what's the best bidding strategy on heritage?
P0CKETCHANGE
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I've been using eBay for over two decades, and GreatCollections for the past couple of years. On both of these platforms, the bidding strategy is extremely straightforward — wait until the last few seconds of an auction and snipe with your maximum bid.
I'd like to add Heritage to my portfolio of numismatic sources, however even after reading through their very lengthy bidding tutorial, I'm still unclear on the best bidding strategy given the myriad options.
Those that are familiar with this platform — what is the most effective bidding strategy to use?
Nothing is as expensive as free money.
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Comments
I like to bid live. Just do not get in a battle. Set the maximum you are willing to pay and stick to it. If you really like a coin it is easier to say than do.
If you have no self control set a proxy bid and wait.
I used to bid live but I've been so busy that these days I just set a price and forget about it.
It's really hard for me to bid live on Heritage because the auctions don't end at a fixed time like they do on eBay.
I think the battles are fun, but time consuming. Sometimes it's worth it, sometimes just not.
Don't.
Yes, no one should bid on Heritage (against me)
Shoot for the moon
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
I don't even believe in sniping. Bid your max and walk away. If someone wants it more, so be it.
I understand your perspective and approach, however my belief is that I do win more coins for less with this approach, so it's one I'll stick with on the other sites.
Nothing is as expensive as free money.
OMG. LMAO. WTF. Geez.
Good luck with that
Sniping doesn't really work on Heritage.
If you’re able to, bid live and stick to your maximum bid. Don’t drink. I’m sure there have been numerous alcohol induced bidding wars. Heritage has a feature and they will text you before lots you are following are about to be auctioned. If you’re following the auction live pay attention. I’ve missed lots I was interested in because I became distracted.
LMAO. I sold 3 coins on New Years' Eve.
I encourage people to drink and then view coins
It doesn't work on any platform where there's no fixed time at which the auction is over.
These days, I just bid my max at Heritage before the live auction begins. In earlier days, when there were certain coins I felt I just had to have, I'd bid live. There was a certain thrill to that approach.
Never buy common coins from auctions. You can often get those cheaper on the bourse.
+1
Buy common coins from auctions (if/when you can get them for less that way). And ditto for rare coins. Sometimes coins are more costly in auctions and other times, not. It depends upon numerous factors, including the coins, what others are willing to pay and who owns them.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
The bourse isn't an option right now, and I am quite selective about which coins I go after — if I am bidding, it is likely not on a coin that is readily substituted.
Nothing is as expensive as free money.
Bid much.
Win little.
Thanks all. Seems like the best option is to use the Live Bidding function. For those that have experience using the Heritage website and the Heritage app, which do you prefer and why?
Nothing is as expensive as free money.
Never cut your bid too early. Did that once and I ended up having to go higher than I wanted or needed to. Lesson learned. No more live bidding for me. Just gonna use/set HA live/by proxy and forget it.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set:
https://www.ngccoin.com/registry/competitive-sets/16292/
What do you mean by cut too early? And how did that result in you paying more?
Nothing is as expensive as free money.
Because the next bid increment went to the competition, when It should have been mine. Then, I wound up at a higher increment, when it was my turn again, with no cut left, if that makes sense. Kinda tough to explain....
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set:
https://www.ngccoin.com/registry/competitive-sets/16292/
For me, I just set the price I want and hope I win. I rarely win because I have to factor a big sales tax and their expensive shipping (which is also taxed). Unless I’m lucky, I’ll always lose out to someone from a place that doesn’t tax coins.
TurtleCat Gold Dollars
Ah, I think I see what you're saying. The bid increment system is something I'm still trying to wrap my head around, and this was helpful. Thanks.
Nothing is as expensive as free money.
Great point, I hadn't even thought about the sales tax factor. Unfortunately it is charged in my state as well. Thanks.
Nothing is as expensive as free money.
In case it wasn't clear, you only get one cut bid per lot. I only use it when I'm essentially at my max. If it fails, I don't bid again.
Another piece of advice is to disable the bid buttons between lots of interest. People have inadvertently won coins they had no interest in by failing to do so.
Another advantage with Heritage (if you're going after the higher-priced material) is you can arrange for phone bidding. I'm used it numerous times and it's always worked great. That way, when the Heritage rep calls you, the auctioneer will not close a lot until he either calls it for you or the rep signals that you have dropped out. You don't have to worry about a computer glitch or the action going too fast for you.
Member ANA, SPMC, SCNA, FUN, CONECA
Be very aware of the increments. Once the price gets higher the increments get high relative to the price. Get to your increment first and make the other guy pay up.
Pre-COVID, there was nothing better than bidding in person after lot viewing. Hopefully, we'll return to those days.
Yeah, lot viewing was maybe my favorite aspect of the auctions!
Thanks for the advice. How specifically would I make sure to get to my increment first? Do I need to set a bid with bid protection? It looks like the options are 0.5 to 3 increments.
Nothing is as expensive as free money.
Agree. I was just thinking... what bourse??
I'm 100% sure we'll get back there. It's just a question of when.
Bid your max and walk away. At least that’s what I do. And don’t be one of those people who complain after the fact about buyer’s premiums, sales tax, and shipping fees, all of which you should understand in advance.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
My Saint Set
Have never done it. I don't feel the need to do it. I don't mock you for doing it. But, whatever.
I have a max price. I place it and walk away. You can't bid me up, because I won't go higher. If you want to pay more than me, more power to you. There's nothing I need to own that badly.
You handled that rudeness very nicely.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
If the general price for an item is $1000 plus the premium you want to get the $1000 bid in first so the other bidders need stretch to the next bid increment. Or in the bidding you want to try to have it so your bid hits the number, not the other bidder.
What is it now?
20%+S&H and some other expenses?
I can't remember but the fees are getting out of control.
You may not ever pay more than you want, but you'll often pay more than you otherwise need to.
Some people are fine with that and others less so.
He's probably had a lot of practice.
(humor alert)
Something similar can be said for bidding against shills. Yet, I believe that some people who think it’s foolish to bid other than by sniping, have no issues with shills. In each scenario, you might end up paying more than you otherwise would.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Who doesn't have issues bidding against shills?
I’ve seen posts indicating something to the effect of “I bid what I’m willing to pay and if I win it at my price, I don’t care that it was shilled. If the seller wasn’t going to part with it at my price, I wouldn’t have been able to buy it, anyway.”
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
To me, that sounds more typically like the person who doesn't believe in sniping than does.
You wrote the following.
I think "people who think it’s foolish to bid other than by sniping" are often doing it because they have issues with shills. Shills and chiseling are the main reasons I like to snipe.
I'd prefer that there weren't any shills but the amount of effort required to confirm there are none is prohibitive, so I don't worry about them if they are there. Either I'll get the item at a price I'm willing to pay or I won't.
Agreed, though I believe I’ve read posts by those who are exceptions to the above.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Yes. This.
A shill is essentially a hidden reserve. I've got better things to do than play games with my bids.
I know a guy who used to shill his own auctions with last second snipe bids if the price was too low. So, if you think sniping was saving you from shilling, guess again.
Everyone is free to bid the way they prefer.
It’s not a big issue for me.