Update: Don't you hate it when you are the high bidder..but you don't get the coin??

marcalan84

Must be those darn *&@#$% Reserves!!

I was the high bidder on the 1924-S PCGS MS64 Buffalo Nickel in the ANR Auction today. I was all excited to see that my bid was the highest at the completion of the auction...but then noticed it wasn't in the category of "Items I've Won" along with the other lot that I was high bidder on!! Darn....just when you think you got a tough coin at a fair price!!!

Well today they seem to have updated the prices realized but it doesn't correspond with my High Bid or the fact that my account shows my max bid higher than the high bid amount??? How confusing!

ER

That kinda sucks!

haletj

Maybe the consignor will see this message and work out a deal with you with no auction fees!

tmot99

I hate that when that happens.

OnlyBuffalos

I fail to see the reason why an auctioneer would not open the bidding at the reserve price. Perhaps they believe that there is something to be gained. What I don't know. I think many bidders would stretch a little to meet the reserve rather than be disappointed to learn that they missed out on a coin because they missed the reserve by $5.

I sometimes supect that by not listing a reserve, auction houses are able to manipulate the winning dollar amount of mail and online bidders by not dropping the winning bid down to the lowest amount needed to win the auction.

haletj

Marc! ALL the buffalo nickels in ANR don't have prices realized listed yet. I don't think it was true that all of them didn't sell. Maybe you still got it?

marcalan84

Jaime- The Indian Cent I won.....shows my bid in green....and immediately showed up in the column heading "Items I've Won" after the live bidding went past that item number. That didn't happen with the Buffalo. I think that the Buffalo consignor was alot like the Lincoln consignor Teletrade has been running 3 or 4 times....with only a couple of coins actually selling.

Edited: Haletj is right. It seems wierd....because starting right before the Buffs there are no coins with a price realized and continuing thru the rest of Session 1. I will check again tomorrow to see if they update the prices realized for any of the 5 cent Buffs.

Sunnywood

There is another possibility that sometimes occurs. I lost out on the beautiful rainbow-toned 1895 proof Morgan in the last ANR sale ("Frog Run Farm Collection") even though my bid was the same as the winning bid. In that case, my bid was placed over the internet via live bidding, while the floor bidder placed the same bid. The internet bid was perhaps 1-2 seconds late in being recognized, and the hammer had fallen. The auctioneer generally will not re-open a lot for internet bidding. Floor bidders (rightly) get preference. So, in essence, the floor bid was "prior" to my bid, and took precedence. I was confused when I saw that the lot had closed at the same amount that I had bid. I thought I had won it, but did not see it in my "Items Won." Oh well. John Pack kindly looked into it for me and confirmed that the floor bid had been logged in first, then my internet bid which came too late. The only consolation was that the winning bidder had been willing to go much higher than I, so she would have won anyway.

Best,
Sunnywood

Sunnywood

As far as reserves, I much prefer Heritage's policy of actually placing the consignor's buyback bid (i.e. one increment below the reserve) prior to the floor sale. In other words, Heritage posts the reserves so that internet bidders can re-up their bids if the reserve still hasn't been met. The Heritage site tells you, "Next Bid Meets Reserve," which is to say that they have pushed the bidding up to that level so that any new bid can actually buy the coin. That is a much preferable method to having unknown reserves, which often results in NO SALE.

Best,
Sunnywood

marcalan84

Sunnywood- I actually see that the high bid finished at $1 under my Max Bid. That is how I know it didn't sell to anybody. Since my max bid (placed last night) was higher than the final bid (one increment higher than the previous bid).

MFH

marcalan84:

My bid on that 24-S was just one increment under your's. I thought my bid was very low, but you never know. I paid that amount for my NGC AU 58 with a perfect strike two years ago.

marcalan84

Mike- I am still learning and have a long ways to go with the Buffs....but it seems like the coin should go for somewhere north of $4k?? I think I would be happy to have it for what I bid. Any other opinions??

haletj

I see a price realized of $4370 for it. So did you win it? Seems like quite a nice coin! Esp at that price!