How fishy is this? My newest auction "win"...

Bob13

I am trying to get the boards collective wisdom here.

I placed a pre-bid on a coin that had a starting price of $500 (we will say dollars but was in a different currency). The pre-auction estimate was 1,500 - 3,000. There was at least a starting bid on the coin when I bid, and I bid up to 1,250 thinking I might get lucky. (And, the coin is in a details holder, not good pics, not with any other coins from this country or quality, etc.)

And, my bid won - at 850. Today I got this email:

"Thank you for taking part in today's auction. Unfortunately, there was an issue with our platform today which meant lot XX sold below reserve when it should not have done. As a result, I have had to cancel this invoice. For transparency the reserve on this lot is $1,300.

I am very sorry for this and the inconvenience caused."

So, is this:

• an honest mistake?
  Or,

• an attempt to go right up to my pre-bid maximum and get more money?

There is some interesting backstory on the coin, but it is not a absolute must have, one in a million coin... So less about should I pay up, more about is this a fishy practice that happens in the auction biz.

Thanks, Bob

scubafuel

Completely fishy, but I’m not sure you have much recourse other than to make a big enough stink that they start to think the extra $650 is not worth the bad publicity.

Have you won anything successfully there before?

pruebas

If you thought 1250+BP was “lucky,” then why do you think a reserve of 1300+BP is fishy? Seems perfectly logical to me.

291fifth

Find another auction firm to deal with.

harasha

You have got to wonder. Not too long ago, I bid on a medal well above the estimate. To my dismay, I was advised that the consignor removed the lot. Apparently, between the time the auction catalogue was published and the actual auction, the consignor raised the reserve in a significant manner. The auction house graciously allowed me to purchase the item at the new reserve (plus buyer's fee, of course).

Bob13

@scubafuel - never bought from them before, and no relationship at all with them. I don't plan to make a stink, but probably will avoid dealing with them.

@pruebas - maybe I am being cynical. There are no reserves in their auction terms that I can find. And, all the other items in the auction had starting prices that were below the lower estimate. So, to me it just seemed like: this coin sold too low, let's not honor the auction.

pruebas

I imagine it's probably just a coincidence. But you might confront them with your evidence before writing them off. At least hear what they have to say.