RM Trial Piece Auction - Anyone Subscribed

[westminstrel]

Why would they even add a buyer’s premium?

I have limited knowledge and experience of auctions, but my understanding was always that a buyer’s premium is added because 100% of it goes to the auction house, while the consignor of the auctioned item gets the hammer price.

Since in this case the consignor and auction house are both The Royal Mint (I assume), I don’t understand the need for the buyer’s premium.

[arcticfox]

Yeah I won't be bidding lol

[Dan12345]

On 16/09/2021 at 20:30, CollectorNo1 said:

I had a look at the link..some high prices..I almost fell off my chair when I saw someone had placed a bid of £4,200.00 for a Kew gardens gold 50p🤪🤪🤯

And the rest, it's well over that now 😳

[Dan12345]

On 18/09/2021 at 02:43, westminstrel said:

Why would they even add a buyer’s premium?

I have limited knowledge and experience of auctions, but my understanding was always that a buyer’s premium is added because 100% of it goes to the auction house, while the consignor of the auctioned item gets the hammer price.

Since in this case the consignor and auction house are both The Royal Mint (I assume), I don’t understand the need for the buyer’s premium.

It's probably so the royal mint can rip people off some more 

[CollectorNo1]

1 hour ago, Dan12345 said:

And the rest, it's well over that now 😳

Why would anyone pay that kind of money for that???? Doesn'take sense,I'm shocked !!

[Coverte]

On 18/09/2021 at 02:43, westminstrel said:

Why would they even add a buyer’s premium?

I have limited knowledge and experience of auctions, but my understanding was always that a buyer’s premium is added because 100% of it goes to the auction house, while the consignor of the auctioned item gets the hammer price.

Since in this case the consignor and auction house are both The Royal Mint (I assume), I don’t understand the need for the buyer’s premium.

 

Even the DVLA, when they started running their own cherished number plate auctions (after a fashion  ), charged a premium, but only 7%, although the plates were subject to VAT - and that was in 1989!!

It seems to be standard auction practice, although, in fairness, back then, most serious bidders physically attended - and DVLA used to use very expensive venues.

This Government owned dept/asset charging a 20% premium for an online auction is blatant greed IMO.

Edited September 21, 2021 by Coverte
premium missed out

[arcticfox]

8 hours ago, Dan12345 said:

And the rest, it's well over that now 😳

That's insane, I find it hard to believe someone will actually cough that up unless a RM employee to try and get more bids.

[Mtaybar]

On 16/09/2021 at 15:24, AppleZippoandMetronome said:

I didn't have to login to see these so hopefully this link works for everyone here:

https://auction.royalmint.com/auctions/catalog/id/18?promocode=E22B14G&__ja=tsid:38667|kw:E22B14G&utm_medium=email&utm_source=promotional&utm_campaign=2021-09-col-collect-week&utm_content=main-image&ca=33752476&mc=E22B14G

In the pull out "fee" box it says20% vat +4% on gold coins..... What's that about?

[AppleZippoandMetronome]

3 hours ago, Mtaybar said:

In the pull out "fee" box it says20% vat +4% on gold coins..... What's that about?

Just the buyers premium they've decided to put on the auction. Buyers premiums are pretty common though a total of 24% on top of the hammer price is a bit much for me

[pricha]

If they are true one offs of course i'd want the Sovereigns . Any collector would. But i don't have the funds so i wont be watching the auction. Agreed the commission is bizarre . The criticism of bidders is unfair, just because i can't afford something doesn't mean someone who can is an idiot. The key , as i have said is are these truly unique one offs ? ( or will more of the same appear next month ? 😒 )  

Edited September 22, 2021 by pricha

[westminstrel]

8 hours ago, pricha said:

The key , as i have said is are these truly unique one offs ? ( or will more of the same appear next month ? 

Who knows? This year there are 64 or so.  The RM churns out at least 100 new coin designs each year. So next year there could be 100+ die trials pieces for auction. 

Then they could start auctioning blanks, tooling, sketches of designs, pencils used to sketch the designs…. who knows where this could lead! 😆

Of course for people with loads of disposable income who have to find worthwhile ways of getting money out of banks and into physical assets that might appreciate in value, this must be a great opportunity. If so, good for them.

[GoldStatue]

On 21/09/2021 at 16:36, arcticfox said:

That's insane, I find it hard to believe someone will actually cough that up unless a RM employee to try and get more bids.

Blimey £18k now and the auction has another three days to run!

If that's a symptom of a bubble in the modern coin market in ten years time they'll be citing the Kew gardens 50p as evidence.

It's like £100 on ebay just for one you're lucky enough to find in your change, tulip bulb fever all over again.

[pricha]

As westmintal has pointed out , it's a way of rich people getting rid out of fiat and into hard assets . Some pay millions for a crappy old painting. Makes perfect sense for a millionaire. I wouldn't expect these to be flipped on eBay any time soon. 😉

[CollectorNo1]

33 minutes ago, pricha said:

As westmintal has pointed out , it's a way of rich people getting rid out of fiat and into hard assets . Some pay millions for a crappy old painting. Makes perfect sense for a millionaire. I wouldn't expect these to be flipped on eBay any time soon. 😉

Well the kew Gardens 50p gold coin at £18,000 the last time I looked..who ever buys that is going to be stuck with it..After 20% vat  and buyers premium at 4% ....liquidity is going to be hard when selling.....unless there is someone who wants to spend around £30,000 for a gold 50p in the future...just doesn't make sense to me! Maybe I'm missing something..but just imagine the coin/s you could purchase for your collection at that price.......I could think of many but not a trial piece from the RM I.E a50p kew Gardens???? At what could possibly go for over £30,000 - sheer madness in my view.🤪🤪🤪🤪

[pricha]

8 minutes ago, CollectorNo1 said:

Well the kew Gardens 50p gold coin at £18,000 the last time I looked..who ever buys that is going to be stuck with it..After 20% vat  and buyers premium at 4% ....liquidity is going to be hard when selling.....unless there is someone who wants to spend around £30,000 for a gold 50p in the future...just doesn't make sense to me! Maybe I'm missing something..but just imagine the coin/s you could purchase for your collection at that price.......I could think of many but not a trial piece from the RM I.E a50p kew Gardens???? At what could possibly go for over £30,000 - sheer madness in my view.🤪🤪🤪🤪

I think the people buying these coins already have the coins we could only imagine owning . I very much doubt they are new to the hobby. If you own everything , then something new, unusual and unique comes along and you have the funds then why not ? 

[CollectorNo1]

48 minutes ago, pricha said:

I think the people buying these coins already have the coins we could only imagine owning . I very much doubt they are new to the hobby. If you own everything , then something new, unusual and unique comes along and you have the funds then why not ? 

That's true.. but I'm sceptical...I wouldn't be surprised at all if the price and bidding is being hyped up by royal mint employees.......

[Coverte]

12 hours ago, CollectorNo1 said:

That's true.. but I'm sceptical...I wouldn't be surprised at all if the price and bidding is being hyped up by royal mint employees.......

 

I am very sceptical that would be officially allowed and unofficially pointless.

I am not sure (not having completed the registration process) how they verify bidders liquidity; but have seen other similar auctions winners not complete and the buyer lose their deposit.

This is amongst their T&C's though, but that's relatively standard, other than no info as to if the credit ID is a soft or hard search:

5.1    Bidders agree to The Royal Mint carrying out certain credit and personal identity, source of funds, wealth and/or residency check for the purpose of anti-money laundering, identification and risk mitigation.

 

 

[Robda1986]

19k yea right 🤣🤣

[GoldStatue]

I see they've released the final auction prices now, £26k for the Kew gardens 50p, I'm starting to feel faint 😅

[Stuntman]

Utterly mental 😁

Can we buy the winning bidder's contact details?  I have various unique coins that they might be interested in as an investment opportunity.  Reluctantly, I'm only asking eleventy million pounds for all of them as a never-to-be-repeated portfolio offer.

Plus 20% buyer premium and VAT of course.

Edited September 28, 2021 by Stuntman

[Dan12345]

26k plus the vat and premium is absolutely ridiculous who ever payed that needs there head testing. For the price to get that high it must have been multiple bidders which is even more crazy

[GoldStatue]

You can be sure when the Una and the lion trial pieces come up for auction that's going to pay the Royal Mints bills for quite a while!

[CollectorNo1]

26 minutes ago, Dan12345 said:

26k plus the vat and premium is absolutely ridiculous who ever payed that needs there head testing. For the price to get that high it must have been multiple bidders which is even more crazy

Omg!!!! Was that the hammer price for the Kew???

[arcticfox]

On 28/09/2021 at 21:08, CollectorNo1 said:

Omg!!!! Was that the hammer price for the Kew???

£26k then vat and any fees 😵

[ArgentSmith]

Did anyone else participate bid in this auction? It was an absolute calamity.