Looking for someone with Teletrade & Heritage experience! HELP!

dave7822

I have placed a handful of bids on both Teletrade, and Heritage, and I think I’m getting scammed! I have won a couple lots on both, for a total of about 6. Every single lot that I won, I won for exactly my maximum bid! How can that be possible? If I bid $2,000, that would mean someone else bid $1,980 to push my bid exactly up to my maximum! Then, just the other day, on Teletrade, I was the high bidder on 3 different lots, in 2 different auctions, then after the auction the items just disappeared! They weren’t in my tracked lots, they weren’t in prices realized, and they weren’t even in the auction anymore. When I talked to Teletrade, they told me that I was in fact the high bidder, but my bid did not meet the seller’s reserve. Now, I was kind of bidding low on them to get a bargain, if no-one else bid on them, but this just seem shady to me. It looks to me as if they are not using proxy bidding, like they say they are, and using the highest maximum bid, as the winner and also reviewing the winners, and eliminating any wins that they feel they can do better in another auction. The three lots that I lost are now in a new upcoming auction. I was thinking about testing my theory by bidding a ridiculously high amount for a coin worth about $20, but I’m worried that they’ll really make me take it!

Can anyone offer me any advice, on how to bid strategically on these sites? Do I need to wait until the last 5 minutes of the auction, then bid just enough to pass the current high bidder? Note that the three that I just lost, I was the ONLY bidder! I still think they should sell me them at $1 each unless they can show me the bill from the seller winning the auction! Or, do you know any other sites besides e-bay, and yahoo, that are good for bidding on certified coins?

Thanks…

Dave
Dave7822@aol.com

Russ

<< <i>Then, just the other day, on Teletrade, I was the high bidder on 3 different lots, in 2 different auctions, then after the auction the items just disappeared! >>



This just means they didn't meet reserve or the owner bought them back. They are removed from tracking lists when that happens. When it's a coin I'm really interested in, I also bookmark it.

BTW, welcome aboard!

Russ, NCNE

coinguy1

Dave, I do not think you are getting screwed by either auction company. Many auctions are conducted, where participants bid, without knowing that the reserve has not been met, and do not find out until the end of the bidding process.

Those lots that do not meet the reserves and are bought back by the consignors are often excluded from auction companies' reported prices realized.

I think it was bad luck that you paid your maximum on the items that you won. I have not bid in Teletrade sales in years, but frequently bid in Heritage sales and often save hundreds of dollars, compared to my maximum bids.

Regarding when you should place your bids - I think there are advantages and disadvantages to placing them early or late.

You didn't ask, but I would advise caution in bidding sight-unseen. Be aware of what the return policies are and what fees/expenses, you will be responsible for, in the event that you return an item.

Dog97

>>>>>>When I talked to Teletrade, they told me that I was in fact the high bidder, but my bid did not meet the seller’s reserve.>>>>>>>>>>
That's why they dissappeared from your tracking list. Unsold items are removed.
Since you can't see who else is bidding like on eBay you can indeed get shilled very easily.


>>>>>>I was thinking about testing my theory by bidding a ridiculously high amount for a coin worth about $20, but I’m worried that they’ll really make me take it!>>>>>>>
If you meet reserve and are highest bidder you will indeed be obligated to your bid.


>>>>>Do I need to wait until the last 5 minutes of the auction, >>>>>
Sniping helps but on Teletrade you can only bid the next increment during the last hour.

Russ

<< <i>Sniping helps but on Teletrade you can only bid the next increment during the last hour. >>



Not anymore. You can now place max bids up to the very end.

Russ, NCNE

Dog97

Makes it easier for a seller to snipe in his shill bid doesn't it?
Thanks for the correction, Russ.