Reserves just kicked in on the Heritage Signature Sale

AKrick

Out of the five coins I was interested in and placed serious bids only one met the reserve. With still a week to go before internet bidding ends I'll have to cut my list down to one of the auctions and hope for the best. Wish I had a couple thousand extra bucks to play with...

Interested in hearing what others think about the reserves.

badger

I had about twenty bids in at Heritage and none met reserve. A couple are real close. Reserves seem to be high based on recent auction history. (This is for the 1950-1964 Proof coins in high grade), A couple of the reserves are conservative and I would expect bidding to go higher.

The real problem is I see 8-10 bidders on many of the coins of interest. Higher bids seem certain.

TommyType

Well, I put "serious" bids on two lots, and met reserve on both. (At this point, I'm ASSUMING that the statement "No Reserve" really means "Reserve Met".)

We'll see how I come out in the end, since there's room for a hungry buyer to outbid me if they really want it.

pharmer

Thanks for the heads up

haletj

The 2 64rd Lincolns I might have been interested in have reserves more along the line of ms65 coins. Not sure if they're a smart buy at that much.

TommyType

<< <i>(At this point, I'm ASSUMING that the statement "No Reserve" really means "Reserve Met".) >>



Apparently a bad assumption....There are quite a few "high value" coins sitting with "No Reserve". Guess they're trusting the market.....

ER

<< <i>

<< <i>(At this point, I'm ASSUMING that the statement "No Reserve" really means "Reserve Met".) >>



Apparently a bad assumption....There are quite a few "high value" coins sitting with "No Reserve". Guess they're trusting the market..... >>


NOT a bad assumption. It 's a fact.
Edited to say: No Reserve means No Reserve; Reserve Met means there was a Reserve.

Sunnywood

I can confirm that "No Reserve" in fact means no reserve.

"Reserve Met" means there was a reserve, but it has been met or exceeded by one or more previously placed bids.

For all lots that have a reserve which has NOT been met, the current bid is automatically ratcheted up to one increment below the reserve, so that the next bid automatically meets the reserve. I think this is a great idea, because it is a waste of time to place bids that do not meet the reserve. All auction houses should do this.

I recall sitting at live auctions (Superior, for example, with Steve Deeds at the table), where the floor bidding was not meeting the reserve, and one of the professionals on the floor said, "Steve, how much do you need?" Deeds mentioned the reserve, and the floor bidder bought the coin. In other cases, Mr. Deeds simply cut in and said "I need X dollars" and either someone would take it or the lot would go unsold. This was the live equivalent of what Heritage is doing. Unfortunately, it doesn't always happen that way, and so sometimes lots go unsold even though some buyers might have been willing to buy the coin, had the bidding been jumped to the reserve. (Yes, I know, you could just keep bidding against the book until you finally win, but it doesn't always happen that way in practice.)

Best,
Sunnywood

TommyType

Thanks for the 'splaination.

I jumped to the conclusion that Heritage might just dispense with posting a reserve if it was already surpassed, and just claim "No Reserve" in its place.

But seeing numerous coins at rediculously low bids and "No Reserve" posted, I figured they really meant "No Reserve"!

Again, I guess they're trusting the market! For some reason, I like that....

cointagious

Keep in mind that 'no reserve' does not mean the Heritage will not be bidding against you or that other bids will be 'real money' bids.