Heritage Changes Bid Increments

LeeG

Just got an email from Heritage that states their changing their Bid Increments for all Auctions. Here you go:


In order to increase the conformity between the various venues in which Heritage auctions items, we have changed our bid increments, effective immediately. In almost every case, the new increments will not exceed 10% of the current bid. The new increments are:


Current Bid Bid Increment
< $10 $1
$10 - $29 $2
$30 - $59 $3
$60 - $99 $5
$100 - $199 $10
$200 - $299 $20
$300 - $499 $25
$500 - $999 $50
$1,000 - $1,999 $100
$2,000 - $2,999 $200
$3,000 - $4,999 $250
$5,000 - $9,999 $500
$10,000 - $19,999 $1,000
$20,000 - $29,999 $2,000
$30,000 - $49,999 $2,500
$50,000 - $99,999 $5,000
$100,000 - $249,999 $10,000
$250,000 - $499,999 $25,000
$500,000 - $1,499,999 $50,000
>= $1,500,000 $100,000



Now, rather than being in effect only on our website, these increments are in effect anywhere you might bid in a Heritage auction, including both floor auctions and Heritage Live Bidding, available now in many Heritage Galleries venues and coming soon to Heritage Numismatic Auctions.

As a bidder, you need not remember this increment table. Just as before, our websites will accept any bid, regardless of whether it equals a bid increment, so long as it is at least equal to the next increment. And, of course, our floor auctions will continue to accept cut bids under the condition that the bidder will no longer be able to place any further bids on the item.

Thank you,
Bid@HeritageCoins.com

The Heritage Companies
3500 Maple Avenue, 17th Floor
Dallas, Texas 75219-3941


Heritage Rare Coin Galleries
Heritage Numismatic Auctions, Inc.
Heritage - Currency Auctions of America
Heritage Comics Auctions
Heritage Galleries & Auctioneers

beartracks42

They should be working on their delivery system, or try to develope one. I bought a coin in the Palm Beach Auction via internet on 11-05, paid $10.90 for shipping, handling and insurance the same day. The package arrived today, with a delivery confirmation, no insurance, in a flat rate priority envelope. They paid $4.40 to get this coin to me 13 days after it sold. I do not know about you, but I do not consider that service of any kind.

Sorry for my ranting.

kranky

What are "cut bids"?

gemtone65

Cut bids are bids made at one-half the usual bid increment on the floor only.

jdsinva

I believe a cut bid is where one intentionally bids in between the bid increment, believing no one else will bid higher and attempting to save on a portion of the bid. But when you do so, auctioneers will consider this your final bid on the item.

Jeff

kranky

Thanks for the explanation on cut bids.

tradedollarnut

Bruce Scher was an amazing 5 for 6 in cut bids last ANA sale!

monsterman

cut bids....the cut bid is a useful tool when your getting the feeling that another person is "bidding" you up on a coin (which happens for many reasons).....such as they wanna make you pay because they have the same coin in inventory...which makes their coin worth more....or sometimes you get run up as a pay back of a prior situation....sometimes you have to run people up "( like dealers ) to run them out of money because you dont want them around with "bullets" left when a coin you want comes up....so you can see there are a number of reasons....heck i have even run people up on a coin so i could get the very next coin without them in the bidding...thus a cut bid is used to signal the other bidder that this is my last bid or your the new owner...

tdn...i beg to differ..but

>>>>Bruce Scher was an amazing 5 for 6 in cut bids last ANA sale>>> your use of the word " amazing " implies a houdini like happening and he knew exactly what to pay and was a wizard at knowing....you know as i know we have an idea and a limit of what we will pay...but we are often surprised that we paid less than first thought....quite frankly someone was running him up on purpose.....but as you said he was "amazing" for realizing it 5 out of 6 times....from the middle of the room....that was amazing.....i have not mastered that yet as my esp has not developed good enough yet to see the bidders behind me and who they are...thus i am always in the back of the room watching all of you guys....also being in the back allows me to point my pencil size infra-red heart monitor at the other bidders....as they get closer to droping out of the bidding their heart escalates...sorta gives me an edge...you should of seen bruce`s heart rate on those cuts....i guess it is because he could of lost them all....now that would of been really amazing

monsterman

ps....i would of never...ever risked those "special" coins by using a cut bid as a defense to a run up.....i have a sure fire way to never cut a bid and then lose the coin ....no...my pencil size infra-red heart monitor does not turn into a defibulator ray ....thus jerking your arm down.....but if you wanna know how....and it works every time...it has saved me tens of thousands....pm me

TommyType

I was expecting some complaining about the change.......But seeing none, I'll start.

It seems to me they are shooting themselves in the foot. Wouldn't the larger minimum steps inhibit bidding? I mean to me the difference between, say, $1000 and $1100 is significant. At higher levels, it even gets scarier.

What's the goal? Just to speed up live bidding...cause it don't see how it would make any difference to them on internet bidding.

Oh, what do I know....I'm just this side of novice when it comes to auctions.

Tom

Elcontador

Business must be good. I wouldn't do this, as more bids can mean more people may get carried away on the floor. That translates into strong bids.

I went to my first coin auction in the 1960s. The idea is always the same. The auction house wants as many bidders as possible; this runs up the bids. The auction house (and the seller) make money when people get emotional about the coins. If I was running an auction house, I'd do everything possible to get people emotional about the lots. But now, with the reserve on the coin being disclosed, coupled with higher bid increments, this may lead to less bidding on these lots. We'll see.

morgannut2

I understand they're trying to speed up the live auctions, but on the internet only sales this costs them money. There are are no cut bids there, and $1000 to $1100 is a big jump. The shipping/handing/insurance on < $100 stuff (my circ. quarters) is way too much.

LeeG

morgannut2 got it right! Won a bid on a coin for $20. With premium, shipping and handling, cost me $32 (for a Dime!). This coin was a good value at $20 but not $32. Stupid me! Lee

Veep

When checking Heritage internet auctions, the first time through, I won't place any bids. I'll mark them as "Track this lot." That way if I only come up with one $20 coin on which to bid, I'll realize that my real cost will be $32 and won't bid. Now, if I find a single item or number of items that allow the total economics to work out, then I'll go back place my bids on the tracked items.