In theory, that’s possible. But placing a $20k max hammer bid with only 20 seconds left tells me he had absolutely NO intention of placing a higher max bid, unless he actually saw his $20k was not enough. Had he seen he had the lead, he would have stayed pat, and would have then still lost to my friend at $20,500 had my friend sniped properly.
As it turned out, because my friend bid too early (with 30 seconds to go), the competitor did indeed see his $20k bid placed with 20 seconds left was insufficient, and he then had time to place his second bid at $22k hammer at 13 seconds left, which was still insufficient, but cost my friend an extra $2,200 with the bp.
Steve
A day without fine wine and working on your coin collection is like a day without sunshine!!!
@alaura22 said:
No bidding strategy works when you have bidders willing to pay 10 times the value
If bidders are willing to pay it, that IS the value even if it's more than you want to pay. After all, it takes 2 bidders to make an auction go. If you hands multiple bidders at "10 times the value", then it is your assessment of the value that is the issue.
Answers
In theory, that’s possible. But placing a $20k max hammer bid with only 20 seconds left tells me he had absolutely NO intention of placing a higher max bid, unless he actually saw his $20k was not enough. Had he seen he had the lead, he would have stayed pat, and would have then still lost to my friend at $20,500 had my friend sniped properly.
As it turned out, because my friend bid too early (with 30 seconds to go), the competitor did indeed see his $20k bid placed with 20 seconds left was insufficient, and he then had time to place his second bid at $22k hammer at 13 seconds left, which was still insufficient, but cost my friend an extra $2,200 with the bp.
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
Seems even coins with average toning can achieve higher than normal prices at GC.
If bidders are willing to pay it, that IS the value even if it's more than you want to pay. After all, it takes 2 bidders to make an auction go. If you hands multiple bidders at "10 times the value", then it is your assessment of the value that is the issue.
Arguably, if there are multiple bidders willing to pay a certain price, then that is the value.
But, the same coin in another sales venue can be worth less (or more).