Have you ever wondered about the legitimacy of Heritage's Internet auctions?

Barry

I bid on a coin tonight. I had the high bid, with roughly a 10% difference between the current bid and my max bid. During the last 2 minutes prior to auction closing I refreshed my screen (DSL) every 10 seconds or so. This didn't change until 2 seconds before the auction closed when the winning bid was all of a sudden my max. Did a sniper hit it just under my max with 1 second to go, or is something fishy going on?

ziggy29

<< <i>I bid on a coin tonight. I had the high bid, with roughly a 10% difference between the current bid and my max bid. During the last 2 minutes prior to auction closing I refreshed my screen (DSL) every 10 seconds or so. This didn't change until 2 seconds before the auction closed when the winning bid was all of a sudden my max. Did a sniper hit it just under my max with 1 second to go, or is something fishy going on? >>

That seems to always be my experience with Teletrade. I've never NOT won a coin at less than my max there, though when I asked the question before, others have said they have done so, and in some cases, frequently.

DMWJR

Barry, I may be shot for saying this, but you are walking where many have gone before you.

I think the saying goes something like, "never bid more than what you are willing to pay."

MassFullStepper

Barry....I took 3 coins from the Heritage Auction tonite....though I did have healthy bids on my items (as I needed them to complete a set), I still won two items that were below the highest price recorded recently, by almost 15%, and the third I took at well below the lowest recorded price....all in all, I found no sniping and nothing that would make me suspicious...though Teletrade, as ziggy29 mentioned, is ANOTHER STORY ALTOGETHER...I NEVER win an item on TT for lower than my max.

alergar

I just won 4 coins on Heritage all ended below my max. Doesn't always work like that though !!!

There have been times in the past when I have asked myself the same question you're asking.

Bubblehead

Heck, I just learned that I too, picked up three wins from Heritage.
I never, ever, expected to get them. Well below my max bid. And, well below previous sales as well. Joel says it's football?
Sumthin's up...
I'm kinda, sorta, happy tho...

Bochiman

Ok...take a test....

Find a coin, bid "$1,000,000"...if you win it for less, you know. If you don't, and the final price is $1,000,000, then you know as well

pharmer

Used to happen to me on tt a lot in the past, not so much anymore. What pisses me off is that if you have a buyback bid for protection, no matter how high, you pay the fee for that amount, even if the high bid was 10% of your buyback number.

MFH

Its rare that I win my lots under my MAX bid, either on TT or Heritage Internet auctions. I won a lot on Sunday on TT for 2/3 of my MAX bid, and I almost fell over from the shock.

idocoins

<< <i>
Heck, I just learned that I too, picked up three wins from Heritage.
I never, ever, expected to get them. Well below my max bid. And, well below previous sales as well. Joel says it's football?
Sumthin's up...
I'm kinda, sorta, happy tho... >>


I too won the 2 coins that I bid on. I put a bid in in the last 30 secs or so and I won both of them well below my max bid, in fact it turned out to be the next bid on both coins. I might add that I have won many coins from Heritage internet auctions on Tuesday night and I have been very happy with the prices that I won with.

michael

hmmmmmmmmmmmmmmmmmmmmmmmmm

very interesting


michael

Gonfunko

<< <i>Ok...take a test....
Find a coin, bid "$1,000,000"...if you win it for less, you know. If you don't, and the final price is $1,000,000, then you know as well >>



It would still be within their "estimate" I can't really answer the question, having never purchased from Heritage, but it seems as though it is possible to win a coin below your max bid.

sliderider

So are you trying to imply that Heritage and Teletrade shill bidders up to their max??

Manorcourtman

I bid on my first Hertage auction Tuesday night and I won the auction. I actually thought I did very well with my winning bid well below my max bid. The winning bid was 20% below my max. I thought that Tuesday might be a slow day for auctions.....I was either right or lucky? I picked up a 1818 1c PCGS MS62RB for $270 for my type set. I'm elated!! Maybe I was lucky my first time??

4thStooge

<< <i> So are you trying to imply that Heritage and Teletrade shill bidders up to their max?? >>




I, for one, would appreciate a more open bidding process similar to that on eBay. Why do the auction houses hide the bid history????????

Barry

Well, something screwy is going on.

I got the winning bidder email from Heritage, and the price listed is different (where I thought it should be) from what is on their My Bids web page (max bid).

GOLDSAINT

Barry, I also won one last night, and one last week. Both scarce Bust halves. I actually think the market is getting a little soft. The coin last night was one of only 14 total in both NGC and PCGS pops, and I won it at half what I bid,and lower than any Heritage sales the last few years. I was very surprised, as I have been getting killed for months.

jhar

Doesn't Heritage have a seller's option of putting in a reserve at any time during an auction??

saintguru

Look at any high priced coins in the auction..they bid it right up to one notch below the reserve...it make it look like there are buyers participating, but there aren't. The brush it off by saying that they will buy a good coin from their auction frequently.....UH-HUH...ever try to sell THEM a coin?? Ain't gonna happen!

But that said, know the turf and you CAN do well if you're careful.

dorkkarl

<< <i>Have you ever wondered about the legitimacy of Heritage's Internet auctions? >>

no. i've assumed (maybe naively) that heritage wouldn't be so stupid as to risk illegitimacy w/ the core of their entire operation.

K S

Sn3nut

I buy coins from both the Heritage and Teletrade internet auctions and sometimes win for less than my maximum bid. Most recently, I bid $460 for a PCGS 1949-D MS65FBL Frankie at Heritage and didn't think I would have a chance at getting it at that price. I ended up getting it for $400. I guess it just depends on the coin and whatever else is going on at auction time.

ziggy29

I used to think it was something sinister, the fact that all my wins have hit my max. But the more I think about it, the less I think so. If I routinely won coins for considerably less than my max, it would probably mean I was overbidding and overpaying.

I prefer to think that winning all my lots at my maximum -- and losing a fair amount, too -- indicates to me that I'm probably bidding about the right amount -- in other words, "strong" money but not "stupid" money.

Barry

Just to update...

The email and just-posted invoice from hertiage was correct, and was not my max bid. For some reason, following the auction and checking the MyBids page made it look like my bid was maxed out in the last seconds of the auction, but this was not the case.

orie

I also purchased a coin last night from Heritage for much less then I expected. Modern values are dropping like a rock. Especially the commems. Others- SAC 2000-D MS68, $300 to $200. IKE 1971-S MS67, $375 to $300. SBA WR MS66, $325 to $150.

Deb048gold

I've often wondered the same thing. E-Bay tracks the bids and you can see the bids with the bidder. With Heritage you have to use blind faith hoping that the bid that moves up to your max is a legitimate bidder.
Their bidding process is as clear as mud as well, where E-bay is very clear and concise.

gemtone65

Yes, I have wondered about the legitamacy of the Heritage internet auctions, as well as internet bids submitted for the other auction houses, e.g., Superior and the Goldbergs. From my experience, you have absolutely nothing to worry about from any of these firms. They will treat your bids fairly.