Gemstones fail to reach minimum bid at government auction

[webfact]

Gemstones fail to reach minimum bid at government auction
By The Nation

 

 

BANGKOK: -- Gems and jade offered at a Legal Execution Department-hosted auction on Saturday have failed to attract a buyer.

 

The 24 items garnered from concluded cases at the Central Bankruptcy Court had an opening price of Bt284.4 million.

 

Department director-general Ruenvadee Suwanmongkol said the items would be offered in another auction round on July 29.

 

This auction would have an even lower starting price at 80 per cent of the items’ assessed worth, or Bt252.8 million. If that sale was unsuccessful, the gemstones would be offered again at auctions on August 19, September 9, September 30, October 21 and November 11, she added.

 

Anyone who wants to participate is required to deposit Bt16 million in the form of cash or a cashier’s cheque before they will be allowed to bid. If they are not successful in their bid, they can take back their deposit immediately.

 

Source: http://www.nationmultimedia.com/news/national/30320293

 

-- © Copyright The Nation 2017-07-10

[Kerryd]

A ) maybe consider a different location than the "Legal Execution Department" ?

 

B ) Maybe consider offering the gems in smaller lots, with a smaller deposit requirement ?

I mean seriously, If I had a cashiers cheque for 16 million baht, would I want to give it to someone in the "Legal Execution Department" ? Chances are I'd never walk out of there again !

[Prbkk]

Little wonder that the government finds it difficult to control the black economy when one of its own agencies accepts $450,000 USD in Thai cash as a deposit at an auction, this at a time when most countries are placing severe restrictions on cash transactions.

[BEVUP]

2 hours ago, Prbkk said:

Little wonder that the government finds it difficult to control the black economy when one of its own agencies accepts $450,000 USD in Thai cash as a deposit at an auction, this at a time when most countries are placing severe restrictions on cash transactions.

Why not just hld the auction at a secure whare house with no guarantee money but if bid wins need 10 % immediately & the remainder 24Hrs after or they shall lose their 10% & the item will then be offered to 2nd or 3rd bitter or put back to auction

[Ulic]

Let me get this straight. The assed value is 252 million baht but the minimum bid was 284 million

baht. The numbers just don't make sense. On top of that is the assessed value street value or

wholesale value. The photo above dose not seem to show too much. The wholesale value

for predaceous stones is a fraction of retail. I have no expertise but it seems to be a lot of money

for not too many stones. 

[steven100]

5 hours ago, webfact said:

to participate is required to deposit Bt16 million in the form of cash or a cashier’s cheque before they will be allowed to bid. If they are not successful in their bid, they can take back their deposit immediately.

     ....  yeah ,   we really promise to give it back immediately   !   lol

[steven100]

17 minutes ago, Ulic said:

Let me get this straight. The assed value is 252 million baht but the minimum bid was 284 million

baht. The numbers just don't make sense. On top of that is the assessed value street value or

wholesale value. The photo above dose not seem to show too much. The wholesale value

for predaceous stones is a fraction of retail. I have no expertise but it seems to be a lot of money

for not too many stones. 

I think it means the opening bid would have to be at least 284 mil which wasn't given.

The next time they will be 20% less there actual value with a reserve at 252 mil .... 

 

so 252 mil + 20% =  302.4 mil   is the value   ?

 

maybe I'm reading it wrong  ... ?

Edited July 10, 2017 by steven100

[Ulic]

2 minutes ago, steven100 said:

I think it means the opening bid would have to be at least 284 mil which wasn't given.

The next time they will be 20% less with a reserve at 252 mil ....

 

maybe I'm reading it wrong  ... ?

Maybe, but 80% of 284 million is 227 million. Where does the 252 million come from

[Juan B Tong]

Thai maths at tought here.

[steven100]

3 minutes ago, Ulic said:

Maybe, but 80% of 284 million is 227 million. Where does the 252 million come from

yeah,  i just realized that also .... so I think the value is 252 + 20% = 302.4    ?

[steven100]

Just now, steven100 said:

yeah,  i just realized that also .... so I think the value is 252 + 20% = 302.4    ?

so they couldn't get 284 mil .....  next action reserve is at 252 mil

 

and the value is 302.4 mil   ??

[attrayant]

They'd have better luck listing them on eBay.

[fish monger]

I would trust a Banded Krait, wrapping itself around my leg before I handed over 16 million to ANY DEPT. of this country...!

[fish monger]

Those stones, as with anything, are only worth how ever much someone is willing to pay. The economy being what is is, crap, you may as well place those stones in a box and put them on a closet shelf... I'll give you $200.00 for the whole lot.....

[Dobredin Ghusputin]

I'm in the market for a blue diamond. Can't wait for the auction.

[DLock]

1 hour ago, Juan B Tong said:

Thai maths at tought here.

 

Bit like English where you come from.

 

Just messing with you.

 

[inThailand]

252M for uncertified gems? 

 

I get the same in the market for 252 baht. A slight savings!

[janpharma]

Fake gems?

[Grubster]

1 hour ago, Ulic said:

Maybe, but 80% of 284 million is 227 million. Where does the 252 million come from

252 is the assessed value, 284 was the first minimum bid the second minimum bid will be 80% of 252 or 201 million. This tells me that the 252 must have been estimated retail, or how could they have had a minimum bid of 284.  Looks like they will have to get a lot lower if they want to sell all in one shot. I would guess the mark up on gems to be at least double more likely triple.

[SOUTHERNSTAR]

Do they come with a certificate of authenticity ? I won't trust these guys not to sneak in some fakes. 

[xtrnuno41]

1 hour ago, fish monger said:

Those stones, as with anything, are only worth how ever much someone is willing to pay. The economy being what is is, crap, you may as well place those stones in a box and put them on a closet shelf... I'll give you $200.00 for the whole lot.....

Well im willing to bid 1000 dollar.

[Srikcir]

8 hours ago, webfact said:

The 24 items garnered from concluded cases at the Central Bankruptcy Court had an opening price of Bt284.4 million.

May if there's no further bidders at the remainder of the scheduled auctions, the Thai government could offer the items as partial payment to the Chinese for Thailand's purchase of submarines or dual rail project.