Posts: 2212
From: Worcestershire, England, UK.
Registered: Apr 2008

posted 04-18-2012 11:20 AM               

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Are auction prices creeping up to where retail prices should be?

I now it's supply and demand, and I'm not being critical. I just wondered if anyone else agreed or disagreed?

Posts: 1966
From: Atlanta, GA
Registered: Feb 2007

Posts: 660
From: Northville MI USA
Registered: Aug 2005

posted 04-18-2012 12:28 PM               

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I don't think auction prices directly correlate to retail prices. For many items from auction to auction the prices can swing wildly based on who is bidding.

I think the emotion involved in live bidding makes pieces go for more than than they are worth if there are two spirited bidders involved.

Similarly bargains can be had — as seen in many of the posts — because of low bid activity.

Also, for the same item from multiple sellers the retail price can swing just as wildly. How many posts have been out there from bargain buys.

Supply and demand, what the seller has invested versus return, etc. all play a role.

Posts: 427
From: Pampa, TX, US
Registered: May 2011

posted 04-18-2012 02:53 PM               

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In my experience, it depends on which auction you're using and who is bidding. In general, auctions with more people (especially eBay) have the highest hammer prices. In fact I've seen numerous items sell on eBay for far more than their actual retail value — especially space shuttle tiles.

But with with smaller auctions, such as one auction company which sells through Proxibid (and usually doesn't have very many participants) or items on eBay that have very few views, I've managed to get items so cheaply that I almost felt like I was stealing.

Posts: 199
From: NSW Australia
Registered: Jan 2011

Posts: 2212
From: Worcestershire, England, UK.
Registered: Apr 2008

Posts: 660
From: Northville MI USA
Registered: Aug 2005

Posts: 731
From: Upstate New York, USA
Registered: Mar 2001

posted 04-19-2012 01:57 PM               

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quote:

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Originally posted by Tykeanaut:
Not in my opinion, I think auction prices should be less than a retailer.

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I think the natural reaction is that the auction format can result in below retail bargains. This may be true for common material and in venues where there is not a lot of competition or the reputation is not great.

However, for high-end items in a reputable venue the sky is the limit. The auction format essentially defines "retail" for those items that are difficult to price because they are rare, pricey or unusual.

Posts: 3398
From: London, UK
Registered: Feb 2002

posted 04-22-2012 10:19 AM               

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The specific auction venue often defines the prices achieved. Look at Bonhams, still cataloguing (and possibly achieving) $1,000 for a bog-standard Aldrin, that can be obtained on Ebay for less then his in-person fee. This is due to the "audience" that Bonhams can command and is not reflective of a generic retail/auction price correlation.

Likewise last year's RR specialist Space sale achieved some outstanding prices, by virtue of their excellent marketing and reputation. Prices, well in excess of "retail" even for those that could not be considered rare or unique.

In general however, results from auction houses seem to have gone two ways: UP for the rare, unique pieces, as Steve says, but down, or at best static, for the Mitchell, Scott, Cooper type stuff. What I find really interesting is the high demand for multi-signed pieces of astronauts who can easiy be obtained TTM or at shows. Again, Bonhams excel at this.

As for estimates, I think there are various motives behind them. Some are set relative to the reserve price, eg 2x, with bidding starting at half the lowest estimate. There's no doubt, however, that many houses have a habit of setting unrealistic estimates.