Concerning Heritage Signature Auction (Please Read)

AKrick

Placed a internet bid on a particular lot in the Heritage Auction a few days ago. It was a coin I really liked and wanted so much I was willing to pay some stupid money for it. Today the lot went to the floor for bidding. According to the "My Bids" on the Heritage sight I won the coin. Glad I won (if I did) but something happen in the bidding of this particular lot that has me wondering if the consignee or a representative of the consignee wasn't in the audience bidding. When the lot came up, bidding started and it reached my max and then went one bid beyond. I thought I had lost out to someone on the floor, then all of a sudden the high bid was withdrawn and my max bid took it. Tell me, does this sort of thing go on at these major auctions? I'm not saying that this was the case but Man!!! it's got me wondering.

Hope it's one beautiful coin because I paid dearly for it!!!

Rick

wondercoin

I attended the Heritage Wash quarter portion of the FUN sale via phone today and could listen to exactly what was going on with each lot. If you PM me I can share with you my recollection of the coin in question. Understand that there were very few Wash quarters that even received a single bid beyond where the internet bidding ended and the coins opened. I was told there were about 5 people in the auction room for the entire series.

Wondercoin

flaminio

I've had more than one Heritage auction end right at my max. It's uncanny sometimes. I bid very carefully at Heritage, making sure I'm bidding my true max (minus the b/s/h/i/t) and not some outrageous overbid with the intention of winning at one increment over the underbidder. Sure, I don't win too many Heritage auctions, but at least I never overpay.

BAJJERFAN

It does make you wonder how you can win so many Heritage auctions right at your maximum bid.

darktone

It is uncanny how this happens but it does happen.

AKrick

I was more curious than anything. Just wondered if this type of bidding goes on as I have never attended any auctions. As naive as I am I would be willing to bet it does happen. What was so unusual about this auction was another bid was placed past my max and then withdrawn, at least that is what showed while I was watching the auction via Ebay.

By the way, here's the auction. And here's the coin...

JrGMan2004

Yeah... I wouldn't be very suspicious if they bid one increment below my max... but, what you say, where they bid higher, and then withdrew their bid... that looks awfully fishy.......

Colorfulcoins

Nice Toner

Windycity

I had the exact same experience today as well. I was bidding on two lots... the first I "won" at my maximum and the second was odd. On the seccond lot, I was the high internet bidder and when I checked this morning, I had apparently been outbid. Later in the day I went to the site again and it said the coin had not sold. I called Heritage and the looked into it and told me I had in fact been the high bidder and won the lot. I would like to know more about how this could have happened.

morgannut2

Actually I've been to a lot of auctions where the dealers are bidding and then ask the auctioneer in a confused manner

if another bid will buy it. They'll pull down their bid if it won't sometimes, so it's sort of the reverse of what you're afraid of

happening. The auctioneer gets annoyed by this if it happens too often, because it confuses the record keepers.

MacCrimmon

I've also seen some scum dealers (I know who you are) who intentionally 'bid up' a coin and then plead "confusion" that they were bidding on the "wrong" lot, remove their bid and let the poor chump in the front row "win" the coin.....nice, eh?

FWIW, I just won a coin which was 2 increments below my max at Heritage.

michael

makes you want to go hmmmmmmmmmmmmmm

smoething does smell fishy in denmark

michael

mrearlygold

Neat toner. Sorry you didn't get it.


Tom

Elcontador

The auctions are much more 'civilized' than they used to be. There wasn't nearly as much of the back and forth chatter between floor bidders and auctioneers as now, and they went about 2 to 3 times as fast.

I don't win many auction lots, but when I do, they're almost always at my max bid. I can only think of two exceptions to this in the last three years.

What probably happened is there was some chatter between a floor bidder and the auctioneer, and the auctioneer allowed the floor bidder to back out on his bid.

rainbowroosie

I sat through many hours of the auction, enjoyed the free food, and bought a Merc in MS 69....I noticed absolutely NOTHING unusual....Indeed, the auctioneer refused to open a lot that would have gone higher, becuase it had closed and two lots had passed....there were no excessive "cut" bids allowed or favoritism showed even to bidders who had spent "millions!"....

idocoins

I was able to win the only coin I bid on though the internet and got it well below my high bid Very happy and it's a low pop

TommyType

I wouldn't read too much into what you saw on eBay live either. I was watching yesterday evening, and bids were jumping around in odd fashion:

5000
5500
60000
65000
70000
7000
sold


Basically, the data entry is pretty sloppy. The person on the computer may have just assumed a bid, then had to reverse course to correct it.

AKrick

<< <i>Basically, the data entry is pretty sloppy. The person on the computer may have just assumed a bid, then had to reverse course to correct it. >>



That was my first impression when I saw it happen. Not trying to make a big deal out of this. More curiosity about the auction process than anything else.

Thanks to everyone for responding to my thread!

Rick

jonesy

Should fit your set!! Nice!!

bestclser1

Rick,Great pickup.Lloyd

pharmer

I was the underbidder on this, but the high bidder at the end of internet bidding. It went for $1265, I would have gone there given the chance. 1941 pcgs67.

greghansen

I've attended many Heritage auctions over the years and have never seen anything that would make me the least bit suspicous. They are run far more professionally than practically any other type of auction I've witnessed. There IS still an advantage to being there is person...and that is the opportunity to place a 'cut bid' (bid increment for 1/2 normal bid increase) when it becomes clear there is no other floor bidder and on the internet bidder is left. This advantage, however, has to do with the rules of the auction...not how the auction itself is conducted.

I find nothing the least bit suspicious about a lot of lots being won at the internets bidders high bid. We all, after all, are supposed to have a pretty good idea of the value of the item. Why would it be suprising that the winning bidder is the one willing to 'stretch' the most.

littlejohn

i was bidding on the live auction on ebay tonight.
the coin i was bidding on said $120 so i hit bid.
and its said i won it at $1,200. but i did not bid no $1,200 on a $500 dollar coin.??who know what happen.i done email them.don't know what there going to do .?
littlejohn

Conder101

Actually you probably DID bid $1200. There is time lag even in the live auction feeds and by the time your bid was received and entered the bid was probably well beyound the $120 it was at when you decided to hit "bid". And you bid was placed at the next increment over the current bid. There was someone else here who ran into that same problem and he found himself high bidder at $14,000 when he was trying to bid at about $1200.

pharmer

<< <i>i was bidding on the live auction on ebay tonight.
the coin i was bidding on said $120 so i hit bid.
and its said i won it at $1,200. but i did not bid no $1,200 on a $500 dollar coin.??who know what happen.i done email them.don't know what there going to do .?
littlejohn >>



I'm sorry that happened to you, hope you get it worked out. It is a fair warning for everyone, had not thought about what would happen if twenty people around the ebay world hit the bid button at the same time or within milliseconds of each other. Good for the auctioneer, bad for the bidders.

jorth

I do not bid often, but this week I bid on a Seated Dollar. My top was $6K, and got it for $5.5K. They called me live so I could listen and it sounded OK. I listened to 5-8 lots while I waited and they went fast, but sounded legit.