Question About Bidding On A Stamp At An Auction

I am down to one last Small Queen to complete my collection and I am tempted to bid on it a the next Eastern Auction public auction. I have only bid on stamps in their mail auction so I am not too sure how close stamps go to catalogue values, due to their usually better quality than their mail auctions. The catalogue value for the stamp is $900. Any idea what it will go for?

And please don't say, bid what you want to pay. I want to pay $5 but that ain't going to happen. I also don't want to waste my time low bidding.

Hi Tom, It is rather difficult to advise you as I don't know which lot or rather which Small Queen you wish to bid on. Eastern usually advises bidders to bid within a certain range of their asking price in mail sales I am not sure about their live auctions. I have won a few items from them and usually they go fairly close to their estimates. I have won a few slightly below and a few above their estimates. Sometimes I feel they are too expensive and place a low bid and most of the time end up getting out bid.

I have had good luck when I go over 30% cat. If you really want it I would bid $350.00. It really depends on the auction and the stamp. You may be able to get it at less than 10% cat. Which small queen are you looking for?

Lot #149 or #150. Small Queen #45. I am going to hold off because there is another one up at Weeda. I am having second thoughts of bidding for this one on Eastern because there is a premium for gum and such and I don't care about gum or hinges. I want a VF centered one but don't care about gum or the back at all so I might sit this one out.

I never know how to bid on these things because I have seen auctions go for a small percentage for catalogue and others go for over catalogue. People with more knowledge than me seem to know more about prices and demand than I do.

I could live with 10% catalogue. :)

Tom, If they are doing a live auction and if you have the time I would log on and follow it that way. I have had my best results with this format. The auctions that close the bidding on SAN prior to the auction or the day before via internet or phone bids usually don't work well for me. Someone in the live auction has an advantage of bidding right up to the hammer.

I have also started to be more picky with my auction house selection, I am tired of paying the 15% buyer premium. I really prefer the ones with no premium or a least a lower premium. If there is a stamp I really need or desire I might give in and pay the premium.

Good luck with your purchase.

Just a comment: Eastern is a first class operation, whatever bid you make before the close will be handled professionally. Nobody gets insulted if your earnest bid turns out to be way too low.

Tom - my thoughts:
1. As some =one said, go to an auction in person - second best go Stamp Auction Network.
2. You need to decide the quality you want and how high you will go for this stamp and work with the number. Don't be in a hurry. Watch the offerings and keep your target figure clear in your mind.
Me - I often make way underbids - and am very often successful. This past week $600 mint Canada for $150. It happens more often than people think.

CanadaStamp is that $600 mint face value or cat value?

I am a bit too far away to participate it the auction in person. Will see what happens with the #45 at Weeda and then I will take a harder look at the one in Eastern.

I had a goal of what stamps to acquire this past year and #45 is my last one needed so it is very tempting to spend too much for it. Must be strong. I purchase stamps all year and then when I go back to Canada for the summer, I put them in my albums. Then back in storage they go. Kind of sad, actually.

Here are my thoughts

1. Eastern (and Gary Lyon)are solid and very reliable. I've bought from them for over 25 years. They do not charge a buyer premium as someone above implied.
2. I actually keep track of my winning bids over this time (a bit compulsive) as a % of the Unitrade CV (including NH premium if relevant). My experience is that I have reliably won lots between 30% to 50% of CV. Much below this, I have not been successful--my hypothesis is that Eastern is large and attracts a lot of buyers who support the low price or they have reserve prices. I have found that in the 45 to 50% of CV, I have been very successful. So if I really want a stamp, I will go in at this higher level.
3. For NH stamps (and those who care about the back, which I do), the % of CV needs to be in the 50-75% of CV, because they are scarce and demand is high. Holding aside the debate on whether it is worth it--I'm only commenting on my perception of the market.
4. Lastly, I have found that for rare stamps that don't come up that often, you will need to be even higher to be successful. For example, I have waited for like 10 years of looking at Eastern to acquire #88c Newfoundland (a rare perf but not with high catalog value)--and I finally saw it and bid foolishly at 100% of CV and won. The inverse is also true--ie, more common stamps that regularly come up can be had for 25-40%.
5. I like the mail feature and just can't travel to auctions. Besides Eastern--I use Vance (no buyers premium) or Marekesh (hate the buyer premium). I like Stamp Auction Network too.

Tommy, you are partially right about Eastern Auctions and their buyers premium. Mail auctions (the type you prefer)do not have a buyers premium.
Live auctions and bids submitted on SAN have a 15% buyers premium and they also charge 3.5% if you pay with your credit card.
Their terms and conditions are available now on SAN for the up coming May auction.

Well, the stamp went much much higher than I thought on Weeda, given the estimated price. I would have thought by now that everyone had copies of the small and large queens. :)

Don't think I will bother with the one at Eastern, because it is a much better one than the one at Weeda so it will undoubtably go for much more. I will keep on looking and hopefully find a bargain one day.

Tom, look on the stamps2go site. There is a #45 (I think that is what you are looking for) Good price and a pretty good stamp IMHO.

http://www.stamps2go.com/Item.aspx?...&Ref=6666155

$25.00

xyyz,

I like SAN but would never use it to bid on Eastern (or any of the others), you can go direct and avoid the 15%, which I believe is SAN driven cost.

The 3.5% is not a buyers premium and (A) any company charges a fee for this (even paypal) and (B) you can avoid this with Eastern, or Vance or anyone by sending a US check

I do not like buyers premiums like you, but the post above was about Eastern via mail and not accurate to say that they charge a premium. they don't

Eastern Auctions Ltd.

Public Auction: The Montclair Collection - May 29-30, 2014

Our May public auction will be held in Halifax in conjunction with the annual show of the Royal Philatelic Society of Canada "Royal 2014 Royale" at the Lord Nelson Hotel, featuring this outstanding collection of mint Canada. The owner made a serious attempt to acquire every Unitrade listed variety in mint condition. Rare and elusive stamps from the first pence issue to back of the book abound.
Viewing Sessions (Vanguard 1 - Third Floor)
Thursday May 29, 2014 - 9:00am to 5:00pm AST
Friday May 30, 2014 - 9:00am to 5:00pm AST


Auction Sessions (Vanguard 1 - Third Floor)
Thursday May 29, 2014 - 7:00pm AST (Session One: Lot 1-222)
Friday May 30, 2014 - 7:00pm AST (Session Two: Lot 223-492)

Please remember that Terms and Conditions for Eastern's Public Auctions differ significantly from those of our Mail Auctions.

Tommy, I don't want to be argumentative. The above was taken from Eastern's website.
The bottom line says it all. The upcoming auction is a "public auction" and differs SIGNIFICANTLY from their mail auctions.

Every purchase regardless of where one does the buying, Phone. SAN, internet, mail or in person is subject to the 15%.
I just mentioned the extra 3.5% as a moot point for buyer beware. I feel bad for the Canadian people there. They also must pay at least 14-19% sales tax. A whopping 34% extra on any purchase. That stamp better be awesome..lol.

My last auction purchase from Vance never had a buyers premium (like you mention) and they never charged me any extra for using my credit card, I just paid for shipping. I was very satisfied with this arrangement.

BTW, I forgot to mention. As I write I have a beautiful copy of Easterns wire bound catalog in my hand. May 29-30 Montclair collection. Red cover with Mountie. Open the first page and there is a removable mail in order form. It says in black highlighted print, that buy submitting this order by mail you agree to the 15% premium.

I wish I could avoid the premium because there are some stamps I would really like to buy. I still may try.