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"SGI will struggle to get through the 3p barrier."
But will it hold on to the 2p barrier. I'm not sure it will..
I shall continue to point out that SG need a lot of auctions taking place to make up for the loss of business elsewhere, but my auction contacts (not in SG) say there is minimal amounts of new material coming through. I guess it may be 6 - 12 months before auctions are firing again.
I was bidding on an online auction this week. Lots were going for 10 times my bid. The appetite is there but the material is not. This is going to have an impact on the business for many months. I know they have got this deal going on for new stock and presumably have been selling some of that also, but auction turnover is inevitably going to fall.
I repeat my musings from several months ago that SGI will struggle to get through the 3p barrier.
As a bidder in the auction I did notice many lots were overbid to multiples of their starting prices / estimates. I cannot see how that it bad for SG. The estimates were generally quite high proportions of the catalogue price in most cases, so the overbids actually indicate that many catalogue pricings may be a bit out of date.
If SG are using such auctions to get rid of their older stock, then I say it must be good news. There's no way at the prices sold that they could be accused of giving such older stock away cheaply.
Claudius, it all depends on what they cost each lot at. Take an item that's been in their old stock for some time catalogued at say £100. It will not have cost them £100 to originally obtain it. Many of the lots are from larger collections bought some time ago that were broken down into little parts. A stamp so sold from one of those collections might then have been bought when the collection itself was bought, say, several years ago. No doubt they can depreciate this over time, also the catalogue tends to increase the prices of items over time, it is not often that a new catalogue widely cuts the prices. So the reserve price back when it was originally separated for sale might have been say £30 based upon a then catalogue value of say £80. Now the stamp is valued at £100 in today's catalogue, the reserve might be still £30 but it might sell at say £40 - £50 - the point is that it is clearly very hard to define the actual profit on the stamp when sold like this. If it was more fully depreciated, it might even be a bigger profit when sold?
I would be sceptical about notion that stay at home sale was a great money spinner for SG. To be able to judge, you need to know cost of items going into this sale and final realisations. And there is a lot of stuff transferred from SG Retail, old stock, which will never sell. Knocked down in price and bid premium won't cover the minimal profit made.....
As the last auction showed that ended on Sunday evening, there's always buyers for decent stuff. Many of the lots were overbid to multiples of the estimate. There were a few unsold, but I think it was a good auction for SG. I was outbid on several lots, I won four in the end, but frankly it did seem a popular auction.
As regards estate lots etc, SG market themselves at the higher end of things, and there are not many estates that will be of interest to them. They are already publicising a major Indian auction to take place in due course, but the sort of stuff available in the Uttama auction does not exactly come up each day and will no doubt be another success.
From what I can see, SG tend to source their material some time in advance of the specialised auctions - so I would not be surprised if the current material was all sourced last year as it is got ready some time in advance.
Sadly I suspect there will be plenty of genuine estate material from real consignees in the near future.
Selling stuff at the right price through auction is the easy bit.
Replacing it with genuine estate lots is impossible at the moment because there are no valuations going on. Yes, SG can run auctions with its own material but these are just glorified price lists. It needs the genuine estate material from real consignees to attract buyers to its sales and unless the lockdown ends this quarter I cannot see that happening until next year.
SG probably no worse off than many other companies in this regard, but this company is like an oil tanker. It takes a long time to turn around.
wot rally???!!
That makes it sound like it's not been very active?
Bargain hunters waiting for the last minute, classic strategy when buying distressed assets, seeing weak demand?
Auction finishing tonight at 7pm
Lots of bids appearing now
"Stay at Home" does that mean sales will reduce even further, from the 40%, now people are starting to go back to work....they sound behind the times. Maybe "Stay Alert", more discounts are coming down the track would be more en vogue.
The SG Stay at Home auction finishing on 17th May seems very popular. Just had a look at it, and the vast majority of lots have bids. If this is anything to go by, people are definitely using their extra leisure time on this hobby.
Seems to be some good lots on sale in SG’s current internet bid sale