Wednesday, December 19, 2007
Daryle Lambert: An Auction Provides the Testing Ground to Check Ourselves
We have studied many different types of Pottery, Porcelain, Paintings and Glass over the last few months through this blog, and our library of knowledge has increased substantially, but how are we doing?
That's the question I asked myself as I attended the auction at Direct Auction in Chicago yesterday, along with Cindy and our club member, Andre. There were many things that caught my eye before the sale started, and I previewed the pieces I might sell at prices that would meet my rules for purchase. The three of us were also interested to see what the coins would be selling for, and this was Andre's first auction at Direct Auction.
During the preview, I checked to be sure the items were what I thought they were, and then I continued to check them for any damage or flaws that might not be apparent at first glance. Mentally, I tried to recall similar items I had seen sell before, so I could set the upper range of my future bid. I also scouted out my competition to see how much interest there seemed to be in the pieces I hoped to be bidding on.
Yes, I had prepared myself as the start of the auction was coming near. Taking my seat next to Cindy and Andre, I felt the excitement starting to build. The crowd at this auction was one of the largest I've seen them attract in many months, so my expectations did diminish a bit because of that.
Coins were the first items offered, and I had checked the price of gold and silver before I arrived. If I could purchase half dollars, quarters and dimes that were minted before 1965, I decided I could pay up to five or six times their face value, not even consider their numismatic value, while still meeting my criteria. This auction had more coins than usual. There were literally hundreds of each type.. As the auctioneer began the sale, fifty or sixty coins would be lumped into a group and they were priced per coin. I found myself shaking my head in amazement at some of the prices these coins were going for. After all the coins had been sold, including the gold ones, I still hadn't made my first purchase. I have to admit, I was a little disappointed.
I figured my time would come when we moved on to the pottery, glass and porcelain. Finally, the Charles Lotton magnum paperweight was coming up, and I didn't feel there was much interest for it at this auction. Earlier, I had spoken to Warner Smith, the president of the Lotton Glass Club, and we agreed that if I could buy it for $250, I should do well. But, that paperweight was hammered at $400. No money to be made there. Next was some Doulton dogs. These used to be my specialty, so I thought I had the inside track on them. I think there were six, and since they were rather common, I figured that $50 each should buy them easily. When they sold for about $600, I could tell this wasn't going to be a very promising evening.
Now was the time to go to the counter and get some hot dogs for us and think about what was happening here. I asked myself whether or not this night could improve. It didn't. In fact, we didn't even stay for the art, because through my friends, I learned that bids were left on the paintings I was interested in. And those bids were greater than I would be willing to pay. A left bid is when someone previews the auction and then leaves an absentee bid on certain items.
Being totally discouraged, we decided to leave, but not before picking up our Christmas presents from the auction house -- a can of peanuts and a box of turtles.
By now you are probably asking what's the purpose of this blog? My answer goes back to the very heart of what I'd like you to have etched in your mind. In the first chapters of my book, I state that one of the most important things I would repeat over and over to you would be the necessity of having patience. Patience will be the key to your success using the wealth building plan in my book, and that patience combined with knowledge, will give you everything in life that you desire.
Yesterday I followed my own rule. I saw each one of those pieces slip from my hands at prices I knew I wouldn't be able to at least double. I had to use all the patience I could muster up not to give in and overpay for an item. But you know what? I still have my money, and there will be another day. While most of the people at the auction will make a very small gain on their investment, if any, I still have my money to buy a treasure that is waiting for me right around the next corner. At the price I want.
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