Most people attending a coin auction for the first time focus their attention on the reserve. The reserve is the minimum price that a lot must be sold for. It is an understandable point of focus for first-time attendees to a coin auction. The reserve is the price that the seller is willing to accept for a lot and is the opening point of the sale.
Seasoned bidders and experienced consignors are more knowledgeable about the reserve price for auction items. The reserve price may be necessary, but it is not the number that determines the value of the item that is being auctioned. For Coin Auctioneers, contact www.hoskerhaynes.com
The estimate for each of the lots that are to be sold at the auction is often more revealing of the lot’s potential than the reserve price. The estimate for each of the lots is determined by the auction house and is based on its knowledge of the market for that specific lot. The reserve price for each lot is usually set at a price that is less than the estimate for that lot, in order to ensure that the lot is sold if there is any interest in purchasing the lot. The estimate and the reserve price for each lot show how the auction house believes that each lot will perform in relation to the minimum price that it is willing to accept for the sale of each lot.
However, the most important number is the price of the hammer compared to the estimate for the item. When a lot is sold for a price significantly higher than the estimate, it suggests that there is a high demand for that particular series.
Leave a Reply