Bidding Question

cinque1543

I'm thinking about placing a bid on an item at Great Collections. It will be the first time I've ever bid on an item at any auction site, and I'm a bit confused on how incremental bidding works.

1. Let's suppose the maximum that I am willing to pay for an item is $1000 (plus GC commission). Can I enter a private bid of $1000 a couple days before the end of the auction, in a way that no other bidders know what my maximum is? If yes, how do I do this? On the GC screen below, I don't see how to make my bid private.

2. At the close of the auction, let's say that the second-highest bid is $900, which means that I win the auction. In this scenario, will GC charge me $910 (the $900 plus a bidding increment), or will they charge me the full $1000?

Thank you.

TrickleCharge

GC does not allow for placing proxy bids like this. The best option to keep your bid secret is to place it in the final moments of the auction.

Edit: Thank you to @MetroD and @jmlanzaf for correcting me. In the OP example a max bid above the current price is indeed secret to everyone but the auction house. Other bidders can however potentially drive up the price any time after you place it to whatever the max you entered is. I would still suggest placing your bid near auction close if you are worried about this.

MetroD

@TrickleCharge said:
GC does not allow for placing proxy bids like this. The best option to keep your bid secret is to place it in the final moments of the auction.

I do not believe that this is an accurate statement.

Source: https://www.greatcollections.com/kb/What-is-a-Maximum-Bid-t40-4.html

jmlanzaf

@TrickleCharge said:
GC does not allow for placing proxy bids like this. The best option to keep your bid secret is to place it in the final moments of the auction.

This is completely untrue as written. The only way your bid gets exposed is if someone outbids you. No one but the auction house knows a $1000 bid was placed.

seatedlib3991

@cinque1543 . If you wish to "own" a certain price point. Place your bid any time. Others will see "your" bid up to what ever price they have been willing to bid before the auction opens but your "all in bid' is only exposed if someone bids to that price. If you want to avoid someone chipping away at your all in bid then you must play the waiting game and wait to bid live in the closing moments. I have done both and have also won and lost. sometimes I "know" what the cut off is and then it is very important to "own" that bid point. good luck. james

davewesen

the bid increment at $900 is $25 so your $1000 secret bid will win at $925. You also need to pay buyer's fee, shipping and possibly sales tax depending on where you live.

johnny9434

@davewesen said:
the bid increment at $900 is $25 so your $1000 secret bid will win at $925. You also need to pay buyer's fee, shipping and possibly sales tax depending on where you live.

Done this with other auctions as well 😉

Cougar1978

I generally make a list of targets to bid with notes about CDN bid, pop, etc. I might put in an exploratory bid then perhaps bid on that item as close to auc close as possible. Wins go into inventory.

winesteven

@cinque1543 said:
I'm thinking about placing a bid on an item at Great Collections. It will be the first time I've ever bid on an item at any auction site, and I'm a bit confused on how incremental bidding works.

1. Let's suppose the maximum that I am willing to pay for an item is $1000 (plus GC commission). Can I enter a private bid of $1000 a couple days before the end of the auction, in a way that no other bidders know what my maximum is? If yes, how do I do this? On the GC screen below, I don't see how to make my bid private.

2. At the close of the auction, let's say that the second-highest bid is $900, which means that I win the auction. In this scenario, will GC charge me $910 (the $900 plus a bidding increment), or will they charge me the full $1000?

Thank you.

1. Your initial post is accurate, except as pointed out, at that theoretical $900 level the increment is $25, not $10.
2. As you asked, when you place your max bid, you will initially be shown as the high bidder, one increment above the current high bid. As others bid higher, they will see you “pop up” one increment above whatever they bid, so you’ll remain the current high bidder until someone bids higher than your secret max bid.
3. Someone had made a comment something like “before the auction opens” or something like that. That is incorrect! The moment a lot is posted, the auction is automatically open, and stays that way, until it ends at exact posted time.
4. Consider instead of having your max bid at $1,000 at this time, set your max at $1007.79 (or something like that). You’re allowed to bid odd amounts, as long as it’s at least as high as the next current increment. This way, if someone very close to the end bids $1,000 max, YOU will beat him, even though you are way less than one increment above that persons max high bid!

Good luck!

Steve

Cougar1978

I have tried the Max route but others will simply out bid you. A lot of its like poker. You don’t want the other players know what you have in your hand or alert them your there. Don’t let the left hand know what the right hand is doing lol.

2ndCharter

I have tried the Max route but others will simply out bid you.

Not necessarily - a couple of years ago, I threw in a bid on an item in a GC auction days ahead of time - mid four-figures - that was a "nice to have", not a "must have". Well, surprise, I won the lot and well below my bid.

cinque1543

Thank you @winesteven. That is very clear.

MsMorrisine

hard to believe no one mentioned this

when you enter a max bid of 1000 and you win it at 1000, you will be hit with the buyer premium for a total of 1100 if you pay by check, echeck, or wire

winesteven

@MsMorrisine said:
hard to believe no one mentioned this

when you enter a max bid of 1000 and you win it at 1000, you will be hit with the buyer premium for a total of 1100 if you pay by check, echeck, or wire

You are correct, but the OP did note in his example that his cost would be $1,000 (plus GC commission).

Steve

MFeld

@MsMorrisine said:
hard to believe no one mentioned this

when you enter a max bid of 1000 and you win it at 1000, you will be hit with the buyer premium for a total of 1100 if you pay by check, echeck, or wire

It’s not hard for me to believe. The bidding page shows there’s a buyer’s fee/premium and the amount.

MsMorrisine

i took what he was saying that his max of 1000 incl the bp, and it seemed like he was saying 1000 was going into the box