Dealer seller bids on Teletrade

GOLDSAINT

I just started to place a few bids on Teletrade, I finally did get on yesterday. As I bid on one of the coins yesterday I thought it was strange that every time I bid, within a few minutes the bid would go up $20. I would always get in the lead, and then boom I was out bid. This seemed a little strange and I had the feeling I was being herded up the ladder. I finally just stopped. This morning when I went to see the final winning price, there was no winner and the note below was on the coin along with a note that said not sold. So I learned something that maybe you already knew. The dealers can bid on their own coins. I guess this is O.K., perhaps Teletrade just does not have a reserve system, but you do not know if you are bidding on a coin against a “ real bidder” or the seller.


Note: If a lot does not appear here with a realized price, it did not sell. Such lots were
either not bid on beyond our opening price, or they were bought back by the consignor.

Compa

Hummmm ... I don't think I like this situation.

cointagious

Sellers are allowed to place reserves which appear as bids each hour and at the end of the auction.

GOLDSAINT

"Sellers are allowed to place reserves which appear as bids each hour and at the end of the auction."

So as you bid it looks like you are the lead bidder but in reality you are already out bid by the reserve which shows up later?
Or is it that the seller can keep uping the reserve?

cointagious

<< <i>So as you bid it looks like you are the lead bidder but in reality you are already out bid by the reserve which shows up later?
Or is it that the seller can keep uping the reserve? >>



The seller must place his reserve before the auction ( or maybe up until 8pm? - I can't remember which) after that time he loses his reserve protection and, if he wins his lot back, must pay buyer' fees, also.

Cameonut

Cointagious is correct. The seller must place his reserve before the auction. If the seller actively bids during the auction and wins his lot back, he pays both the seller and buyer fees. This discourages sellers from placing bids during the auction.

The other effect you are noticing is that Teletrade does not instantaneously let the reserve "outbid you". There is a time delay of several minutes. So there is the appearance that you are winning the auction until the time delay runs out and then the reserve kicks in. You are right, this can get frustrating especially since the reserves are never revealed. Those lots appear unsold but are often 'recycled' to a future auction.

I have found that the stress-free way to bid on Teletrade is to place a Maximum bid on the auction for the most you would be willing to pay - and then watch the action. If you win - you win. If you lose, you know that someone was willing to pay more than you were or the sellers reserve was higher.

Cameonut

MrEureka

I have found that the stress-free way to bid on Teletrade is to place a Maximum bid on the auction for the most you would be willing to pay - and then watch the action.

Unless you don't mind paying your max bid, it might be smarter to snipe. That way, if the reserve takes bidding above your limit before you even bid, you can withhold your bid. If you don't, your unsuccessful bid on an unsold house lot can help the house reset its reserve next time the coin comes up for sale.

CarlWohlforth

Someone probably placed a max bid on that coin. The final price probably didn't meet reserve.

When there is a max bid the TT system waits a bit for a new bidder. After another bid TT goes to the next increment on the max bid. So if someone had bid $100 more than you before your bid it would behave like you describe. I think they want you to get into a bidding war with a computer!

Sellers often place reserves on their coins. It is cheaper to do that than it is to bid on your own coin. If you win your own coin you have to pay two fees, both the buyer and seller fee.

UncleWiggly

I like Teletrade. They have some of the best customer service of all the auctions I've participated in. The one thing I do feel uncomfortable with is you don't know how many people are bidding on a coin. I guess it really doesn't matter. I use to bid/buy coins by sniping. I thought it was the way to go and it is actually fun. But I found myself impulse buying.

Jerry

wondercoin

Based upon the personal bids I have placed over the past couple months, it is my personal opinion that Teletrade is running a "clean" operation with respect to executing buyer's bids. I often do not have time to bid with 5 minutes to go in the auction and must leave max bids (and, of course, I am prepared to pay the max amount if I have to and still be satisfied with the purchase). Many times, I will win the lot at a tiny fraction of my max bid. Just yesterday, I had a max bid of around $450 on a coin which just sold on ebay last week at just under $600 (and I knew I could also sell easily at around $500-$550). I won the coin for under $200. This is not a rare occurence - this is routine and what I base my personal opinion on.

I like what Paul Song has done with Teletrade over the past year and their new Customer Service Director - Irma (who speaks at least 3 languages when she has to) is something else as well. I understand she also prepares a thank you note to every new bidder in the auctions.

Why am I taking the time to post this? Because, sometimes it is important to compliment the good things going on out there in the coin biz as well.

Wondercoin

kieferscoins

What happened to Hollie Hughs? Wasn't she the new customer service 6 months ago and then her pics in Teletrades ads disappeared about a month ago?

Cameron Kiefer

wondercoin

Cameron: I am not sure. I think Hollie is there part-time, but you'll have to ask Irma about that yourself (in any language you desire)

Wondercoin

LincolnCentMan

I have no problem with the dealer/seller placing a reserve. What I have a problem with is that it is masked in the form of a bid. It looks like you're getting bid against, and thus contributes to false since of market strength. Reserves should be clearly listed as met or not met... just my opinion.

David

kieferscoins

<< <i>I think Hollie is there part-time, but you'll have to ask Irma about that yourself (in any language you desire) >>



I like it when a woman speaks French

Cameron Kiefer