Advice on Heritage Internet bidding strategy

Blade

I am about to bid in Heritage's Bullet sale. I've bought plenty of times from them in Internet and Bullet auctions, but the coin I am bidding on has no bids and need some advice.

If no one else bids, will my "secret maximum bid" be my effective bid? If so, I will probably put in something lower and come back later and try to snipe it. I do know if there are multiple bidders, then the my bid will only go up to the highest level bid by all participants, not necessarily to the maximum level.

Thanks for the advice. I want the coin, but don't want to get stung at my maximum if no one else bids.

Barry

It works like Ebay - a proxy bid. If nobody else bids (which is rare), you should get it at the minimum bid. However, I believe there is a clause in the fine print that they reserve the right to reject lowball bids. If there is a reserve, you should get it at the reserve, if your bid is greater than that. Your maximum bid should NOT be what you pay for the coin, unless there are other bidders. Though, for some reason, it's rare that my winning bid isn't my maximum - I often wonder if there's some "funny business" going on.

If I were you, I'd put a bid in now and come back later and snipe it, if necessary.

Shamika

<< <i>If no one else bids... >>


It will never happen.

Somebody can prove me wrong, but I've followed several series in these Heritage auctions for at least 5 years and I've not once seen an item receive only one bid.

I'm watching several items and I've not yet placed a bid. I'm sure I'm not alone in doing this.

1946Hamm

Heritage will bid on it for themselves to resell later bofore they let you have it for the minimum.

Blade

Thanks - I want it bad enough that I'm sure someone, perhaps even Heritage, will come in and bump my minumum and I will respond. But I don't want to tip my hand and risk having my maximum fly through before someone else bids. Appreciate the advice.

UncleWiggly

<< <i>Heritage will bid on it for themselves to resell later bofore they let you have it for the minimum. >>




There must be something to this. I've noticed this everytime I've won a coin in the Heritage auctions. I thought it was just my luck. However, lately I've been bidding on currency with Heritage and I've been winning below my max.


Jerry

Shamika

<< <i>However, lately I've been bidding on currency with Heritage and I've been winning below my max. >>


All this means is that the underbidder bid somewhat below your maximum bid.

sliderider

Yeah, they pretty much all work the same. I didn't know they could reject your bids though. That sucks. So if theres a coin I think is worth $500, I could bid that but if nobody else bids and it closes at the minimum, I still lose???