READING AUCTION CATALOGUE LISTINGS

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V24 2021 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 24, Number 28, July 11, 2021, Article 12

Charles Morgan and Chris Bulfinch recently published an article on CoinWeek about an essential skill for collectors - reading auction catalog listings. Here's an excerpt - see the complete article online. -Editor

As a collector advances in the hobby, they might find themself nose deep in one of the many beautiful catalogs produced by the hobby's premier auction houses. These catalogs offer a unique blend of numismatic research, commentary, jargon, and marketing hype – all of which work to represent the interests of the consignor and help the catalog publisher instill excitement so that a given coin sells for the most money possible.

When it comes to the kinds of unique research that are published in auction catalogs, it is important to note that catalog writers often work in concert with the consignor, especially in the case of advanced and specialized collections, to present the backstory of the coin so that potential buyers will appreciate the richness and historic nature of an important or noteworthy piece. This collaboration is why the numismatic hobby has a fine tradition of researching provenance, studying the minute facets of a coin's appearance, and comparing one piece against all others known.

But there are other facets of a lot description that are important to understand, as well. Not every coin is a winner, but it is the role of the auctioneer to find a buyer for the coin regardless. And not every collector can afford to buy coins in optimal conditions and with illustrious pedigrees (or rare die varieties, for that matter). In the balance is a need to sell while conveying accurate information in the best possible light, and do so in such a way that the process can be replicated throughout thousands of lot descriptions published on a regular basis over the course of many years.

To this end, catalogers usually have advantages that collectors don't. Many if not most catalogers write with the coins in hand. They also have most of the germane and up-to-date reference works at hand, as well as many of the more obscure ones. Catalogers tend to have well-developed pattern recognition skills, long memories for certain coins, and a team of peers with which to bounce off ideas and double-check their work.

Some catalogers are also among the finest numismatic writers and researchers in the field. Indeed, the Numismatic Literary Guild awards prizes for auction catalogs, underscoring the importance and value of auction catalogs as numismatic literature.

Reading itself is easy for anyone with a basic education, but what the authors are writing about here is reading with a critical eye - understanding the nature of catalog writing, the personalities and motivations of those involved, and the larger context; the ability to "read between the lines" when relevant. -Editor

Learning to read auction catalogs is a critical skill for collectors. Being able to properly read a lot listing and interpret what is being said and extrapolate what isn't being said can provide a useful advantage when you are trying to narrow down which specific example of a coin that they might want to add to your collection.

Not every lot description is created equally, as you will see when we break down the three listings from three different auctioneers featured below. But every word of every description has a meaning that can be analyzed.

An astute reader has the makings of a successful buyer. Nevertheless, not every word you read should be taken at face value.