High roller buyers
1 1

16 posts in this topic

334 posts

I know there are a few big ticket coin buyers here and as a collector who does not fall into that category I was curious about the logistics of participating in big ticket auctions.

For example, if you’ve got a $500k budget for this week’s Heritage auctions at FUN, how do you participate? I assume you can’t just show up and raise your hand to bid at that scale. How do those buyers prove they have the means to make such bids? Some kind of Heritage Auction escrow? Armored truck and a suitcase full of $100’s? 

 

Peripheral to the above scale, what would be your limit to doing a cash deal? I get squirrelly doing transactions of a few thousand. I suppose that would be relative to the person, how well they know the seller, the venue, surveillance,  and armaments.

Share this post


Link to post
Share on other sites
1,925 posts
5 minutes ago, Matt_dac said:

Peripheral to the above scale, what would be your limit to doing a cash deal? I get squirrelly doing transactions of a few thousand. I suppose that would be relative to the person, how well they know the seller, the venue, surveillance,  and armaments.

I would think this would depend on the nature of the deal / who you're dealing with for most people. I'm very unlikely to ever go around with more than a grand in cash on me, even to a coin show or something similar. I just don't like having that much cash on my person. But since I do most of my buying online, few of my transactions are ever in cash. I wish I had more time to go to shops and shows but I'm busy being a dad. When the kids are older I'll get back to that.

Share this post


Link to post
Share on other sites
334 posts
21 minutes ago, MarkFeld said:

Pre- registration for bidding.😉

Do you know what is required of buyers to prove they have the funds? 

Share this post


Link to post
Share on other sites
334 posts
23 minutes ago, Revenant said:

I would think this would depend on the nature of the deal / who you're dealing with for most people. I'm very unlikely to ever go around with more than a grand in cash on me, even to a coin show or something similar. I just don't like having that much cash on my person. But since I do most of my buying online, few of my transactions are ever in cash. I wish I had more time to go to shops and shows but I'm busy being a dad. When the kids are older I'll get back to that.

I’m the same, I don’t like carrying that much.

Share this post


Link to post
Share on other sites
12,647 posts
10 minutes ago, Matt_dac said:

Do you know what is required of buyers to prove they have the funds? 

It likely varies, depending upon the requested bidding limit. But either client services could walk you through it (by phone) or, if you’re at the show, someone in the lot viewing room could assist.

Edited by MarkFeld

Share this post


Link to post
Share on other sites
334 posts
10 hours ago, MarkFeld said:

It likely varies, depending upon the requested bidding limit. But either client services could walk you through it (by phone) or, if you’re at the show, someone in the lot viewing room could assist.

My question was purely curiosity about how that world works. Sadly I will not be carrying a suitcase at the FUN show nor do I have 1/2M to buy 😄

Edited by Matt_dac
Typo

Share this post


Link to post
Share on other sites
57 posts
1 hour ago, Matt_dac said:

My question was purely curiosity about how that world works. Sadly I will not be carrying a suitcase at the FUN show nor do I have 1/2M to buy 😄

Welcome to the club, Matt!

Good thing is that even with limited funds, we can still build nice, but smaller collections of beautiful coins.

Share this post


Link to post
Share on other sites
12,647 posts
2 hours ago, Matt_dac said:

My question was purely curiosity about how that world works. Sadly I will not be carrying a suitcase at the FUN show nor do I have 1/2M to buy 😄

Very sorry to hear that! :frown:

 

:wink:

Share this post


Link to post
Share on other sites
334 posts
2 hours ago, MarkFeld said:

Very sorry to hear that! :frown:

 

:wink:

I just thought of a great gag...imagine someone showing up to the show in a suit, sunglasses, an ear piece, and a briefcase chained to their wrist. Pretend to be talking to someone through the communications system. Ha ha ha!

“I’m looking for a secure place to buy 2018 proofs...”

Share this post


Link to post
Share on other sites
2,528 posts
6 hours ago, MarkFeld said:

Very sorry to hear that! :frown:

 

:wink:

Mark --- I do believe that is the first time you ever made me laugh!!!:roflmao:

Share this post


Link to post
Share on other sites
12,647 posts
1 hour ago, Six Mile Rick said:

Mark --- I do believe that is the first time you ever made me laugh!!!:roflmao:

Better late than never, I suppose. : )

Share this post


Link to post
Share on other sites
334 posts
10 hours ago, Numismatic, A.A.S. said:

With Stacks my bank faxed a prepared transfer form and a written confirmation of funds available. It was not over $50,000 and next time I didn't need to.

Thanks

Share this post


Link to post
Share on other sites
772 posts

For me Heritage required a charge card on file but Great Collections never asked for any credit line. I like Pay Pal.

Share this post


Link to post
Share on other sites
7,702 posts

My budget isn't all that large but back when I created a bidding account with them I just had to provide references from several dealers that knew me.  Then for mail/phone bidding (This was before internet bidding) they also had the option of placing a deposit of 25% of your bid total.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
1 1