Floor bidders opinion on internet bids??

TommyType

While pondering the Heritage auction, and wondering exactly what went on during bidding for the one lot I won, I came up with this question:

What do the floor bidders think of the internet bids?

I would imagine that it is a bit of an annoyance to them. Rather than being able to see the bidders, and gauge their interest, strength, and intent, they are stuck bidding on something with a bid history completely unknown to them, and with a hidden pre-determined maximum. They might be bidding against a cut bid….the current bid might actually be the max….the internet bidder may have bid moon money.

Must be an annoyance until they get clear the internet bids….if they ever do.

RYK

When I read the first sentence of your post, one word came to mind: derision.

Having been in the room during Heritage Signature auctions, I have sensed from the floor bidders and auctioneers that there is a wicked or playful contempt from the internet bidder. Like you say, one does not know how far "the idiot" is willing to go, which is less the case when you are staring at a room of established floor bidders. Note, however, that this only applies to ebay bidders. The online Heritage bidders are bid by "the book", and you do not know whether these bids are internet (sight-unseen) bids, mail bids, bids left in person, etc.

Longacre

I wonder what prevents an insider from bidding up a coin through internet bids?

roadrunner

How about buy back fees or having to pay the seller's fee if he gets it back?

roadrunner

saintguru

I was at the auction and I don't think that anyone ever minds internet bids. Funny thing is that when a BIG coin went to the internet (and some very big ones did!) the auctioneer would lok at Janet and say , "and who's the buyer...? The INTERNET!!!" I think people kind of got a kick out of it!!

Barry

<< <i>Funny thing is that when a BIG coin went to the internet (and some very big ones did!) the auctioneer would lok at Janet and say , "and who's the buyer...? The INTERNET!!!" I think people kind of got a kick out of it!! >>


Maybe it's already happened, but someone with a good, dry sense of humor (Russ?) should have their Registry set named "The Internet Collection."

sinin1

I have been to some smaller coin auctuions that had raw coins

sometimes the coins/lots where mislabeled or damage not given in description


it was funny/sad to see the internet bidders buy something at many times the value of the lot

BAJJERFAN

Caint be no worser than bidding stupid money unnecessarily over the net to make sure you win one against the floor bidders.

morgannut2

Having gone to the major Balitimore auctions for years, I've seen quite a bit of frustration with the online bids. At Bowers for
instance, the bids come in from Ebay in all sorts of wierd increments sometimes--like $4.95 more than you just bid when lots
jump at $50. Often, there is often a very slow response time too. In general the internet bids slow things down unless they are already on the book. In that case I really don't care. Anyone who's worried about insiders bidding and other highjinks
will be sorely disappointed if they actually go to some auctions. No auction can risk any unethical stuff--it would destroy their reputation in no time. These guys are pros--you aren't pulling anything.

marcmoish

will be sorely disappointed if they actually go to some auctions. No auction can risk any unethical stuff--it would destroy their reputation in no time. These guys are pros--you aren't pulling anything.

I agree - the sale went very proffessional with no funny stuff - funniest line I think was when one major coin - I forgot which (CRS :frown went for pretty solid money and won by an EBAY bidder of all things.

There were many internet bidders that won - they honestly won against solid floor bidders.

I had a few bids in for the Thursd noon sale via internet although I was at the show. I knew I'd have little patience to wait it out or peel myself away from the floor. Needless to say I was not the only one as I hear only a handful were in attendance.


Marc