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Re: Tonight's Auctions

By: De_Composed in GRITZ | Recommend this post (0)
Sun, 10 Nov 24 5:55 PM | 13 view(s)
Boardmark this board | Grits Breakfast of Champeens! 		Msg. 00495 of 00702
(This msg. is a reply to 00453 by De_Composed)
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Re: “and wound up winning the lot for $100. Not bad, but not great either.” My wife is out doing the pickup. She just called to say that the guy at the auction brought her a bag with our winnings. When she looked through it, the sterling was not there. The guy swore he put it into the bag and apologized. They refunded us our money.







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Re: Tonight's Auctions
By: De_Composed in GRITZ
Sat, 09 Nov 24 7:24 AM 		Msg. 00453 of 00702

There was another auction tonight, and we won four of the fourteen lots we tried for. That's typical.

Early on, we won the lot shown on the right.

All we had to go on was this ONE photo and the lot description: "5.4 OUNCES STERLING". That's pretty weak. We'll often get ten photos of something like this, and there will usually be a photo of the weighing, revealing whether the 5.4 ounces are Troy ounces or Avoirdupois. A Troy ounce is about 10 percent heavier, so it matters.

Then there's the fact that the jewelry includes stones that obviously aren't sterling. An auction house isn't supposed to weigh such items. An auctioneer with integrity wouldn't. So, did they? I don't know. They didn't say. I was forced to make some assumptions:

I assumed that the 5.4 ounces includes the stones and that the stones don't weigh very much. Then I assumed that the weight given was in Avoirdupois ounces. After all, they didn't say they were 5.4 TROY ounces. So I went with caution.

5.4 ounces = 153.1 grams = 4.92 Toz.
Spot on silver is $31.29 today.
4.92 x 31.29 = $153.95 which would be the value IF the merchandise was pure silver. But it's sterling, so...
$153.95 x 0.925 = $142.40 . That's the value of the silver in the lot.
The auction house charges 16 percent, so I have to take that out of the price to determine the max to bid. $142.40 / 1.16 = $122.76

I like to get things for less than they're worth, so I set a ceiling at $102 and wound up winning the lot for $100. Not bad, but not great either.

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