Selling a Coin Collection at a Coin Auction? Here’s a Simple Guide to Help You Through the Process.
Making the First Approach
Step 1: Contact the auction house to discuss a consignment assessment. If possible bring the collection and all relevant documentation, such as old receipts, past valuations, notes that explain how certain coins were acquired. Provenance or historical records of ownership, no matter how ephemeral, are particularly important and can significantly increase the estimated value of a coin.
How Lots Are Grouped
Lots are typically grouped together by the auctioneer to form a sale lot. For example, a run of similar coins, a collection of coins from a particular era, or a collection of coins of a particular denomination. A single high value coin may be sold as a single lot, however.
Reserve Prices and Unsold Lots
Reserves are the lowest price at which a coin can be sold at auction. The auctioneer will usually make a suggestion for a reserve based on current market prices and recent sales of similar coins at hammer. This is then agreed with the seller before the auction takes place. Any unsold lots are returned to the seller. Some auction houses will offer to re-offer unsold lots in a future auction for a fee.
Research and Catalogue Entries
Each lot is described in writing, detailing information such as the type of coin, date, mint mark and any other relevant details. The coin’s condition is also described in detail, and any provenance or references are included. For Coin Auctioneers, visit https://www.hoskerhaynes.com/.
Fees and Commission
Typically the seller’s commission would be in the order of 10% to 15% plus any lotting fees of a fixed amount per entry (typically £5 to £20). It’s always worth checking with HMRC about the taxation of the proceeds of any auction sales if they are expected to be of a significant amount.
Timeline to Payment
Consigning to auction and receiving payment can take anything between 8 to 14 weeks. This time frame includes the time spent cataloguing and adding photographs prior to the auction. Once the auction has been held payment is made to the consignor within about 4 weeks of the hammer falling.
With good preparation from the outset the whole process can be a straightforward and rewarding experience for all concerned.
