Heritage Bid Protection
Boosibri
Posts: 12,215 ✭✭✭✭✭
Perhaps I am slow...but what exactly does Heritage bid protection do, other than to bid up the next increment or set of increments in the event of a competitive bid exceeding my max bid.
For example:
Scenario 1: Bid $11,000
Scenario 2: Bid $10,000 + 1 increment protection = $11,000
Is there an advantage I am missing, or is it just a tactic to get people to bid more for "protection"? My simple logic, bid your max bid as in scenario 1 vs. a lower bid with "protection".
0
Comments
I'm not sure other than I think it allows you to proxy bid a cut bid where I don't think it will allow you to directly enter a cut bid.
http://ProofCollection.Net
This is my understanding as well.
Founder- Peak Rarities
Website
Instagram
Facebook
I agree that is one advantage. But you have multiple options other than just 1/2. The only other option might be one of timing. Some people don't like to show their hand early. The bid protection only executes during the live auction. So, it would allow you to entire a bid early and then come back in live if someone were to push the bidding.
So, for example, if I put a +2 protection and I got outbid during the pre-auction by one increment, I would get back in with one bid live.
I don't think it's a big advantage and I rarely use it.
The proxy bid itself doesnt excecute until the live auction, so either way youre not showing your hand regardless of the bid protection.
Founder- Peak Rarities
Website
Instagram
Facebook
That's actually not true. You can place a pre- bid with protection that executes immediately. It's only the live proxy bid that only executes live.
What the point of a pre-bid with protection. Just bid the amount you are willing pay?
Latin American Collection
You certainly could. I do. But some people don't want to pay a number to beat and then give lithe bidders a week to find that number and beat it. The protection would allow you to come back in and bid one out goes live.
As I said, I don't think it's a big advantage.
We’ve gone full circle now. Why even place a pre-bid if you don’t want to show your hand? You can just place a proxy and forgo the bid protection. It doesn’t make much sense to not want to show your hand, while simultaneously showing your 4/5 of your cards .
Founder- Peak Rarities
Website
Instagram
Facebook
As I said, I don't see the huge advantage. But people do play games with their bids.
It exists for some reason.
https://forums.collectors.com/discussion/915984/quot-bid-protection-quot-for-heritage-auctions
From 10 years ago.
I don't use the Bid Protection but here is my interpretation of it.
Need to break into two bid types - Secret Max Bid and Proxy Bid.
For a Proxy Bid it will not execute the bid until the Live auction begins. The Bid Protection in this case I agree is essentially the same as increasing your Proxy Bid since it also is not executed until Live Bid and will jump your bid by the noted amount you have selected. Bid Protection could also be a way that some understand easier.I guess one could select a Proxy Bid that is not an increment and therefore would be slightly different.
For a Secret Max Bid it will increase your bid during the internet bidding or before the Live Bid. If the Secret Max Bid is hit during the internet bidding and a Bid Protection is used, then the Bid Protection will only increase your bid when Live Bid is executed. So one could set an amount they are willing to go to or expose during internet bidding and then have the Bid Protection for the Live Bid but it is limited to 2 increments (I think).
Here are some screen shots from the below link. Again I have not used it, so this is only an interpretation.
https://coins.ha.com/c/ref/web-tips.zx?ic=Tab-BidBuy-UsingBidProtection-111815#using
.
.
.
Secret Max
.
https://youtube.com/watch?v=wwmUMvhy-lY - Pink Me And Bobby McGee
.
https://youtube.com/watch?v=D0FPxuQv2ns - Ruby Starr (from 'Go Jim Dandy') Maybe I'm Amazed
RLJ 1958 - 2023
After factoring in the buyer's premium, I just put in my max bid, set it and forget it. If someone wants to pay more for the coin, it's his / hers.
I think it's important to check your ego at the door when it comes to spending money. I'm old and I think I can count on one hand the number of things I just really wanted. A once in a lifetime trip comes to mind. Not much else.
"Seu cabra da peste,
"Sou Mangueira......."
Can I just win the coin already 😆
The only advantage is if another live bidder also want to bid the same amount you will outbid him since you placed your bid first.
No different than if you just bid the full amount via proxy in the first place though, right
Latin American Collection
no, sorry…i’m going to win it with my double secret advance max proxy live cut increment bid
Nothing is as expensive as free money.
Yes i agreed with you.
In that case, you need to put in a nuclear bid and hope someone else doesn't do the same thing.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Sadly there really is no single bidding strategy whereby you can consistently land on the right number or occasionally beat the hammer expectations.
Experience the World through Numismatics...it's more than you can imagine.
How I see it:
It allows you to conceal your max bid before the live session in the event someone wants to chip away at you in the time leading up to the live session (an ego/curiosity behavior for some bidders).
At the end of the day, I don't see a significant advantage.
The scenario I can see is where a bidder chips away at your "non-protection" bids leading up to the live session and thinks they are in the lead....then bails on the live session and your bid protection increments exceed their bid.
This assumes:
-They aren't bidding live
-They don't have a higher proxy bid or also using bid-protection
-They don't want to pay more than 1 increment above your pre-live bid if they are bidding live
I have to say I am now thoroughly confused. I would just ask Mark F.
"Look up, old boy, and see what you get." -William Bonney.
@MFeld
Thanks a lot to both you and @breakdown for asking, as I don't know the answer.
But I'm going to see what I can find out and will report back afterwards.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Totally agree, and also if watching live just for the fun of it, I KEEP MY CURSOR OFF THE BID BUTTON, don't want some involuntary unconsciously driven twitch trying to outsmart me.
>
Here is what I asked and below it, the answer I received:
QUESTION:
"Good afternoon...
Can you tell me what advantage(s) Bid Protection" offers?
At first blush, it seems that instead of using it, someone could just as easily enter a higher initial max bid without the “bid protection”.
And if its advantage is to avoid having the bid showing up prior to the start of live bidding, wouldn’t a proxy bid accomplish the same thing?
Thanks,
Mark"
ANSWER:
"Good Morning Mark,
It protects you from being sniped at the last moment.
Bid protection is only designed to add up to 3 increments to your bid if it is needed to try and win the lot.
If you’re looking for protection against a much higher bid, then yes entering a higher initial max bid would be better.
Yes, most will use proxy bidding to accomplish their bid not showing up prior to the start of the live bidding.
Best Regards, ..."
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Thanks Mark.
From my understanding, a proxy bid equal to 3 increments (or less) would accomplish the same exact thing. I don't see the the benefit beyond a gimmicky way to accomplish the same result (Not a dig to HA or anyone who uses bid protection).
To avoid being sniped:
3 increments or less: Use proxy or bid protection
More than 3 increments: Use proxy bid
Unless you can use bid protection, as a ‘cut bid’, I see no real advantage to it.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
No dig taken. As you can probably see from the way I presented my question, the option doesn’t seem necessary to me. However, it’s free to use and for whatever reason(s), some bidders prefer to utilize it. One thought that occurs to me is that it could be used as a way to somewhat limit “auction fever”.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
thank you @MFeld
Latin American Collection
Thanks @MFeld. This is basically what I wrote above but a little shorter and clearer.
One thought is that after a person determines and uses a proxy bid, they could decide to up it a half increment to prevent being beat by a secret max bid that is say only $10 higher and could quickly /easily use the 1/2 increment bid protection or similar. Also the bid protection does delay until Live Bid for those using a secret max bid which is used during internet bidding and could get maxed out during the internet bidding.
https://youtube.com/watch?v=wwmUMvhy-lY - Pink Me And Bobby McGee
.
https://youtube.com/watch?v=D0FPxuQv2ns - Ruby Starr (from 'Go Jim Dandy') Maybe I'm Amazed
RLJ 1958 - 2023
Thank you Mark that was my understanding of it.
I didn't use it during the 12 Caesars, I just kept mashing the bid button, which may qualify as auction fever, and got plenty of coins.