Heritages' Palm Beach,FL auction.... Fill me in please

Crazy4Coins

I'm thinking about attending the Palm Beach, FL. auction in a couple of weeks since it's close to home. Although I've been to quite a many auction before, never a auction selling what I collect... coins.What should I expect? I assume its like most auction where it is easy to get caught up in all the action and bid a little more than you really wanted to or even bid/buy something you really didn't even need.

Now, lets assume I win a few items I wanted..

What is the normal process?

Do I pay for the coins that day and do I get to take them home with me?

or

Do I have to wait till the end of the entire auction and receive the coin by mail?

I'm definetly looking forward to it if I can make it... Anybody else plan on being there?

Randy

ConstellatioCollector

My experience with auctions is that you bid and receive the coins at a later date. Don't get caught up in the bidding. View the coins well in advance of the auction and write down what you like and what you don't like about the coin. Mark a reasonable price, next to the lot in the catalog, that you are willing to pay. DON'T bid over that price (get caught up in the auction).

rainbowroosie

Today, a "reasonable" price will buy you nothing....nice stuff goes for stiff prices.

ConstellatioCollector

That's why the price keeps going up and up and up. If you want the coin that bad, then go for it. I really don't think that the coin market will stay high. When it comes down a few of the coins might come back up for sale at more reasonable prices. I hope this comes true!

wayneherndon

You'll be surprised how fast the action moves. Coins often auction in 10 to 15 seconds each. Most pieces will just have one or two bids above the starting bids (but the better pieces may see spirited bidding, particular ones that are upgrade candidates). Typically, you can pay for and pick up won lots the following day at the auctioneer's table. Be sure to ask what time this is avialable as it often is not all day long. The auction houses make some staff available for pick up during a block of time but use them for other activities at other points during the day.

You will not be able to view the lots as they are bidding. You need to go to the show earlier in the day and look at the lots in which you are interested in. They will not be available in the auction room and there will be no time.

Enjoy yourself!

WH

Crazy4Coins

Thanks,

During the auction do they use a display the coin on a screen or just call out the lot numbers? 10 to 15 seconds is not a lot of time thats for sure. I'm worried about not getting my bid in on a few coins that I would really like to have. I usually put a bid in ahead of time through their website.This way I know my bid gets in and I don't pay more that I want to. But I would really like to attend and be part of the action.

Randy

jonathanb

If there's a live auction on eBay between now and then (I didn't check), you might take a peek just to get a feel for how quickly the lots fly by. (hint: FAST)

Bowers & Merena actually pipes the audio portion of some (all?) of their auctions over the internet, live as it happens. That's also an...education...in terms of the overall pacing. They also have one auctioneer who's particularly interesting and offers the occasional commentary for the benefit of people outside "the know" when something unusual is going on with the bidding, if you're fortunate enough to catch him while you're listening.

FWIW, I've bid on a live auction exactly once, for possibly the only coin that I *had* to have. It was with Bowers & Merena, and they were kind enough to let me "attend" by phone, talking to a live person on the floor who was placing my bids for me. That was nerve-wracking enough; I don' t think I could ever stand to do it in person.

jonathan

Crazy4Coins

Is it possible or does it make sense to put a internet bid in via the Heritage website prior to the auction and still attend and be prepared to raise your bid if the coin went higher?

Randy

Newmismatist

Actually quite simple -
1. Look at the coins & decide which ones you like.
2. Make sure you register and get a bidders number.
3. Go early and watch the flow of the auction to get a feel for how the bidding goes (fast!)
4. When the lots that you want to buy come up, raise your bidder card until you own the coin
5. If you follow step 4 often enough, you may never be able to go home again (you'll have to sell the house! )
(Suggestion - try and become good friends with Bill Gates )

Crazy4Coins

ttt... for the morning crowd