Fun with Auction Prices!

[OntarioArch]

As a collector who 'rescues' Old Timer's collections from neglect, but who is still relatively new to this hobby, I watch several online auctions / retail stores to learn about artifact prices. (...not ebay....never been there...) If I offer to buy a collection, I want to be ethical, I want to be fair, but obviously I do not want to be over priced. There is a LOT to know, and I appreciate the sage advice I receive from discussions found here. Among other things, I have learned how critical condition is to the value if an artifact, and how 'minor' faults in condition result in drastic reduction in value.

So...below are three lots from a local auction house that sells items "Where Is As Is." If you dare enter this contest.....take a guess at the sale price of each lot: Lot 1, Lot 2, Lot 3. The only clue is this: you may be surprised!!
I certainly was. Answers provided soon!

 

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[OntarioArch]

Excitement Overflows! Truth Will Not Be Denied!

Lot 1 = $250
Lot 2 = $325
Lot 3 = $575


Bidders WAY over-valued these artifacts, IMHO.
So many seriously damaged pieces in Lot 1 and Lot 2, whose values are essentially ZERO, how do you arrive at $250 or $325 price? I don't get it.....
I agree that the two beveled adzes and perhaps those celts in Lot 3 were the stars of the show from what can be seen in the photos.

 

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[GopherDaGold]

$125
$75
$100

 

[OntarioArch]

BONUS Lot 4 !

This box with a fake birdstone, broken but still cool Iroquois pipe in that plastic case, very common trade-era pipe bowl, and some rocks: $600

 

[Charl]

Excitement Overflows! Truth Will Not Be Denied!

Lot 1 = $250
Lot 2 = $325
Lot 3 = $575


Bidders WAY over-valued these artifacts, IMHO.
So many seriously damaged pieces in Lot 1 and Lot 2, whose values are essentially ZERO, how do you arrive at $250 or $325 price? I don't get it.....
I agree that the two beveled adzes and perhaps those celts in Lot 3 were the stars of the show from what can be seen in the photos.

I'm familiar with one way people overbid. If bidders in the audience are bidding on artifacts that are very local to them, for instance the second lot was from a specific, named farm, they may overbid because collectors are very attracted to relics from their county, their town. Collectors may overbid out of a desire to "bring them home" so to speak. Back in the day, when I actually added to my collection via my wallet, the more local to me, at the least from my home state, the more interested I would be in said piece or said collection. Put 2 people, or more, in the audience, that fit that description, collectors focused on local/regional pieces and collections, and a "bidding war" can happen. After all, things are worth what people are willing to pay, and collectors will pay more then fair market value if they want something badly enough.

Other bidding wars can involve inexperienced people, or someone can say "I'm not losing this lot!!" One has to be disciplined in a live auction, or at least it's recommended....

 

[The Grim Reaper]

Excitement Overflows! Truth Will Not Be Denied!

Lot 1 = $250
Lot 2 = $325
Lot 3 = $575


Bidders WAY over-valued these artifacts, IMHO.
So many seriously damaged pieces in Lot 1 and Lot 2, whose values are essentially ZERO, how do you arrive at $250 or $325 price? I don't get it.....
I agree that the two beveled adzes and perhaps those celts in Lot 3 were the stars of the show from what can be seen in the photos.

So I was off by $100 on the first two and $250 on the Celts. Somebody wanted those relics badly and as Charl said it could be someone who collected from that farm. $1150 for all of that is way more than I would give or even begin to think it was worth.

 

[uniface]

Nice Lamoka adzes are not common or cheap.