by the Buyer. [...]

https://thecoincabinet.com/terms-conditions/

Andreas Afeldt sent out this email 10 days ago with revised terms and conditions . You will see that payment terms have indeed been reduced to 7 days. They will start recover proceedings after 14 days

 

Dear auction buyers and consignors

We are driven by a passion for coins, and determined to offer our clients the best trading platform in the industry. Maintaining the quality and integrity of The Coin Cabinet service lies at the heart of our business, and applies equally to both auction buyers and consignors.

We have recently experienced some auction buyers taking longer than the required terms to complete their payment, resulting in late settlement to our consignors.

Following a review of payment terms in consultation with consignment clients, we have decided to apply the following changes to our terms, with immediate effect from auction 40 this Friday (link to this auction here)

•    Reducing auction buyers’ payment terms from 14 days to 7 days
•    Implementing an enforcement strategy if payment is not received in full by the due date
•    If a debt collection agency’s, or a solicitor's, services are required, its fees plus interest will be added to the payment invoice
•    If a debt collection agency’s services are required, its fees plus interest will be added to the payment invoice
•    Reducing our payment terms to consignors from 30 days to 21 days

Our terms and conditions have been updated to reflect these changes. Please note that they allow us to take further action against late or non-payment from day 15. This includes, but is not limited to:
•    Rejecting participation in any future auction
•    Handing over to a debt collection agency
•    Legal action.

As a result of these changes, we may request additional documentation as part of the auction registration process, including proof of funds (particularly for bidders located in countries inaccessible to British legal authorities and credit agencies). We believe this will be received well by new clients, as the process offers greater security for both bidders and consignors.

Our vision is to make the coin market a more transparent, secure and liquid marketplace with low barriers of entry and low transaction costs. Our previously generous payment terms have not allowed us to maintain this vision and support all clients equally.

We are confident that these changes will have a positive impact not only on The Coin Cabinet auctions but on the coin market as a whole, as prompt and reliable payments will allow collectors and investors to reinvest into the market sooner and more efficiently.

We will continue reviewing and improving our systems to make sure they support our long-term goals, and are thankful to those whose feedback has helped us fine-tune The Coin cabinet’s client service, processes and terms and conditions.

Sincerely,

Andreas Afeldt
Managing director, The Coin Cabinet

[AndrewSL76]

The terms and conditions clearly stipulate that payment is due in 14 days. This is what is important here. The invoices do not reference a time period, they reference the terms and conditions.

Legally and administratively nothing can happen until day 15 post issuance of the invoice.

However, why anyone would not clear an invoice once received and wait until the last minute or even later is beyond me. Once you place a bid you are committing to buy and you should clear the payment at the earliest point. 

[Antwerpstacker]

I have bought coins in different auctions without any issues at all. 

For this auction I got denied a paddle, totally clueless as why I got denied. I did ask them why I got denied a paddle, but they don't even take the effort to reply my email... 

No bidding for me I guess😞😞