June 2009 Torex Auction

News: Welcome to the Canadian Paper Money Forum.

I was looking through the catalogue for the upcomming Torex auction (I was adding some other notes to the WIKI) and there are 5 1937 Osborne notes. 4 under VF grade. But one is Unc. I find it weird that this is such a rare note, but yet there are 5 selling at a single auction. Is it because of the economy?

I was looking through the catalogue for the upcomming Torex auction (I was adding some other notes to the WIKI) and there are 5 1937 Osborne notes. 4 under VF grade. But one is Unc. I find it weird that this is such a rare note, but yet there are 5 selling at a single auction. Is it because of the economy?

You never know the real situation, maybe all of the notes are from one collector, or from a few different consignors....I don't think that everyone is selling simply because of the economy...but there does seem to be some nice notes up for auction....will be interesting to see what sells and what doesn't.

Does anyone think that the 1937 Specimen set will realize a selling price in the $17,500 to $19,500 range as indicated in the catalogue? It is lot 691, being auctioned on June 25th.

Given the current economic situation and that 5% GST plus a buyer's fee of 15-18% will be added to the winning bid, I'm thinking that the bidding wouldn't go much higher than $14,000 (meaning a final price of over $17,200).

Other thoughts on whether this would be a good investment, and the highest bid you think will be made?

(Understandably, any Forum members considering bidding on this item will likely not comment on what they think it should sell for  )

When I seen that lot I also didnt think bidding would reach its estimate.
My estimate would be $12,500-$14,000 (Just Bid, No Buyers Fee)

Hell I hope that it does sell for the catalogue price. I know the market is a little slow right now but the higher the better.

I won't be in the area during Torex but can someone please let me know what the final bid is for that specimen set please.

Denis

I will be keeping track of what some of the notes sell for. I will let you know about the Specimen set.

Set just sold for $12,750 + fees.

Hell I hope that it does sell for the catalogue price. I know the market is a little slow right now but the higher the better.

I won't be in the area during Torex but can someone please let me know what the final bid is for that specimen set please.

Denis

What is the catalogue price these days?  The latest Charlton's catalogue I have is the 19th edition that prices the 1937 specimen set at $13,500.00.

With tonight's auction, this set will cost the winner a total of close to $16,000.00.

I was also watching lot 666 - the 1935 $25.00 note.  Looks like the winner backed out because at one point it was going for the minimum bid of $8,750.00, but when the auction ended the note remained unsold.  Maybe the bidder was creeped out by the lot number 666, and that 2 celebrities died today??   

21st edition shows the set @ $15,500 in AU condition.

I was also watching lot 666 - the 1935 $25.00 note.  Looks like the winner backed out because at one point it was going for the minimum bid of $8,750.00, but when the auction ended the note remained unsold.  Maybe the bidder was creeped out by the lot number 666, and that 2 celebrities died today??   

It's likely that the reserve price was set higher than the minimum bid price, which is often the case. Auctions can be very frustrating and confusing indeed, unless you're physically present on the bidding floor ....

Set just sold for $12,750 + fees.

$12,750(Bid)+$2,295(Fees)=$15,045

Tonight's session appears to have been a major flop!  Well over half of the items failed to sell and the vast majority of those that DID sell went at, or even below, the start prices.

Although there were some lots here and there that sold for even more than the given "estimated at" ranges.

I am completely baffled by lot 1966! Start Price: $15.00, Estimated At: $30.00-$40.00.

Sold for: 300.00 + 54.00 (Buyer's Premium) = 354.00 CAD   

Even if the winning bid of $300.00 was from a "crank", wouldn't the underbidder have bid at least $275.00??   

I am completely baffled by lot 1966! Start Price: $15.00, Estimated At: $30.00-$40.00.

Sold for: 300.00 + 54.00 (Buyer's Premium) = 354.00 CAD   

There were presumably some ultra-high-grade coins in that lot of modern nickels, e.g. MS-68's.

Tonight's session appears to have been a major flop!  Well over half of the items failed to sell and the vast majority of those that DID sell went at, or even below, the start prices.

The poor performance can be largely explained by two effects, as follows:

(1) the restraining effects of the global recession on luxury (non-essential) purchases.

http://www.cdnpapermoney.com/forum/index.php?topic=9472.0

(2) many of the lots probably carried optimistically-high "pre-recession" reserves.

The poor performance can be largely explained by two effects, as follows:

(1) the restraining effects of the global recession on luxury (non-essential) purchases.

http://www.cdnpapermoney.com/forum/index.php?topic=9472.0

(2) many of the lots probably carried optimistically-high "pre-recession" reserves.

I'm leaning more towards #2 as the explanation.  Shouldn't CNC have taken the recession more seriously into account when setting the bid prices? Then again, to be fair, I don't know how much lead time goes into organizing these auctions and putting together the catalogues - the recession might not have even started...

The timing of the auction was probably bad too - with the 22nd edition of Charlton's due out next month, people were probably reluctant to bid without knowing how the pricing will pan out in the 22nd edition...

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I'm leaning more towards #2 as the explanation.  Shouldn't CNC have taken the recession more seriously into account when setting the bid prices? Then again, to be fair, I don't know how much lead time goes into organizing these auctions and putting together the catalogues - the recession might not have even started...

The timing of the auction was probably bad too - with the 22nd edition of Charlton's due out next month, people were probably reluctant to bid without knowing how the pricing will pan out in the 22nd edition...

I agree. Also, there was heavy duplication of several rare notes, e.g., fourteen (14) 1900/1902 $4 notes, nine (9) 1935 $25 notes, seven (7) 1935 $50 notes and nine (9) 1935 $100 notes. An amazing offering for sure! However, there is obviously an upper limit to the number of rare notes that the market can absorb at one time. Usually we only encounter one, two or three of these notes in any single auction. 

I agree. Also, there was heavy duplication of several rare notes, e.g., fourteen (14) 1900/1902 $4 notes, nine (9) 1935 $25 notes, seven (7) 1935 $50 notes and nine (9) 1935 $100 notes. An amazing offering for sure! However, there is obviously an upper limit to the number of rare notes that the market can absorb at one time. Usually we only encounter one, two or three of these notes in any single auction. 

I agree with that completely! And out of all those rare notes they had for sale at the auction, the amount that actually sold was very low. two of the fourteen 1900/1902 $4 notes sold. None of the nine 1935 $25 notes sold. One of the seven 1935 $50 notes sold. And again, None of the 1935 $100 notes sold. Yes, the Torex auction did have alot of great items for sale, but why did none of them sell?

When I was looking through Icollector's site after the auction ended I was very surprised to see how many of the notes did not sell. I would guess maybe 20-25% of all lots in Session 1 actually sold.

Not to change the topic but but..... did the RS $5 Test Notes  (#883)   25-Jun-2009   PCGS Unc-62 sale? if it did do you know at what price?

Yes, This note did sell at the auction. It sold for $4,602.00 including the buyers premium. Looks like that was a good deal, considering its estimate of $5,800-$6,000. I just noticed that the lot sold for its staring price.

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All the lots are on the Icollector website.
http://www.icollector.com/THE-TOREX-AUCTION_as14583

And the G/R test note Sold for $2,242, with an estimate of $3,000-$4,000

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It was no problem.

Thanks Hemi.

You rock!
MG

Thanks

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Does someone one know  the answer to this? I haven't to too many shows and i'm curious to know that if I show up at the show tomorrow and certain notes haven't sold is there a way to still make an offer on them

My understanding is that a lot of the notes in the auction were/are owned by the auction company itself (this is a fairly common practice at some Canadian numismatic auction houses). Thus, it's quite conceivable that the auctioneer would be willing to negotiate with you on some items. Please don't quote me on this though!

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