Something very suspicious about the Heritage Bullet Sale (bidding related).

Russ

So, I decide to place a bid on a coin. Before I place it, the coin is at $17. I pop in a max bid of $751. This is the response after I place it:

Your maximum bid was in the amount of: $751.00 ($863.65 with BP)
After processing all the open bids for this lot, the current bid price is $751.00 ($863.65 with BP)

Huh? It immediately jumps $734 to exactly my maximum? What's up with that?

Russ, NCNE

1960NYGiants

Russ,

Your bid is $1 more than the underbidder.

Gene

fountainheadgold

Maybe the reserve was $750.00

Russ

<< <i>Your bid is $1 more than the underbidder. >>



That's what Heritage would like us to believe. I think it's a conspiracy.

Russ, NCNE

291fifth

Do you really want to play this game? Think about it.

ElectricEye

I won two lots in a Hertiage Bullet Sale last year ~ both were at my max bids

Shamika

Russ,

The underbidder bid $750 dollars thus your bid just got maxed out. It also happens to me from time to time.

Russ

If the underbidder had a max of $750, wouldn't I have to have bid one increment above that to be high bidder? The increment is $25.

Russ, NCNE

DHeath

I'm pretty sure your bid won't win, but good luck.

Russ

Don,

No fair, you peeked!

Russ, NCNE

tradedollarnut

The reserve is higher than your bid....thus your bid maxes out but you won't win the lot at your price when all is said and done [unless the reserve gets lowered].

Placid

<< <i>If the underbidder had a max of $750, wouldn't I have to have bid one increment above that to be high bidder? The increment is $25.

Russ, NCNE >>



No I have won a Heritage auction by $1.00 before on a $600 or so coin.
I never bid nice even amounts at Heritage.

darktone

tradedollarnut nut has it right. mike

Russ

So, the tightwad up ahead of me had a max of only $17? Must have just been a placeholder bid.

Russ, NCNE

Shamika

Placid is right. You can't be forced to pay more than your maximum bid.

Lakesammman

Regarding Heritage bidding, I bid a max of $1500 on line (Baltimore ANA 2003) and got the lot for about $300. Don't recall ever getting a coin on line (with Heritage) AT my max bid.

wingedliberty

This is why I have never and never will bid in a live auction over the internet.

Robgetty

The only time that you don't have to have a full bidding increment
is if you have already gone up over a full increment and end up a
partial increment over. If the previous high bidder put $750 in as
max, then your $751 is good. HOWEVER, if you decided to raise
your max bid and put it a max of $850, Heritage would bump your
bid to $775 to be a full increment over the previous bid of $750.

pontiacinf

Back in Oct there was a broadstruck nickle I bid on, a 1986 to be exact....I bid 80, and it immeadiately went to 80 from nada, and I won it...story doesnt end there...I was waiting to hear from heritage (i emailed after 2 days no word). Well heritage called 2 weeks ago and left a message that they were gonna tag me a non paying bidder...I AM NOT THE ONE THAT WAITED 2 MONTHS...so screw heritage and their nappy auctions.

I will never do business with them again...I had some coins that were gonna be included in FUN..well when they called I told them about their antics and let them know I was no longer interested.

pontiacinf

oh and russ

save your money

GOLDSAINT

Russ Et Al,
Can someone tell me the difference in all these Heritage sales going on at the same time. This is the first time I have bid in one of the Heritage sales. I bid in the Fun sale. So what is the difference in the Bullet sale, the Fun sale, etc?

MrEureka

First, for the record, I usually bid online for about 100 coins in every Heritage Signature sale. I've never had a problem with the integrity of the bid execution, and I'm pretty sure I understand exactly how it works.

As for Russ, if you are the high bidder at $751, another bidder bid $750. If you are not the high bidder, someone else bid $751, believe it or not. (If the reserve bid was $750, the bid would already have been shown at $750.)

The fact that some bozo was the third highest bidder at $16 means nothing. Unless, of course, it was for an accented hair half, in which case it might be a clue as to the coins "real" value.

Louis

<<The fact that some bozo was the third highest bidder at $16 means nothing. Unless, of course, it was for an accented hair half, in which case it might be a clue as to the coins "real" value. >>

GOLDSAINT

Got it thanks for the PM

eagle7

Lots of bidders initially bid low to tag a coin instead of using the tracking. Then they may or may not come back and up their bid later. The other people are exactly right. The person who bid just before you bid a max of 750.

jeffnpcb

Is that #31472? I thought you were bidding on a real halve!! You know, a PR67Dcam Franklin!

Russ

<< <i>The fact that some bozo was the third highest bidder at $16 means nothing. Unless, of course, it was for an accented hair half, in which case it might be a clue as to the coins "real" value. >>



Bite me, Andy.

Russ, NCNE

GOLDSAINT

Here is somthing else, that is very interesting. You know how many people like to wait until the last day
to bid so people wont know what they are willing to pay. I bid several days ago on a coin, and the second highest bidder is behind me just a few dollars, but the next bid must be $80 higher. This puts this
coin at retail + if he/she bids.

sinin1

Russ - you said it jumped to $751 your max bid

did you tell us that now you were the high bidder?


if not someone could have bid $10,000 on that coin - and each time another underbidder bids - it will bid to their max

MrEureka

Bite me, Andy.

Russ - Consider yourself bit!

wondercoin

I assisted someone in placing an internet bid of roughly $25k right before internet bidding ended in a Heritage sale recently. The lot was sitting at roughly $19k and went to around $19.5k after the bid. That is also where the lot closed the following day after floor bidding ended. This experience and many, many others confirms for me the following (IMHO):

1. Heritage runs straight and honest auctions.

2. I have -0- concern entering internet bids on Heritage lots with no fear of getting run up unfairly.

If my experience ever changes, I may change my position, but, that has not been the case to this point.

Wondercoin

Russ

<< <i>Russ - you said it jumped to $751 your max bid

did you tell us that now you were the high bidder? >>



Yes, I'm currently the high bidder. But, as Don pointed it, that ain't going to last long.

Russ, NCNE

stugale

Why should Russ be mad...noone here has ever bid more than they are willng to pay.

Stu