What Do You Look For In Traditional Auctions?

I'd like to hear as a sort of straw poll, what do you look for in tradition auctions (i.e. traditional, not purely online auctions)? Lots? Collections? Individual singles or sets? Something else?

Yes.

Actually, I look for what I think is "best value". It helps that I don't have any collecting restraints. What I mean by that is, no real focus. Exception being, Zeppelin flight covers.

I like buying singles, at nice prices. Because I'm still new to this, I have a lot of empty spaces in my U.S. classics. This allows me to pick up decent copies, at 10% or less than SCV. These stamps (often used) aren't bid on by more established collectors or dealers.

Buying "lots" is fun, but can be disappointing.
Fun, when you buy a 19th century Briefmarken-Album, that shows as if it had stamps put in it by the original owner, during that time period. A "lot" like that can pay for itself with just a few stamps. The rest of the stamps are like a bonus.

Disappointing, when you buy a world wide "lot", and upon further inspection, looks to have been thrown together to appear interesting and valuable. These "lots" often include a few faulty classics, trimmed perf'd W/F to fake a coil or trimmed revenues to fake partial perfs.

I have never bought, or bid on, a "collection".

In traditional auctions I look for the early issue missing stamps in my US and Canadian collections.

On-line I look for collections or albums of interest, not generally individual stamps. I look for both US & WW stuff with some potential. Mostly my goal here is to find a few gems, but otherwise fill up a plastic bag or two with off paper stamps to donate to the APS Stamps Teach program: http://stamps.org/Stamps-Teach .

stampcrow.....what auctions you bid at that sell decent
"individual" stamps for <10% CV?

First , you need to know what public auctions to bid at ,they are not all the same .Second you got to understand who you are bidding against ,are you bidding on a manufactured lot or are you bidding on a lot owned by the auction house or one of the principles of the firm .Go to any big stamp auction and you will be SWIMMING WITH SHARKS. Your the bait .

I look for:

1. Singles of classics, to fill gaps in my pre-1920 US, Ireland and Italy collections, with VF centering, no faults, and a reasonable price taking commission into account. I make two lists. First list: "I am attending this auction because of this example. I really want this stamp." (This has one to four items on it.) Second list: "If there are no bids above opening, I'll try for this one but if I lose it I don't care." (This has up to a dozen on it.) This second list has yielded what I consider "bargains" in a number of cases, especially at smaller auctions where there were only ~20 bidders, dealers and agents in the room and no internet bidding.

2. Selected covers in narrow, specialized areas.

3. Collections, only occasionally, and only if I have a solid two hours or more to review lots at the auction house in advance with catalog, computer and notes in hand. I never bid blind on collections. There is too great a chance that a collection was "picked over"--I have to see it to value it.

I've also made a number of valuable dealer and collector contacts in auction rooms over the years. Chats with others, before or on breaks, is enjoyable.

It depends on how you want to phrase the question!

In terms of stamps, I usually know exactly what I want when I go to an auction, but sometimes there's a lot which catches the eye that didn't in either the catalogue or in earlier viewing. I generally use auctions as a stepping stone to starting a new country if the collection has a good enough foundation.

In more abstract terms, I like the atmosphere, the sense of excitement when there is a bidding war going on (I have seen uncommon stamps go for more than 2 x their catalogue value when two rams get their horns locked), the chat with dealers and buyers alike, the adrenaline rush when you're bidding for something someone else wants almost as badly as you...

On a side note, I once went to an auction to buy a fridge and came away with a grand piano.

We have only one live auction here in Minnesota and that is Golden Valley Stamp Auctions. There are two types of auctions, singles and box lots. There are different crowds for each. The folks that bid on singles seem to be a laid back lot and pretty much know what they are going for. It gets fast and furious with the box lots. I have bid on a handful and I think I have only won only one box lot. It's been a couple years though that I have been there. I would recommend an agent if you are serious. It's tough to beat the ebay guys though. There always seems to be a lot of 50 pounds of US stamps on paper that winds up "going to the mail"

The #1 thing for me is how a lot smells, I kid you not. Musty or cigarette smoke is a deal breaker for me. You can't do that with online auctions. I love to buy at shows and stamp stores, the catch is that you have to be patient. Box lots are fun but it helps to do a little digging first.

Wow! It must be nice to have stamp auctions locally. I am envious. There isn't even a stamp & coin store within 100 miles. On line and catalogue auctions are my only choices.

Floortrader makes good points that should not be overlooked. For me, in the past couple years, I've bought mostly collections. Have gotten a couple good ones from a major auction house and one not so good.

I have access to the two annual auctions ran by the Rocky Mountain Philatelic Library here in metro Denver. They run one at the Rocky Mountain Stamp Show in May that is almost all single stamps or sets. Their large lot auction occurs in the fall. Also in the fall is Nick Follansbee's annual Mexico auction. Have done well with both RMPL and Follansbee.

I've heard about those Rocky Mountain Auctions, they have some good stuff in them from what I've seen for us worldwide junkies. We have the Northern Philatelic Library here which is a mini-version of the Denver one. The Golden Valley Auctions are online too with a close before they get called on the floor.

Actually, there is only one answer for this question. Items that fit my collecting interests.

Usually buy country lots from a couple of auction houses these days. Not practical to get to the sales themselves, but I've grown comfortable with the houses I've been dealing with, and I've been pleased with my purchases. Mixed lots can be lots of fun, but there are more turkeys there, as stampcrow says.

Kevin504, you have to keep in mind the term "decent copy", is being used by me, an amateur, beginner collector.

It's easy for me to find stamps that fill my many open spaces. I'm not having to replace current stamps in my collection with better copies. For example, the higher denomination, U.S. 1870-71 issues. Most collectors have used copies of these stamps. I don't.
Most dealers, I believe, won't bother with these as singles, unless they are exceptional copies. I don't need exceptional copies.

I probably use the term decent to loosely. But decent to me is..., no major faults and I don't have a copy. For every one I buy, there has been twenty that sold for more than I was willing to bid.

I would also add, this doesn't happen at every auction I attend, and I go to a lot of auctions. 80% of these auctions are general estate auctions, that happen to include stamps. I could, for slightly more money, find similar items on ebay. But, I enjoy the auctions and the day trips to get there. Central and western NY, northern Pa and eastern OH are in play.

For me, it is typically lots and "big boxes o stuff."

I also do keep an eye out for more interesting Haitian postal history or Haitian EFOs, but those are few and far between. Still, traditional auctions are my best source for that kind of material.

I often go to estate auctions and look for philatelic treasure. I like it because you don't know what you'll find. Often you can find collections, which usually have pretty common stuff, but there's often something of interest hiding inside. Have found books or boxes of covers and/or postal cards, reference books (always a score!) or even the odd one with individual stamps. The problem with those is, because the auctioneer is often a 'jack of all trades' and knows the minimal about stamps, he/she expects to get big bucks. Often they're disappointed.
And if you are really lucky, there'll be no one else there to bid against (though there almost always seems to be someone).