Teletrade "Reserve" Question...
OneCent
Posts: 3,561 ✭
First, I'd like to comment that it is absolutely an injustice that a coin with a reserve is not identified as such. Very unfair to bidders who don't know if there is genuine interest in the coin by other collectors or if you are bidding against the house.
Anyway, with regard to reserves, does anyone know how they are implemented? I am curious to know if the reserve is filtered into the current bid in increments over the life of the auction. Example - A coin that has a reserve of $300 starts off showing a bid of $150 and then the current bid price increases in $25 increments every hour until the $300 reserve is hit. I have a suspicion that this is the case. If so, this would give the appearance that other bidders are "bidding-up" the auction when in fact it is the house. This would be a REAL injustice if true.
Anyone know? Thanks!
Anyway, with regard to reserves, does anyone know how they are implemented? I am curious to know if the reserve is filtered into the current bid in increments over the life of the auction. Example - A coin that has a reserve of $300 starts off showing a bid of $150 and then the current bid price increases in $25 increments every hour until the $300 reserve is hit. I have a suspicion that this is the case. If so, this would give the appearance that other bidders are "bidding-up" the auction when in fact it is the house. This would be a REAL injustice if true.
Anyone know? Thanks!
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
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Comments
I have noticed other strange behavior in Teletrade auctions that I prefer not to go into on these boards. Lets just say that if I ever place a maximum bid, it is truly a maximum bid that is market based.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
frequently starts at near 40% reserves
couple hours later near 75% reserves
1 hour before end usually at 100% reserve
you can get a hint if you enter a max bid and after 10 minutes, the current bid is lower than your max and you are not high bidder
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
<< <i>Have you ever read the info about how it works? There are five links under the main logo on the home page. Read all that, especially selling info for your concern about reserves, and if your questions aren't answered, ask again, but I bet you will understand better after that. >>
Why should I do that when I can ask right here
"Selling info for my concern about reserves"...what exactly am I selling? Perhaps you could articulate?
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
But, to be clear, best I know, TT utilizes a system of reserves akin to that used at Bowers, Superior, etc., etc., etc. (except it is modified to account for no live bidding taking place)
Wondercoin
<< <i>That's where the info is for what you are asking. Geesh. Who wipes you after you go? >>
Anyway, I did get the impression of some annoyance with the question. Maybe, you were just trying to lend a hand.
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
Wondercoin
P.S. Pharmer - Actually 187 lots belonging to collectors. And, I think this comment addresses the OP's comment.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
you should re-read those guides you keep referring to
whats so special about this one?
special or $2000 instead of $20 reserve
<< <i>Look, last time I'm responding to this. I'm trying to help you, that will teach me. What I told you to read answers specifically what you asked. So do it, lazy ass. Mitch says he has 167 listings tonight, which means he has set a lot of reserves, yet he didn't answer you. I did. Get a grip you jerk. >>
Still watching the football game...lazy ass, jerk? Was that called for Pharmer? An opinion, observation and very straightforward question leads to this unsolicited personal attack?
Are you ok, chief? Seems like your feathers ruffle very easily.
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
Put the mouse on this and left click, or alternatively hit enter. It's a key on the right side of your keyboard.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
I would agree with you that using the word "injustice" was perhaps a little much. I was looking at it from a collectors or buyers perspective. Perhaps a better term would have been a lack of transparency. If a seller wants to set a reserve or has a floor price I completely understand. Why not just state that a coin has a reserve and proceed in the fashion that E-bay or Heritage does? In my opinion, this would be better for both the buyer and seller.
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
Wondercoin
<< <i>OneCent, I'm sorry, your point about a link was a good one. Here it is. But an injustice? Yeah, I thought that was absurd. Anyway, it's not a reserve. It's a max bid, buy the seller. They refer to it as a buyback bid. An absolute for a seller of a valuable coin in this particular venue. If you place it an hour before start or earlier, but just pay the buyback fee, max of $100. If you screw up and want to change the buy back bid during the auction, you make another max bid, but if you do buy it back, you pay buyers' and sellers'. In some cases it can still be worth it. Bottom line, there is no sense in blaming Teletrade for anything. The sellers themselves set what you are calling the "reserve". It however is actually a max bid by the seller, or a buy back bid. Out. >>
TELETRADE has the most "FAIR" buyback of any auction house......only thing with Teletrade bidding process it is not as transparent up to a point as Heriatge ,Bowers ,other houses
My World Coin Type Set
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."