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What impact is the Corona virus having on auction results?

Posted: 16 Apr 2020 22:51
by stallzer
I guess I should have seen this coming with the entire world on house arrest. I usually don't partake in on-line bidding at the big auctions like Siegel and such.

Most of their material is above my level so I tend to stay with smaller auction firms. One of my favorites is a local auction house that does about 1 auction per month or one every 2 months.

I can usually source some pretty decent material at some good prices with only a fair amount of competition. Well last night at the auction close I was shocked at the amount of bids on items and the realizations of the majority of the lots. I realize that amount of bids aren't a true barometer of number of bidders but I have never seen bidding like this at this auction firm.

I had earmarked a certain amount of money and tagged about 25 lots of interest. I can usually hit on 10 - 12 of the lots or usually around 40 -60% success while staying on budget. Last night I won 5 of the 25 and basically still spent the budget I had planned on for winning 8-10 lots. Got some good material but the majority of the mid-priced lots ($50 - $100 CV) were fetching anywhere from 40% to above catalog value.

The flurry at the end was mind blowing. The auction uses a soft close so every bid placed in the final minutes extends the lot auction another 3 minutes or so. I tie this to the amount of people under quarantine and not much else going on in life. Anyone else seeing this? With no live viewing all auctions will be done online for the foreseeable future.

Re: What impact is the Corona virus having on auctions?

Posted: 16 Apr 2020 23:18
by The Pom
Were the lots being fought over individual stamps/small lots, or larger accumulations/collections?

I can see the latter getting more attention as a big lot of stamps will give bored people something to pass the time with.

Re: What impact is the Corona virus having on auction result

Posted: 16 Apr 2020 23:47
by Global Administrator
Life in the stamp dealing world has been insanely busy in recent weeks. Never seen anything like it in 45 years in business. Much of the population globally is grounded, and/or working from home, and stamp storage and re-arrangement is hence huge at present.

Have sold 100s of stockbooks, and literally 10,000s of Hagners in a month. And getting lonnnnng and complicated Want Lists to fill and quote on somehow, in my “spare time” after working 100 hours each week already!

Governments globally have been handing out large cash no-strings payments for 100s millions of people. $750 a person here weeks back, and and also same in weeks time. The Americans are getting ~$A2000 cheques each, with a signature/name of Donald Dump on the paper cheques that Caligula demanded be added to them all, (delaying the payments) to boost retail spending, and much of that is now getting spent on stamp purchases.

Foreign buyers are paying 10-15% LESS for the same stamps here, than they were just a month or so back, due to $A collapse. And shares and Stockmarkets are basically trashed and jittery, and many are moving out of those fast. All resulting in a Tsunami of orders into STAMPS. More work here than for 5 people. :mrgreen:

Re: What impact is the Corona virus having on auctions?

Posted: 17 Apr 2020 01:37
by stallzer
The Pom wrote:Were the lots being fought over individual stamps/small lots, or larger accumulations/collections?

I can see the latter getting more attention as a big lot of stamps will give bored people something to pass the time with.
Mostly singles and pairs and sets. No larger accumulations.


This pair realized $375 US + 15%, no back scan supplied. Good price?


Image

Re: What impact is the Corona virus having on auction result

Posted: 17 Apr 2020 07:31
by chippin
I sat through a few hours of the SPINK 'Collectors Series' auction yesterday whilst the New Zealand material was being sold. The auction contained some excellent material from KGV onwards.

There was a lot of interest in anything slightly out of the ordinary - proof material, missing colours and, in this topsy turvy world, inverted watermarks! Strong bidding on SPINK Live which drove up the prices of even relatively common missing colours from the 1960 Pictorial Issue.

I was surprised that collections (ie the remnants after the star items had been removed) did not attract particularly good prices even though there was good material in there, often in several albums. I put this down to the fact that people could not view and images for these lots were not on the website.

I thought Spink Live worked well, although tortuously slow at times - largely down to dithering bidders! I would definitely use it again.

Re: What impact is the Corona virus having on auctions?

Posted: 20 Apr 2020 05:07
by swankyspoon
stallzer wrote:
Mostly singles and pairs and sets. No larger accumulations.
That's surprising. One would think at this time collectors would be looking for more to sort, identify, mount, etc.