Auction House sovereign prices

[refero]

17 hours ago, MrStacker said:

Occasionally a good gold sovereign coin for example can go under the radar on auction sites HOWEVER when they slap the sales fee, postage and other “extras” it becomes more expensive than most dealers.

Regardless of coin condition - they are extortionate prices. I stay away from auctions in general. Don’t like them. Maybe a decade a go it would be more feasible as a buyer not anymore IMO. 

There are 2 completely different perspectives with regard to sovereigns (or other coins) and people buying them. 

There are collectors, and there are stackers (of PM). The way they approach the market is completely different. Collectors only find in auctions what you called as "good old sovereign", and are "happy" to pay a (large when needed) premium over spot if they are hunting a rare piece or an unusual grading. Most of the time, as you approach sovs with this goal, you dont even care or know what spot price stands at.

When dropping comments or sharing info, forum users should clarify which side of the moon they belong to, because otherwise a lot of posts could be (and are) misleading especially for noobs.

Edited January 21, 2023 by refero

[scotwasp]

A recent scottish auction informed the buyers that the “winning” bid was from China.  Almost every gold coin went to Chinese registered buyers for crazy prices.  I don’t know if this was a one off or a new theme, but made the gold price bonkers ( they didn’t bid for any silver at all which went for reasonable prices. 

[Petra]

29 minutes ago, scotwasp said:

A recent scottish auction informed the buyers that the “winning” bid was from China.  Almost every gold coin went to Chinese registered buyers for crazy prices.  I don’t know if this was a one off or a new theme, but made the gold price bonkers ( they didn’t bid for any silver at all which went for reasonable prices. 

You should see the reaction in the room when an actual Chinese bidder is in the room and bids and wins a 15 inch ceramic plate for £30,000 plus. Auction estimate £100 to £200🤔

[ArgentSmith]

1 hour ago, Petra said:

You should see the reaction in the room when an actual Chinese bidder is in the room and bids and wins a 15 inch ceramic plate for £30,000 plus. Auction estimate £100 to £200🤔

I've got some ceramic plates!! How did it get that high, two Chinese or one Chinaman vs the wall?

[Petra]

8 hours ago, ArgentSmith said:

I've got some ceramic plates!! How did it get that high, two Chinese or one Chinaman vs the wall?

Two or three people who understand the wring on the back?🤔🫢

[arphethean]

It is a strange phenomenon, I seeit all the time with sovereigns going for way over the going rate. 

They are rarely good grade or scarce years so that doesn't explain it. 

I wonder if people don't like buying online. Going to auction is like going back in time. Lots of very old items and the people buying them seem of a similar vintage so maybe they don't use the interweb and don't trust buying blind.

Other theory is that some buyers have a deal with the auctioneers for lower fees. 

Round where I am auction is the only place to buy sovereigns other than pawnbrokers and one jeweller. 

[harrygill111]

10 hours ago, scotwasp said:

A recent scottish auction informed the buyers that the “winning” bid was from China.  Almost every gold coin went to Chinese registered buyers for crazy prices.  I don’t know if this was a one off or a new theme, but made the gold price bonkers ( they didn’t bid for any silver at all which went for reasonable prices. 

Very interesting point here about foreign buyers, we've seen how crazy they are for new build property paying well over the odds (here in London anyway).