The E-Sylum:  Volume 10, Number 13, April 1, 2007, Article 21

ON QUOTING PRICES WITH AND WITHOUT BUYER'S FEES

George Kolbe writes: "I read with interest your unnamed correspondent's 
comments on our sale 102. Similar sentiments were prevalent when auction 
firms initiated buyer premiums. I must say that I am often amused when 
buying gasoline to see that prices are still quoted in mills, yet $2.49 
9/10 still seems to trump $2.50 on the marquee; this at a time when 
the cent has become obsolete.

"Over the years, I would guess that the lots sold in our auction 
sales would be equal to about 85-90% of the total of their estimates. 
The ratio varies. Some sales of especially desirable material have 
brought well over 150% of estimate with 95% or more of the lots sold; 
a few sales of mediocre material in poor economic times have realized 
65-70% of estimate, with 25-30% of lots remaining unsold. All results 
cited here compare hammer prices to hammer results.

"Sale 102 was basically an average "bread and butter" sale, yet the 
85% of the lots that sold brought the total of the hammer prices of 
all the lots. I have not taken the time to compute the estimates of 
the unsold lots (perhaps some intrepid E-Sylum reader will do so) 
but it seems likely that the lots sold brought at least 110% of 
their estimates. 

"That's a good sale! In addition to the positive results of this 
and recent sales, my comments on the vitality of the numismatic 
literature market reflect the considerable number of new entrants 
to the numismatic literature market, combined with the strength of 
our established clientele. I only wish there were more firms dealing 
in numismatic literature, as there were a decade or two ago. The 
opportunity is there, and more participants only widen the market.

"It's apples and oranges when gasoline is advertised at $2.49 and, 
when it comes time to pay, $2.49 9/10 is charged. As long as that 
mill is included on the marquee, most everyone, including the 
math-impaired, realize that the effective price is $2.50."

  Wayne Homren, Editor

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