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When auction bidding goes wrong... all my own fault... but it works out fine in the end


maridvnvm

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I was watching an auction, waiting for a particular coin lot to come up, a coin I was hoping was a sleeper and intending to bid many times the estimate if required to. It was a coin of Probus with a scarcer reverse legend variation that I had been chasing after for 20 years. I was all set up and watching the previous lots come up with prices staying low. As the coins go by I think that, whilst I don't need upgrades in my collection, the coins are going so cheaply that I could buy a few and sell them on for a profit if needed and the postage would be covered by my other lot. I bid a low ball bid on two coins and I win. I am feeling things are going my way. Two coins bought cheaply, my lot coming up, everything else is going at or below estimate.... what could go wrong.... It turns out that I wasn't the only one who spotted the scarce variant and the bidding was vigorous, starting low but soon was about 50% above what I thought would be my top end. I pulled out and was now left without the coin I had intended to buy and with two coins that I had't intended to buy. Ho hum. Time to suck it up, pay for them to be shipped as cheaply as possible and get on with chasing after other coins.

I honestly fogot about them and a package turned up 2 days before Christmas which I was puzzled by. I couldn't think what it could contain. Lo and behold, it was these two coins....

In the mean time about a week after the auction I was looking at the stock of French dealer and he had another example of the same scarce variation that I had been bidding on up for sale. It was at less than my top bid had been at the auction....

Here are my two "accidental" Probus purchases..... each is an upgrade to the existing coins in my collection in some way or other....

Obv:– IMP C M AVR PROBVS AVG, Radiate cuirassed bust right
Rev:– LAETITIA AVGVSTI, Laetitia standing left holding wreath and staff
Minted in Lugdunum (IIII) Emission 3 Officina 4. Minted Start A.D. 277
Reference:– Cohen 329. Bastien 182 (29). RIC 31 Bust Type F

Fully silvered, Uneven strike.

4.02 gms, 22.25mm. 180 degrees

RI_132aag_img.JPG

Obv:– IMP C M AVR PROBVS AVG, Radiate, draped and cuirassed bust right, seen from rear
Rev:– MARS VICTOR, Mars walking right, holding spear and trophy
Minted in Lugdunum (III in exe) Emission 6, Officina 3. 278 - 279 A.D.
Reference:– Cohen 337. Bastien 284. RIC 83 Bust type C

Nearly fully silvered

4.56 gms, 23.56 mm. 180 degrees

RI_132aah_img.JPG

Has anyone else made similar aution mistakes?

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Done that. Here's the less expensive coin from earlier in the auction. Someone else ended up with the target coin.

TranquillinaCyzicusDemeter.jpg.537fd225866255b0a23e89d6e679a3a6.jpg
Tranquillina, 241-244 CE.
Roman provincial Æ 21.3 mm, 5.79 g, 7 h.
Mysia, Cyzicus, Strategos Lepidus.
Obv: Φ ϹΑΒ ΤΡΑΝΚΥΛΛЄΙΝΑΝ, draped bust, right, wearing stephane.
Rev: ϹΤΡ ΛЄΠΙΔΟΥ ΚΥΖΙΚΗΝΩΝΕΩ, Demeter advancing right, holding a torch in each hand.
RPC VII.1, 31; McClean 7608.

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Happened to me numerous times. And what bothers me the most is when I have for example 3 possible targets in the auction and the chronology is - first has the lowest importance, second a little more important; the last one is the actual main target. 

More than once I ended winning only the first coin or, even worse, only some not very relevant snacks. 

The first example in my mind - I was in an auction where I had 2 main targets. Both Alexandrian tetradrachms with the same reverse type (important targets). Second coin (in the auction's chronology) was better than the first. I bought some snacks at the beginning of the auction.

In the end - first coin was sold for a good price - but not as cheap as I was dreaming (still a good price). I was greedy and let it go. Second went for 150% of my estimate - but my estimate was way too optimistic, as I noticed later.  I ended with some irrelevant coins and the irony was that the total price I paid was much higher than coin 1, which was much more important for me. Or coin 2, that was a high target. 

From that moment I started ignoring snacks, especially if they are BEFORE my main targets. 

Edited by ambr0zie
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This takes the cake/ for dumb and dumber....

CNG had a Wednesday e-auction (timed bids) So/ here I am thinking its Wed./ really Tuesday! I was already to take the coin current bid $500/ so I threw on a bid of 700 to make sure with 2 secs left. Thought I had won it. That evening I was watching news/ found out it was only Tuesday! Next day/ I looked at current bid/ still at $500 with 1 minute left. Lucky for me I ended up still winning it for $500😏

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On 1/6/2024 at 2:25 AM, maridvnvm said:

In the mean time about a week after the auction I was looking at the stock of French dealer and he had another example of the same scarce variation that I had been bidding on up for sale. It was at less than my top bid had been at the auction....

So, you got the type? Will you show us?

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In the second Emission of Probus from Lugdunum there are only a few reverse types produced. Amongst them there are a couple of reverse types that have a common reverse legend but there is also a much scarcer reverse legend variety. 

I have had examples of the common varieties in my collection for some years.

Obv:– IMP C M AVR PROBVS AVG, Radiate cuirassed bust right
Rev:– PROVIDENTIA AVG, Providentia standing left holding globe and cornucopiae.
Minted in Lugdunum (III in exe) Emission 2, Officina 3. November to December A.D. 276.
Reference:– Cohen 496. Bastien 171. RIC 46 Bust type F

Weight 3.83g. 23.18mm. 180 degrees

RI_132kr_img.jpg

Obv:– IMP C M AVR PROBVS AVG, Radiate cuirassed bust right
Rev:– LAETITIA AVGVSTI, Laetitia standing left holding wreath and staff
Minted in Lugdunum (IIII) Emission 3 Officina 4. Minted Start A.D. 277
Reference:– Cohen 329. Bastien 182 (29). RIC 31 Bust Type F

Weight 3.20g. 23.52mm. 180 degrees

Nearly fully silvered.

Clashed die resulting in obverse profile being seen on the reverse.

Possibly Minted in Lugdunum (IIII) Emission 2, 2nd Phase Officina 4. November to December A.D. 276. Bastien 172 (28)

RI_132vs_img.jpg

The coin in question at auction was a long form legend of the Providentia coin.

I managed to obtain the following example after the auction.

Obv:– IMP C M AVR PROBVS AVG, Radiate cuirassed bust right
Rev:– PROVIDENTIA AVGVSTI, Providentia standing left, holding baton and sceptre; at foot, globe.
Minted in Lugdunum (III in exe) Emission 2, Officina 3. November to December A.D.276
Reference:– Cohen 501. Bastien 170 (4 examples cited). RIC 48 Bust type F

3.78 gms, 22.84 mm. 180 degrees

RI_132zw_img.JPG

I also managed to get the short form of the Laetitia.

Obv:– IMP C M AVR PROBVS AVG, Radiate cuirassed bust right
Rev:– LAETITIA AVG, Laetitia standing left holding wreath and staff
Minted in Lugdunum (IIII) Emission 2, 2nd Phase Officina 4. November to December A.D. 276
Reference(s) – Cohen 324. Bastien 173 (3). RIC 31 Bust Type F (C)

3.64 gms, 22.74 mm. 0 degrees

RI_132zv_img.JPG

I had been aware of both these variants but not seen any on the market up until this point. Seeing two of the Providentia on the market within weeks of each other was pure coincidence. Picking up the Laetitia at the same time was nice.

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