[meteorite-list] TUCSON AUCTION REALIZATIONS

From: dean bessey <deanbessey_at_meteoritecentral.com>
Date: Fri, 9 Feb 2007 14:05:34 -0800 (PST)
Message-ID: <654323.6737.qm_at_web56103.mail.re3.yahoo.com>

I hope I dont put myself in the middle of recent spats
with this email but here goes anyway so I hope that I
dont offend anybody here (But no apologies if I do).
I am a dealer (Not much of a collector anymore -
almost anything I own is for sale at the right price).
I have been attending auctions of various sort (Coin,
stamp, artifact, liquadation, ect) since I was 14 and
so am very familiar with auctions so I am giving the
opinion of a dealer who has attended or bid on many
hundreds of auctions. Everybody knows that I sell lots
of stuff other than meteorites. Just looking at my
ebay auctions shows that. While I think that I do a
good job of taking care of my customers it is all
business to me.
And my opinion is that the price realizations should
be made public.
(1)For one the meteorite auctions are an anomoly in
that they dont get the price realized being publicly
distributed. There might be laws concerning this also
depending on where the auction is being administered.
But most places freely give their prices realizes
(Well, they might charge a small fee in a lot of cases
- many auctions offer subscriptions which are similar
priced as a magazine subscription)
(2)You lose potentially valuable marketing. If you
read coin and stamp newspapers they will cover the
auctions and they highlight top lots. No newspaper
will cover your auction if they cant list some
realization highlights. They need to make their
articles exciting. It wouldent look nice if the
auctioneer said "I dont want people to know what
everybody paid).
(3)Bloods auctions has become an important part of
meteorite world. His first couple were growing pains
with people sticking anything in as he was worried
that the bidders would be happy and return next year
but it has now evolved into an important auction with
significant items being auctioned and an important
part of the meteorite world (And meteorite history). I
know people with collections (Whole libraries really)
of old stamp and coin auctions and realizations going
back decades. Its part of his reference material (And
on exceptional material gives a possible chain of
ownership - which might help find stolen items for
example). There are not many meteorite auctions and in
almost any type of collectible, auctions give an idea
of what the market has been like over a peroid of
time. This cannot be done without the prices realized.
It is a general guide but also a source of newsworthy
material.
(4)Potential revenue loss. Large auction houses from
christies to small mom and pop places often sell
supscriptions that includes price realized. This
probably will never apply to bloods auction but
something in general (Especially for people who cant
go to tucson) might be interested in a printed
catalog.
(5)Legalities and rip offs (No comparison to recent
list postings intended). I have personally been ripped
off in auctions before by auctioneers just selling me
stuff at my top bid when it was supposed to be one
increment over the high bidder. I would never have
known without prices realized. I think bidders would
have more confidence in the integrity of an auction
with prices realized. Since blood dont own anything in
his auction he dont have much incentive to scam
bidders but as an auctioneer he is a part of the
auctioneering community and knowledgable potential
bidders are always on the lookout for scams.
Switzerland has a law that it is illegal to do
anything that might might in any way keep from maximun
prices being attained in an auction. As a result
switzerland is a major place for serious art and
other type of auctions. Its well regulated and bidders
trust the auctions that are there (As a funny example
the philippine government has kilos and kilos of
jewelry worth many millions of dollars from a former
first lady that they want to auction off and they want
a rule in place that she cant bid in an auction - but
christies told them that this is illegal if they want
the auction in switzerland as it might prevent getting
the highest possible price).
(6)Finally, the reason everybody is against showing
price realizations. That it will drive prices down.
Not sure why people have this attitude. Poor knowledge
of auctions I guess. Auctions certainly dont drive
down the price of picassos or other rare items. I
always hear people telling me that they got the deal
of a lifetime at some stamp or coin auction. They dont
feel that the price has crashed and use it as a
bargaining ply for other purchases. More of a bragging
thing than anybody else. For example, assume a 10 gram
piece of zagami fell through the cracks and somehow
went in the tucson auction for $500. I doubt to many
dealers would then seriously entertain $50 offers even
though there is a recent record at that price. You
only have to look at ebay for all the proof you need
that auctions dont drive or reflect the market. I
regularly get $2 for items then the next week get $25.
On many occasions I list stuff 4 or 5 times at $5 or
$10 and get sick of them so drop the price to one cent
and they get $20.
Look at farmers "massive 1 cent sales" that he always
posts ads to this list for. Some of his stuff
actually goes for one cent (Dont believe me - look
over his closed auctions over a peroid of time). The
previous and next week will get more. He sells stuff
at one cent but you can bet he dont stay in business
because those 1 cent sales determins the value of his
meteorites. Dont sound like a market guage to me.
Auction realization prices are outdated the minute
they are printed and are nothing more than a reference
item.
(7)Who buys at auctions? If you go to almost any
regular auction in any collectible you will find the
hall half filled with dealers. Dealers are there to
buy stuff for resale (Well, they also buy on behalf of
customers who want to remain annonomous or cant
attend). So you can bet that they are not paying top
dollar. (This supports item #6).
So for these reasons I believe realizations should be
made freely available. More potential marketing, more
trust in the process (One has to wonder just why
information is not made available to and deliberately
witheld from buyers - just look at the lies the
moroccans tell everybody (including what they tell me)
about the TKW of their recent find. Nobody trusts a
moroccan anymore - Not that non moroccan dealers have
not also been guilty of lying about TKW and pairings
but thats another matter). This uncertainly reduces
the price that moroccans get for their meteorites in
the long term as you always have this doubt about what
you are buying.
It might help with legal problems (Like everybody else
in america, Auctioneers can be sued), gives more
marketing potential for future auctions, creates a
record for history and the idea that auction
realizations reduces market prices is silly.
Bloods auctions are included here because he asked for
dealers opinions and it is currently the topic in
question but I am talking about auctions in general.
One last point. Farmer posted the price realized to
langs auctions publicly. A lot of people will keep
their own records (As from experience with other
collectibles people want this information). An auction
is an event that can take up all your time. You can
bet that some of these people will make mistakes in
the madness of an auction but those erroneous price
realizations could easily become a matter of public
record if thats the only record available.
So its only my personal opinion as one dealer but that
is my reasons why I believe prices realized should be
made public.
Sincerely
DEAN BESSEY
www.meteoriteshop.com
www.neptuneposeidon.com
AMUNRE on ebay





 
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Received on Fri 09 Feb 2007 05:05:34 PM PST