Back at the auction frontlines.... I'm still striking out, but there were a few interesting occurrences and a high end note that sold.
In late September/early October a Ukraine P50 was listed at HA, I believe the preauction estimate was $1,500 - $2,000. I wasn't seriously bidding on this and placed a midrange preauction bid, when the day of the auction arrived I had been out bid by $700 and sat and watched the note sell for $4,320 with BP! I was never a contender on this one. I wasn't surprised by the preauction estimate, as that is right in the ballpark for what this note typically sells for, but to double the estimate. WOW!
I always think of this note as the MAD Magazine note, because of the depiction of the young boy reminds me of MAD Magazine's fictitious mascot Alfred E. Neuman (no relation to Eric P. Newman ). I just know that if the cap was removed from his head two giant ears would be revealed. You read it here first P50 is now going to be referred to as the "MAD" note.
I've been tracking "MAD" notes for a while now and the trend has not been good, for me, the price has been going up based on the limited data that I've put together. Overall, along with everything else, prices realized for Ukrainian notes have been trending upward. The other interesting thing is that all the notes are within 2 digits of each other so far, of all the MAD notes saved I wonder what the serial number spread is? All of these were probably from the same brick of notes and all have graded 64 to date...
Next on the list of swings and misses was a 200 Karbowanez from the same series, 1942 issue, being offered by S&B. This note was graded PMG 58 EPQ with a preauction estimate of $100-$200. The preauction estimate, again, was a fair number when compared to grades and prices realized on other notes I've seen. I placed a pre-bid slightly above the high estimate and waited to see what happened. Well, I eventually lost and was outbid prior to the auction, the note ended up selling for $312 including BP. Again, a pretty healthy price for that note considering that note, graded PMG 50, sold at HA for $132 with BP not that long ago. I guess the higher grade and EPQ designation would account for most of that increase but I saw a 63 EPQ go for less around 3 months ago. Anyway, I lost again.
Finally, this past Thursday I was outpaced on a couple of lots over at World Banknote Auctions. One a P115 (PMG 68 EPQ) and a P114a (PMG 67 EPQ), both with auction estimates of $30 - $40, again a fair estimate. I have both notes graded already but each would have been an upgrade, so I placed a pre-bid slightly above the high estimates for both and sat back and waited for the news. Yep, out bid again. Looks like the P115 sold for $69 with BP and the P114a for $63.25 with BP. I also noticed that one of these notes ended up in the registry set of a fellow collector, well done my friend. I doff my cap to you.
On a side note I did have a few big wins in regards to auctions containing raw notes and I'll have a Journal entry or two about those in the next week, in the meantime, back into the meat grinder for me and we'll see what happens as the next lots of Ukrainian banknotes go up for auction. Hopefully I don't get Chewed Up and Spit Out again.