What's your online bidding strategy??

MoneyLA · April 22, 2003 2:01PM

Are you willing to tip your hand, or maybe just your strategy here? There are all sorts of online auctions now including eBay, Heritage, Teletrade, etc. What strategy do you use now, and is this the strategy you always used or something new to refelct changing conditions in the marketplace?

For example, do you place your maximum bid the first time you bid, or do you place a minimal bid with the idea that you will come back later?

Are you willing to overbid to "get that coin" or do you take the position that "another will come along?" (This refers to coins where another can come along, not unique coins).

Personally, I used to place my max bid at the start of an auction, and let the coin pass if I was outbid.

Now, I start low and wait to see how the bidding goes. I feel that an early high bid could raise prices too high.

What about you? Thanks and cheers, alan mendelson

Endocrinologist · April 22, 2003 2:05PM

If I really want the coin, I put my best bid in at the end.

If I don't want someone else to get a good deal on a coin that I don't mind having, I put my best bid early in the bidding. 90% of the time, I never win with this method, but at least I don't kick myself later when someone gets a great deal.

Endo

jcping · April 22, 2003 2:06PM

I set up a java program and will let me to place my bid in the last 2 seconds. If the price is over my bid, 2 seconds before the end of auction, then my bid cannot be placed. If my bid is placed, either I am the winner or I am the under-bidder.

longtimecollector · April 22, 2003 2:08PM

I use E-snipe........ and watch the auction up until about 1-3 hrs before it closes....... One nice feature with e-snipe..... If you change your mind, or decide to put your collecting budget towards another piece, you can cancel your bid without any hassle !!!!

mrdq · April 22, 2003 2:41PM

I get a price in my head, bid it as soon as I decide what I will spend after calculating all the juice and let it go at that. If it's worth 300 to me i'm bidding 300 minus the fee's. I don't win many but the ones I do i'm very comfortable with. I have signed up for Hammersnipe and oddly have only used that service on non-coin items since i'm not familiar with those items i've used sniping to not get auction fever but again, i've generated a pre-set price in mind and "forgot" about it.

Strat · April 22, 2003 2:44PM

For Ebay, I usually wait until the end, but usually forget. I don't bid much there, so don't use any bidding software. For some online auctions (Teletrade Premium, Kingswood) lot viewing is sometimes available, and I make sure to schedule a time to view if at all possible. Once I determine my max bid, I wait until the last hour of the online auction. I do pass on plenty of coins that exceed my max bids, figuring another will be along. However, I have lost two very special coins that way, one being a wonderfully toned 36 PCGS PR66 Quarter, which is one coin MoneyLA can appreciate. That one still smarts a year afterward!

muenzen · April 22, 2003 5:20PM

I just place my max bid and wait. If I get it, I'm happy because the coin was at or below what I was willing to pay. If I'm outbidded, I'm fine with that because it went for more than I was willing to pay. I don't sit around waiting for the end of an auction ... takes up too much time. Regarding snipping, I don't have a problem with that. Some may call it unethical, but we all place bids, some just wait till the last moment. If you don't want to get sniped, put in a bid that will assure you of getting a coin. It just boils down to:
do you want the coin or not at a certain price?

LucyBop · April 22, 2003 5:23PM

If there is a coin I want my strategy has simply been be a strong buyer and put some serious coin on the table. I've yet to lose on a Frankie that I have wanted.

ksteelheader · April 22, 2003 6:25PM

I use a sniping program, bid the price that I am willing to pay, set the snipe and wait until the end of the auction...........Ken

dorkkarl · April 22, 2003 7:50PM

my strategy is: do not buy coins sight-unseen

K S

LucyBop · April 22, 2003 8:14PM

<< <i>my strategy is: do not buy coins sight-unseen >>

heres another strategy for you, do not engage the HepKitty in a bidding war, you can't afford it.

UncleJoe · April 22, 2003 9:17PM

If you are bidding well before the end of the auction, do not bid your max.

Only make a token bid to mark the auction. If you bid your max early there is almost always some dude who will bid 20 times trying to outbid you.

If the dude is not successful in outbidding you, he/she was certainly successful in raising the auction nearer your max.

Near the end of the auction bid your max (and I mean your MAX, I don't know how many times I have seen people try to get in 3 bids in the last 10 secs, it doesn't make sense to me.)

This has been a very successful strategy for me. I have never overpaid (my price) and many times I have won for much less than I was willing to pay.

By bidding your max early, you almost guarantee that if you win it will be near your max.

That will be $100. please.

(waived because I learned this strategy here from some very knowledgable posters, thank you)

Joe.

CarlWohlforth · April 22, 2003 10:41PM

Mine is the same as Endo. Either I really want the coin or I don't want it to go for too little. In the first case I snipe, in the latter I bid early.

My best bids are saved for coins I have seen or are offered by people I know and who also take returns.

Fairlaneman · April 22, 2003 10:53PM

If its a coin that is really liked a bid is placed close to the end of the auction. If it wins fine if not thats fine also. A coin that would go into the collection just for the heck of it has a bid put on it as soon as I see the auction. If someone bids higher that is the way it goes.

Never have and never will get into a bidding war. There are just too many coins out there to pay crazy money for a single example that may come up again tomorrow. Of course Rare, Rare coins are not what I seek.

Ken

MacCoin · April 22, 2003 11:11PM

it depends on the coin. if its in plasic I look up what the coin is worth and place a bid. if it is a raw coin I look up what it worth and bid half that because ebay sellers always think there coin is about that much better than it really is. on the low grade coins I don't bid any more well unless its something I need for a whitman folder than I still bid less than I can go to the coin shop and pick up for book value. I hate paying high shipping so if I see a coin with crazy shipping I don't bid on it even if the coin is something I really want or need.

jonesy · April 22, 2003 11:36PM

I bid the max i'm willing to pay, then let it ride!!

Glenn

GaCoinGuy · April 22, 2003 11:41PM

STRIKE HARD, STRIKE FAST, NO MERCY, SIR!!!!!!!

IrishMike · April 22, 2003 11:48PM

Alan, I think it has to do with the value of the coin. The cheaper the coin the less difference it makes. The flaw in waiting till the last minute is that you might get caught up in a bidding war. I strongly believe that the best way to bid is to research the current market value and decide how much you are willing to pay. I don't think it matters when you place the bid. If you put in your maximum early it discourages bidders from chipping away. They figure out that you have a strong bid and most will realize they aren't going to steal the coin from the seller. Even though Ebay is a large venue people who collect your series and bid against you will realize you are a strong bidder.

If you don't win the coin at least you know you offered a fair price for it and lost out to someone who was willing to go higher. I just tell myself they wanted it more than I did and move on. Patience is the best attribute you can have as a collector. The best deals I have gotten from online purchases are a result of being patient and not getting into a sniping war.

eagle7 · April 22, 2003 11:50PM

Uncle Joe, you are the man! I do what he does.

PhillyJoe · April 22, 2003 11:59PM

I usually bid at the end. If I'm gonna be away from the computer, I just place my bid before I leave and let it fly. It takes a lot of discipline not to bid stupid money for a coin I really want. They say another one will come along soon; I always wonder how long is "soon"?

When I knew I had a problem: One Teletrade night, I wanted to place a bid just before closing. My daughter was on the computer doing homework, my wife was one the phone with a friend. With bulging eyes I announced that I needed gas right away and went to the closest gas station with a pay phone. One of my favorite wins.

Joe

paigowjohnny · April 23, 2003 12:03AM

<< <i>I've yet to lose on a Frankie that I have wanted. >>

And it doesn't matter what time, day or night, if she wants it...Lucille will snipe the crap outta you...

gemtone65 · April 23, 2003 12:44AM

The variations in how to bid in online auctions are limited. Either you bid early or late; either you adjust your bid as the auction procedes or you don't.

By far the most important decision concerns whether, not how (or even how much) to bid. For a particular coin of interest, you should seriously consider NOT bidding if any of these conditions apply:

- the coin is offered raw

- there is no return privilege

- there is ANY negative feedback not adequately explained by the seller

- regardless of explanations, the seller has a feedback rating below 99%

- the seller's past items are often bid on but only occasionally won by certain bidders

- the seller does not answer your E-mails prompty, curteously, informatively, and reasonably literately

- the offering is in the "private auction" format

If any of this conditions apply, you should be very cautious about participating in the auction.

fishcooker · April 23, 2003 1:41AM

I like to bid early and tie up an advantageous price. That way, if someone just wants them more, they must overpay to beat me.

Consider a dutch auction for 2003 Silver Eagles. The minimum price increase is 50 cents for $6 items like ASE's, and that's substantial on a percentage basis.

I'll bid very early and tie up the bargain price. So, it's possible to buy 20 singles cheaper than 1 roll. If you wait to snipe, there's better opportunities in rolls.

Barry · April 23, 2003 2:04AM

I determine my max. price. I enter it in the sniping program usually the day before the auction ends. The next day, I check My Ebay and see what happened. If I win, great. If not, there will always be another (fill in the blank).

silverandvinyl · April 23, 2003 5:33PM

Mine will be,"never bid on anything that has never been searched"I got nailed 3 times so far. Yes,they were wheaties.

nucklehead · April 23, 2003 7:43PM

<< <i>my strategy is: do not buy coins sight-unseen

K S >>

I can second this one,Amen.

Singapore · April 23, 2003 7:52PM

My online bidding strategy is to never reveal my online bidding strategy in a public forum.

In a live auction, I just sit there until the coin is about to be hammered and then, if I like the number, I leap into the bidding as though I were shot from a big numismatic circus cannon.

Is that of any help?

What's your online bidding strategy??

Comments

Leave a Comment