1871-CC quarter auction
barberkeys
Posts: 4,156 ✭✭✭✭✭
Did anyone notice the nice 1871-CC quarter, N15, that was auctioned last week?
It closed as scheduled at 9PM eastern with one bid of $25,500, then.....
Vern
l
It's not having what you want, it's wanting what you've got.
l
It's not having what you want, it's wanting what you've got.
0
Comments
Vern,
which sale?
.
End Systemic Elitism - It Takes All Of Us
ANA LM
LSCC
EAC
FUN
Hmmmmmm. That's no small discrepancy.
I'm sure there's a logical explanation.
I don't read Gerry's blog any longer. Is the change in closing price discussed there?
You know I was thinking, I didnt even know anything about his auctions, there was a coin or two I might have even threw a bid in on if I had known. He might need to do something more in letting others (outside of the seated group)know about his auctions. I always check stacks, ha, and gc and legend, I even know about sheridan downeys, althought I am not a bust half guy.
Being a Seated 25c collector, I keep an archive of photos of all 1870-cc and 1871-cc quarters that come up for auction. The 1871-cc is probably the single most eye appealing, original example of the date out there except for a few pieces in AU and Unc. grades. Nearly all of them have unattractive surfaces / secondary toning, or they have been professionally worked over to look better. I have been ogling that coin in the Heritage archives for years and wondering who had it. I was not too excited to see it pop up for auction during the hottest market for Seated coins ever (IMHO). By the way, 1871-cc is less common in all grades combined than 1870-CC.
I was watching other lots and didn’t pay attention to the 71cc… but there always seems to be some correction needed or someone bidding against themselves with his auction platform. In order for his auction to grow and gain the trust of people outside of the seated community he will need to fix these issues.
I thought Gerry got the software issues worked out over a year ago. I haven;t encountered any problems bidding in his auction, except that my competition wants the coins worse than I do.
The $33k price realized for this coin is about right.
I wish his pictures were more accurate. They are too dark compared to in-hand view.
"Got a flaming heart, can't get my fill"
Explanation made:
https://seateddimevarieties.com/DailyBlog.htm
"Got a flaming heart, can't get my fill"
I think the winner must have been incredibly gracious. Nobody is talking about that. I can't imagine getting that notification.
I'm glad it was clarified.
I would be an unhappy camper if I received an email ten minutes after the auction closed from Gerry saying I wasn't the winner after all. It seems his system needs to be corrected so that live time bidding will be accurate. Snipe bids are a very common occurrence with online auctions. The big boy auction houses seem to have it figured out. JMO. Don't want to start a bitch session.
Turns out that the auction isn't over til the fat lady (or thin frenchman) sings.
l
It's not having what you want, it's wanting what you've got.
I'm picturing the fine lady on the Capped Bust half dollar letting out an Aria at the end of the auction.
Imagine the reaction if a condition census Seated Liberty Dime appeared in a Heritage auction for a gorgeous collection upgrade. You think you won it for 50K but your top bid was 75K because you had to have it. It was just that special. The invoice comes the next morning for 65K with an explanation......
All hypothetical and without the juice, of course.
Not sure the buyer would be so happy or understanding.
The consignor is very happy. Potential consignors to future auctions at this venue see that the dealer is straight, displays the error publicly, and revises auction rules to address the issue/prevent recurrence.
Certainly the buyer is happy with their acquisition. If the buyer has ever sold a holding, they likely understand the situation.
@JBN - No doubt the consignor is thrilled that the 71cc sold at someone’s nuclear bid. And your right future consignors will want to consign with him in order to get the most bang for their buck. Where I see things differently is from the buyers perspective. The buyer is the one that has a bone to pick and IMHO has the right to be pissed (not even sure he is… don’t know him/her). If what @paesan says is accurate I’d be pissed and I don’t know that an odd explanation in a blog would convince me that things are on the up and up had it cost me thousands more unexpectedly. This is not the first time there have been bidding issues. Doesn’t exactly inspire confidence to new bidders or people who are not fully aware of the firm’s stellar reputation. @No Headlights said it best. Snipe bids are nothing new and should have been figured out prior to running auctions. Buyer is beyond gracious to go through with the deal at the new invoiced amount.
What doesn’t make sense is the software didn’t accept the bid with 15 seconds left. The last auction there was some other issue with an explanation about 2 bids coming in with 4 seconds left on a coin. Those registered just fine… I think the best way to make the buyer and fellow numismatist confident in the auction. Is to tell the buyer and the public (since it was brought out in public in the blog) that the firm has decided not to make a dime off of the sale. His software screwed up and the way to make things right is to take his cut off of the coin.
One thing is for sure. If I want a coin from his auctions. I fully expect that it will take my max bid to win it!
“I think the best way to make the buyer and fellow numismatist confident in the auction. Is to tell the buyer and the public (since it was brought out in public in the blog) that the firm has decided not to make a dime off of the sale. His software screwed up and the way to make things right is to take his cut off of the coin.”
I really like this approach. I get why the software failed the way that it did, and it’s a common software bottleneck. Taking financial ownership of the mistake always sends a good message.
I won the 1871-CC quarter being discussed and I couldn't be more pleased with the coin! Since I know the under bidder for this coin, once the circumstances were explained to me, I had no problem with the end result. I have confidence in the integrity of Gerry's auctions.
Doug
Gerry explained it in the May 15 entry in his blog. Here is the first paragraph:
The bids are processed by sending emails, and the email server gets swamped by the snipes. The bid timestamps are recorded accurately, though, so the max bids can be corrected later if the software got behind. The software got fixed to handle this sort of case in the future, though.
Even on ebay, the software does not display the full set of last second bids as they arrive if they are within microseconds of each other. Ebay does show the final sequence of bids shortly after the auction closes, though. I expect bidders at Gerry's auctions understand the software can get a bit behind, but it will be computed correctly in the end. Gerry is already taking a lower commission % than the "big boy" auctions. I think the sellers and buyers are happy about this.
Congratulations, Doug! And thanks for your input.
I’m happy the buyer is satisfied with the coin and ultimately the transaction. It is a very nice coin!