Latest Cherrystone Auction.one Crazy Bidder?

What's with the latest Cherrystone auction? Everything seems to have "Opened" way above estimate and sold at that open price.

Did a single fool not understand how bidding worked and end up with one huge bill or ??? Seems like ridiculous prices were paid for everything offered, none of which looked all that special.

James - Funny you saw this as well! I thought that I was losing my mind. I was watching some lots up until bidding and they all were bid up to silly levels and I sat it out. Hope they were not punked.

"Did a single fool not understand how bidding worked " I heard that before !!! I think it was 2002 at Rasdale Stamp Auction

It was wild! I was amazed as well. The things I wanted opened above the estimated value, and sometimes above catalog value. Except for those lots that received no bids (other than the default opening bid), most sold for well above catalog value. It got so, I started keeping track of paddle numbers of the winners - if the winner HAD a paddle number; many did not. Whether or not those were "passed" lots, I couldn't tell.

Crazy bidder ? If so, they had multiple paddle numbers
Money launderer ?

Think I'll stay with Kelleher, Siegel, and the like in the future.

I checked out the United States yesterday, and the prices although on the high side were not unreasonable for the quality being offered. The blue issues sold pretty much what they have been going for lately on Hip or ebay. With certs. I don't know about anything besides the US and in the classics. I was surprised at the Douglas "patents" I thought they sold very cheap. Thinly traded, hard to tell what is cheap.
mark

The same type of thing happened to Siegel some years ago. The high rolling bidder never paid. It was an embarrassment to say the least.

That being said, it takes at least two to bid things up and the material I was watching went for over full retail. Strange and stranger.

I'm glad it wasn't just me thinking things were a bit crazy on Cherrystone today.

First off, I should never be confused with a high end collector. I tuned in for a while hoping to just learn a few things, and maybe to see what some of the "low end" lots were going for in the hopes that maybe down the road I might be brave enough to bid on a couple smaller country or remainder collections for my personal collecting habits. Never a thought to be a reseller. It pretty muched chased me away from the auction seeing so many lots bid way beyond my limited knowledge expectations.

I learned to reset my expectations, or maybe stick to ebay or Hip for my purchases.

Lance

I received an email today from Cherrystone where they trumpeted the success of the sale:




That is amazing since their openings are not all that low to begin with.

Nice, good news for people who have collections to sell ,especially those that can make up a lot of collections .

Did you see the large box lot that was 20 boxes packed with collections and other stuff. If you add the juice to the $8500 realized your cost is $10,000 for 20 boxes .

Floortrader - Yes, I did see that. If I could view in person it would be tempting.

I thought of you when I was looking through the next Muller auction. Shipping makes it a no-go but talk about huge carton lots. It makes Rasdale and Kelleher large lots look tiny.

Look in the collections section in World and Box/karton:

https://stampauctionnetwork.com/GM/GM113.cfm