Heritage Bidding Question
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I have not used Heritage bidding in a couple of years. The coin that I am after today is at $3120 with BP. There is no action on the coin, so at 4 seconds left, I click on the cut button, but nothing happens the clock continues to go down to 2 seconds and I click again. The next thing that pops up is that I won the coin at $3480. My question is did I bid against myself by clicking a second time? Everything happened so fast that I am not sure what happened. My max bid was to be $3500, so I am under by $20. Is there a way on Heritage that I can look at the bidding action?
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I don’t think you could bid against yourself. Feel free to message me with your client number and I’ll be happy to look into it tomorrow.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
From the numbers, it would appear you hit cut bid just after someone else also bid. So based on the lot being at $2600 ($3120) their bid would have been $2800 ($3360), which would put your cut at $2900 ($3480).
Sometimes internet lag can be a killer. Although...if you had bid right before the other person, their bid would have been the winner at $3360 unless you jumped a full increment to $3600 because you can only cut bid once....
Internet lag can be horrific. I once hit bid and before it registered, 3 other bidders had bid at the last second. I ended up winning for several hundred more than I wanted to pay.
Better to just figure out your maximum and let'r ride.
Sounds complicated?
I like eBay style bidding. I didn’t know any different years ago at a military auction and assumed there was some sort of “auction standard” meaning eBay was the defacto and again thinking everyone adopted their standard…. Totally wrong. I put in my “max bid” off $980 (prior bid was $120) and the bid became that new amount to beat. Unfortunately I won the auction for $980 vs I’m guessing could have easily won for less than half that price.
Now I read carefully before bidding so I understand how it works. Internet lag shouldn’t be a thing in 2023 btw.
Heritage is a real auction. You have to outbid the competition not try to sneak in a bid and hope the clock expires on the opposition.
Heritage does not enter your bid at the max. If your 980 bid Bevan the max, there was another bid at 950+.
Heritage auctions can be anxiety inducing if you plan to bid at the last minute. As others have said, best to put in your max bid and see how it goes. I do that and then watch, prepared to perhaps go one more bid higher. As a buyer I prefer the auctions with a hard close like HA or ebay which enable sniping. As a seller I prefer a soft close like David Lawrence (auction time extends when a bid is received in the last few minutes. I'm honestly not sure why more auctions don't use soft closes, as I suspect it does yield a truer and higher sale price. But good for me though since I do more buying than selling.
http://ProofCollection.Net
I see an incorrect comment that I’ll point out in a moment. I’m also going to share my strategy in successful bidding on Heritage, which is probably the best kept secret, which will now be known to people who choose to read this thread:
HA is NOT a hard close auction. GC and eBay are hard close auctions, as once the exact second of the announced close comes, no more bids will be accepted by their computers. With HA, you don’t know when the lot will go on the block, and once it is on the block, as long as people enter new bids, it keeps on going. As such, you always have roughly six to eight seconds or so after the last high bid to place a bid before the hammer falls.
For those bidders that choose to just place their secret max bid early on Heritage (and even on GC and eBay), you’re allowing plenty of time for others to think about increasing their own bid, and they then have time to do so and chip away towards your max bid. Even if you end up as the high bidder, it’s quite possible that you paid more than you needed to. My strategy on GC and eBay is to place my only bid with about 12 seconds to go, so on those two hard close auctions, others don’t have time after seeing the new high bid to think about placing a higher bid that would chip away at my max. But on Heritage, with its soft close, that can’t be done. But they offer a tool that lets you have your cake and eat it too. Don’t let the terminology that follows fool you, and the terminology is different for Stacks. About one week before the first session of the Heritage auction starts, you can place what they call a “Live Bid”. This is NOT a current Proxy bid, which becomes active and irrevocable the moment it’s placed. This max bid placed as a Live Bid many days before the live auction starts, only becomes active once the lot actually goes on the block. Until then, you can change your max Live Bid up or down, and you can also easily cancel it with just one push of a button. Once the lot is on the block, your max bid then becomes active. If someone bids higher than your max bid, you have the ability to bid higher still, but I suggest you use your head, and not emotions. Here’s the beauty - in the event another live bidder on computer, or floor bidder, or phone bidder, bids the same increment as your max Live Bid placed a week ago, YOU win the tie. For them to beat you, they would then have to bid higher. However, if a Proxy bidder had a max bid placed before the auction started, the same as your max Live Bid, they would win that tie. By using my method of placing your max Live Bid a week before the auction, when the live auction actually occurs, you can be out to dinner, watching a movie, or even sleeping. And you avoided the error of placing your max bid via live Proxy bid before the auction, giving others time to think about bidding higher and chipping away at your lead.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Good to know Steve. Thank you!
USAF (Ret.) 1985 - 2005. E-4B Aircraft Maintenance Crew Chief and Contracting Officer.
My current Registry sets:
✓ Everyman Mint State Carson City Morgan Dollars (1878 – 1893)
✓ Everyman Mint State Lincoln Cents (1909 – 1958)
✓ Morgan Dollar GSA Hoard (1878 – 1891)
Thanks for sharing, @winesteven. I was not fully aware of the Live Bid functionality and flexibility.
I hope your educational post does not come back to haunt you in future auctions.![:) :)](https://forums.collectors.com/resources/emoji/smile.png)
Tim
Steve generously shared that advice with me a couple years ago, and I agree it’s the best bidding method that HA offers, for all the reasons Steve stated. Even when I attended a live HA auction, I used this bidding method to win two coins, although physically raising the paddle would have been more dramatic and fun. Thanks again @winesteven
Nothing is as expensive as free money.
I like bidding live only because I sense that other bidders are more willing to bid an increment or two more than they usually would if they see higher pre-live bids. I want other bidders to question the value of the coin and be conservative in their live bids. Of course, this is only my hypothesis that doesn't seem to work in practice much.
MFeld confirmed that there was another bidder at 2800/$3360. Here is my take on what happened. My first click on the cut bid did not go through as the cut bid button did not go dark. My second click on the cut button places me with the high bid at 2900/$3480, and I win the coin.
I'm OK sharing this information with others, for their benefit. I bid aggressively on the coins I want that I confirmed with trusted advisors seeing the coin in hand before the auction on my behalf. The reality is each person determines their maximum bid in advance, so this won't hurt me - it will only change the timing of their bids. If their intent is to bid higher than my max, I would lose no matter what technique they use to place their bids.
With the technique I described, other bidders DO NOT see my bid pre-live. My bid only gets activated once the coin is on the block. It then acts like other floor bidders, phone bidders, and others placing live bids on their computers.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
I use the Live Bid strategy- I don’t like to tip my hand in the weeks before an auction- I would rather just post my max bid and let it come out when the coin hits the block. Then win or lose I don’t risk missing the auction.
It’s just all out war.
I use auc sniper on eBay. Many times lost bc somebody put in much higher nuke bid.
It’s all relative who your bidding against. Once bidding on slabbed MS 70 ASE my bid 25c under what could buy one for bin - lost.
For some expensive high demand piece eBay or elsewhere some rich collector is not going to mind putting in high nuke bid. It’s probably chump change to him. For that one just moves on tries luck another day.
Non eBay auc put in low marker bid (its now on watch list) wait until last play my hand - don’t wanna tip them off / play hand earlier. Like a poker game when final hand played.
The only downside is all of the auctions I've lost (like at GC) where I intended to put in a bid at the end and then forgot about the auction. It's tough getting old.
http://ProofCollection.Net
That's the beauty of the "Live Bid" tool at Heritage. You can place your bid on THAT tool anytime the week of the auction, and with THAT tool, your bid is not activated until the lot goes on the block. So as i indicated, you could be asleep during the auction, and still have your max bid become active once that lot goes on the block.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
I do not work at Heritage but my understanding is you can only use a cut bid once and it can not be used when you are already high bidder.
most modern auction software will not allow you to bid against yourself
www.brunkauctions.com
I agree with everything in this post, Winesteven, I didn't know about the Live Bid functionality either. This is going to save me some sleep, and make me a more pleasant and agreeable person.
Just one more example of the benefits we all receive for partaking in this forum!
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Steve, I’d be in your eternal debt if you could tell me anything that would improve my sleep and make me a more pleasant and agreeable person. In fact, if you could aid in the latter, I bet a lot of people would be in your debt.😀
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Marijuana
For the lots I really want in a Heritage auction, I just arrange for phone bidding ahead of time. That way, before the lot comes up, the Heritage rep calls me and bids for me live over the phone. The big advantage is that the auctioneer won't close the lot until either the phone bidder wins or drops out. No worries about computer glitches.
Member ANA, SPMC, SCNA, FUN, CONECA
All is true, but:
I don’t see any advantage Phone Bidders have over bidders using the Live Bid tool as early as a week before the first auction session.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Ha!
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
I get all this, but the biggest reason to avoid bidding in advance on eBay is that someone can bid you up to your max and then withdraw. Not a problem here.
Alex
I don’t see any advantage Phone Bidders have over bidders using the Live Bid tool as early as a week before the first auction session.
If it's something I really want, I love people who bid ahead of time - that way, I just outbid their max over the phone. Also, I'm not worried about the time. When Stacks had the 2016 ANA auction on the West Coast, I waited up until their phone rep called me at exactly 1:43 am, won the three lots I wanted, and went to bed at 1:48 am. Another time, I was riding on a bus going to an outing that my church was hosting, the Heritage rep called me, and I won the lot. That's the only time I ever bid while riding on a church bus and it worked! As you can tell, if it's something I really want, I'm hard-core. As I said, when you phone bid, the lot doesn't close until you say it closes.
Member ANA, SPMC, SCNA, FUN, CONECA
Stay away from coin message boards.
That might be a viable cure!😀
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Ok, just what is a "cut bid?"
While a coin is on the block, if you want to bid higher, but not a full increment higher, you can place a “cut bid”, which is only 1/2 of an increment. However, each bidder is limited to placing ONLY one cut bid per lot. But another bidder can also place a cut bid on that same lot, but only once for himself/herself.
For example, suppose a coin on the block has a current high hammer bid of $2,400. The normal increment at that level is $200. You want to bid higher than the current bid $2,400, but you don’t want to go to $2,600 hammer (and your guess is that others may not want to go that high either), so you place a cut bid, which in this case is $100, 1/2 of the normal $200 increment. So your bid is now at $2,500 hammer, not $2,600.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Buying and getting this coin delivered have been an adventure. USPS shows today the coin is out for delivery by Priority mail. About 3:15 PM I hear the mail truck and go out to get my coin from the mailbox. There is no coin in the mailbox, so I track down the mailman a couple of doors down the street and let him know I am looking for a Priority Mail package that is out for delivery, He looks thought his truck checks his cell phone and said, "I do not have a Priority Mail package for your address, so it will most likely will be delivered tomorrow". I go back in the house and check the tracking number and It shows the coin being delivered at 3:17 PM. I get in my car and go find the mailman to let him know the coin is delivered and provide him with a tracking number. After looking at his cell phone, he realizes that he delivered the package. We drive back to my house and he locates the package on my neighbor's front porch. I am pleased to say that I have my coin. I was surprised the package was not delivered with signature required. Did I miss something on the delivery check out?
Ugh! I hate incompetence!
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
In my building in NYC all packages are signed for by the concierge, when needed.
A month ago, I received an E-Mail from the Post office (tracking) indicating that a package was delivered to the lobby. I promptly went downstairs and the doorman indicated that the package had no yet arrived. he explained to me that the packages are marked delivered when they are put on the truck for delivery and before they reach the building. The building receives an enormous number of packages so it's an efficient (shortcut) but inaccurate way of recording deliveries. He informed me that when the truck arrives they unload many boxes of mail, which he sorts, and my parcel should be in the delivery. E-Bay closes the transaction when they receive a notice that the package was delivered. Sounds like an accident waiting to happen?
Yeah, going to be hard to convince someone you didn't get something if they mis-deliver it.
http://ProofCollection.Net
10-12 yrs ago, I was shipped an $850 comic. The seller had a tracking that showed delivered, with no sig. Could have been delivered to anyone o the block? All I know was that I never received the comic.