2 Questions on DLRC Auctions
airplanenut
Posts: 22,148 ✭✭✭✭✭
I've got two questions about DLRC auctions that I thought someone here must be able to answer...
1- Can you snipe them? They say bidding closes at 9:30PM... is that set, or do the auctions get extended? With that in mind, about how long does it take for a bid to go through?
2- How close to their listed retail price do the reserves tend to be? For example, if the retail price is $500, will the reserve be around $500 after the BP? Before the BP?
Thanks!
Jeremy
1- Can you snipe them? They say bidding closes at 9:30PM... is that set, or do the auctions get extended? With that in mind, about how long does it take for a bid to go through?
2- How close to their listed retail price do the reserves tend to be? For example, if the retail price is $500, will the reserve be around $500 after the BP? Before the BP?
Thanks!
Jeremy
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Anyone have any info on the sniping?
Are the bids simply click "Submit Bid" and it's in, or is there a confirmation page like eBay has? Also, I signed up for the auction... do they need more CC info before I can bid? Or does that come only once I win?
Jeremy
<< <i>Are the bids simply click "Submit Bid" and it's in, or is there a confirmation page like eBay has? Also, I signed up for the auction... do they need more CC info before I can bid? Or does that come only once I win?
Jeremy >>
Pretty much. The bidding's pretty simple. I think they just want an idea of how you will pay before allowing you to bid. I bid a couple lots in the Richmond Auction and won one. I thought I had lost until I got EMail confirmation. For that one they didn't take CC's.
Just kidding, good luck!!!
Thanks for inquiring. Here's some answers to your questions:
1. I don't know if it's possible to snipe our web auctions. We certainly don't have a mechanism for it, but I guess it would be possible that someone else could develop the software.
2. As far as reserves are concerned, there's a difference between web auctions and live auctions (i.e. Richmond Collection). For web auctions, I generally try to set reserves to where a met reserve is euqivalent to a range of our cost-5% to cost+10%, depending on a coin's age in inventory. For example, coins over 90 days in inventory will be reserved so that the final price (including 15% buyer's premium) is still below our cost. On fresh collections, like the Tarheel Collection now up for auction, we set the reserves at very fair levels anticipating good bidding action.
For the Richmond Auction, I deliberately set reserves to where a winning bid (plus buyer's premium) is still below the wholesale price. We have had a 99% sell-through rate for the RIchmond Parts I & II, so I'm certain that everyone can agree that the reserves are below market. In Richmond III, we will run most of the coins without any reserve.
Back to the web auctions for a moment...
As our web auctions increase in attendance, I continually lower reserves because I am aware that the lower I set them, the more interest we get from bidders. Of couse, we have to protect ourselves and make sure that coins we would buy for $500 don't sell for $400. I don't mind if a few sell for $450 to keep people interested, though.
I hope this helps and I thank you all who support us.
-John
p.s. Some facts: in the current web auction #29 that ends Monday Night, 149 lots have met or exceed reserve from a total of 209 unique bidders. Please check it out! web auction #29
<< <i>Haha, I have a feeling I know what you're bidding on. Better bring a sandwich on this one because I'm out for blood.
Just kidding, good luck!!! >>
I knows exactly what he's bidding on... and it's gonna be a tough cookie to win... but it'll be worth it, me thinks
42/92
Now, two questions for you:
1- Can you accidentally drop one coin from the auction and sell it to me? Ooopsies?
2- More seriously, if I send you an email regarding a coin, would I be able to have a few questions answered before the auction ends?
Thanks!
Jeremy
2. We will definitely try. Best to email Jack, Win or Jason before Monday at noon. We pride ourselves in being responsive. emails are: jack@davidlawrence.com; jason@davidlawrence.com; win@davidlawrence.com .
Thank you!
-John
<< <i>You trying to get me in trouble??? >>
No... but I'm trying to get a coin at a lower price
I'll go shoot off that email now... thanks! (unless, I just remembered... I think I sent an email to info@davidlawrence.com a few days ago... will that be answered in time, or best to send another?)
Jeremy
If the coins have been in your inventory for a while, should they really be put in the "New coin purchases - Last 1 day" catigory when they are put in an Auction? I realize it's your website and you can set it up how ever you want. But it's rather frustrating to buyers to have to sort through the auctions when they want to look at the truly new inventory.
David
I've found DLRC auctions to be honest. In other words, I've had a few high bids sitting like ducks and I ended up winning lots way below my high. DLRC didn't take advantage of me. With DLRC, I don't think you need to snipe. Put on your best shot and it either wins or loses. DLRC auctions aren't yet like ebay, Heritage or Teletrade.
What I would like to see, as an improvement to the DLRC website, the ability to search DLRC price history to see if any particular coin has sold. Something like what Heritage makes available. You can do this on DLRC now, but only on coins currently up for sale (click on Price History). I think more people might visit the DLRC site if it became another source for researching numismatic price history info. The DLRC database should be strong enough at this time to make the company info of interesting value in a search.
Good luck on your bids!
KJ