[meteorite-list] Heritage auction

From: Adam Hupe <raremeteorites_at_meteoritecentral.com>
Date: Mon, 15 Oct 2012 15:11:38 -0700 (PDT)
Message-ID: <1350339098.79670.YahooMailNeo_at_web122003.mail.ne1.yahoo.com>

Don't forget, they still have to collect from the "winning" bidder.? Some people have been known to gather their 15-minutes worth of fame or power trip by getting into bidding wars and fail to pay after they have placed a "winning" bid.? Is has happened many times before.? I had an item that was bid up to over $40,000.00 at an auction house just to have the winning bidder walk away.? A 12 year kid got into an online session and bid up a famous painting by tens of millions of dollars so no matter how hard an auction house might try, you cannot vet out these bad bidders.

Let us hope that they make good and do not have buyer's remorse.

Adam



----- Original Message -----
From: Michael Farmer <mike at meteoriteguy.com>
To: Greg Hup? <gmhupe at centurylink.net>
Cc: Adam <meteorite-list at meteoritecentral.com>
Sent: Sunday, October 14, 2012 6:56 PM
Subject: Re: [meteorite-list] Heritage auction

I just sold one of those Seymchan spheres for $4000 two days ago on eBay, look it up. Larger than $16000 one sold today. I offer bargains:)
But hey, I guess theirs comes with flashy catalog and "meteorite men" provenance.........

Michael Farmer

Sent from my iPhone

On Oct 14, 2012, at 7:52 PM, Greg Hup? <gmhupe at centurylink.net> wrote:

> I LOVE these high profile auctions as they illustrate just how great of a deal us real 'every day' meteorite dealers are offering our material for. NO seller premiums, NO hype... Just good old-fashioned deals for collectors who work hard for their purchases!!
>
> Best Regards,
> Greg
>
> ====================
> Greg Hup?
> The Hup? Collection
> gmhupe at centurylink.net
> www.LunarRock.com
> NaturesVault (eBay & Facebook)
> http://www.facebook.com/NaturesVault
> IMCA 3163
> ====================
> Click here for my current eBay auctions:
> http://search.ebay.com/_W0QQsassZnaturesvault
>
>
>
> -----Original Message----- From: Michael Farmer
> Sent: Sunday, October 14, 2012 9:39 PM
> To: Yinan Wang
> Cc: Adam
> Subject: Re: [meteorite-list] Heritage auction
>
> 25% buyers premium is highest I have ever seen, I wanted to bid on several items but calculating that extra 25% killed it for me.
> Michael Farmer
>
> Sent from my iPhone
>
> On Oct 14, 2012, at 7:33 PM, Yinan Wang <veomega at gmail.com> wrote:
>
>> No one forced anyone to participate.
>>
>> If something didn't sell, chances are it's because it had a high
>> reserve set by the seller. When you set a high reserve, you run the
>> risk of having no buyers, just like in any market.
>>
>> I'd say a photo fee and shipping is a low price to pay for a chance to
>> sell something to a large audience for several times what its worth.
>>
>> -Yinan
>>
>> On Sun, Oct 14, 2012 at 9:23 PM, Michael Farmer <mike at meteoriteguy.com> wrote:
>>> It is a train wreck for the suppliers who had to pay to put the items in, ship them from Europe and elsewhere, and pay to ship them back!
>>> Michael Farmer
>>>
>>> Sent from my iPhone
>>>
>>> On Oct 14, 2012, at 7:21 PM, Yinan Wang <veomega at gmail.com> wrote:
>>>
>>>> No offense intended, but how do you interpret this auction as a train wreck?
>>>>
>>>> Having worked in the natural history auction industry, this was a very
>>>> good auction for everything except the high priced pieces. From what I
>>>> observed, the sell-through rate was probably over 80%, which is great
>>>> for a natural history auction. Many of the lower and middle ranged
>>>> items went for 3-10 times the market price.
>>>>
>>>> High priced meteorites in general don't seem to sell often at auction.
>>>> For example, the Willamette was very well marketed last year but did
>>>> not sell at $650,000. Looking at past auctions, it seems $90,000 to be
>>>> the top price for a meteorite sold at auction in the past few years,
>>>> at least with this auction house.
>>>>
>>>> Personally I think the market for extreme high end meteorites may not
>>>> be well established in auction houses yet. Yes, someone will (and has)
>>>> shell out up to 2 million for a dinosaur at auction but won't do the
>>>> same for a meteorite.
>>>>
>>>> -Yinan
>>>>
>>>>
>>>>
>>>> On Sun, Oct 14, 2012 at 9:08 PM, Adam Hupe <raremeteorites at yahoo.com> wrote:
>>>>> I think the timing of this auction during the middle of a political campaign might account for the train wreck witnessed today or the economy is worse off then anybody could imagine. Prices were all over the place, some excellent, some poor but not a single item exceeded $50,000.00 even with the huge buyer's premium in place.? A few of my friends watched parts of this auction on CNN and thought many of the descriptions should have been based on the importance of the items instead of comparing them to famous artwork.
>>>>>
>>>>> All of the big auction houses are struggling right now from what I have read.? Hopefully things will settle back down after the election.
>>>>>
>>>>> Best Regards,
>>>>>
>>>>>
>>>>> Adam
>>>>> ______________________________________________
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Received on Mon 15 Oct 2012 06:11:38 PM PDT