The E-Sylum:  Volume 7, Number 10, March 7, 2004, Article 21

PET PEEVES: OMISSIONS FROM AUCTION CATALOGUES

  Darryl Atchison writes: "Some years ago Fred Lake authored
  an article in The Asylum noting general comments of interest to
  bibliophiles. One of his comments was that as a book dealer
  he hated auction catalogues that omitted page numbering.

  I want to expand on Fred's thoughts in that article and mention
  two other pieces of information that are disturbingly omitted
  with greater frequency these days.  These are a select
  bibliography and estimated price guidelines.

  I want to raise these two topics in the hopes of stimulating some
  debate or commentary from other collectors and more
  importantly, the dealers who are preparing auction catalogues.
  For the purposes of my argument I want you to assume that I
  am a beginning collector who is interested in forming a
  respectable collection of any series of tokens, coins, banknotes
  or whatever.  The nature of the collectible is not important just
  the fact that I am a beginner.

  Let's look at the flaw of omitting a select bibliography first.
  There are several reasons why select bibliographies should
  be included in every auction catalogue which lists lots in any
  given series using a classification numbering system previously
  compiled and/or published by a numismatic author.  I will list
  these in no particular order.

  1)  to credit the original cataloguer whose numbering system
       is being used and to highlight the source

  2)  to give the beginner collector the opportunity to learn more
       about a series before diving into the deep end.  A more
       informed bidder is probably a better and happier bidder.
       Auction houses obviously agree or why else would they
       prepare such eloquent lot descriptions in the first place?

  3) to create a cadre of collectors who will become hopefully
      become interested in numismatic literature, thereby
      stimulating interest in two hobbies

  4) to inform both collectors and non-collectors of books
      which may eventually interest them.  Believe it or not,
      many collectors often purchase books which deal with
      topics well outside of any of their numismatic collecting
      preferences.

  As to the subject of price guideline estimates I believe that
  these are again important for a variety of reasons.  Again,
  please think of me as a beginner collector and YOUR
  catalogue may even be the first auction catalogue I ever pick
  up.  No matter how beautifully illustrated and well-researched
  the catalogue is... imagine how daunting a task lies before
  the initiate in trying to establish his own pricing guidelines.
  We were all beginners at one time or another... remember
  what is was like when you were just starting out.  As much
  as I hate to admit it, standard catalogues which are only
  updated once a year are frequently out-of-step with the
  actual marketplace.  These standard catalogues may reflect
  prices which are either grossly too high or vastly underpriced
  for any given coin.  Most auction houses also sell coins retail
  so they are more in tune with the market than other
  publishers.  Price estimates should reflect the particular auction
  houses view of the marketplace at any given moment in time.
  This of course does not mean that the actual price realized on
  any given lot will necessarily be within the range estimated.
  We all know that two "whacked out" bidders can drive bids
  sky-high and we have all seen instances where coins have
  been "stolen".

  Anyhow, these are my thoughts for what they are worth.
  I hope they generate some interest."

  Wayne Homren, Editor

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