Several posters have said that they enjoy running up other bidders at auctions. Could someone expla
PerryHall
Posts: 46,350 ✭✭✭✭✭
Could someone explain to me how you know when to stop bidding? Unless you are a mind reader, you may wind up buying a coin you don't want or overpaying for a coin. The whole "running up another bidder" doesn't make sense to me. 
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
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But the people who play that game aren't going to be hurt if they get stuck with the lot. And it's also possible they could benefit even if they DO get stuck with it - it could make other coins they already own more valuable. If you have a gem set of something, would you want to be buying examples cheap? No, you want them to be expensive, because you already own a bunch. That way when you do sell, you point to the auction records as evidence of their great value.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
Bidding people up for the purpose of increasing the cost the eventual buyer pays is an old game played by sellers or holders of similar merchandise.
In the end it creates an unstable marketplace. Bidding people up for the excitement of it is something I can not fathom.
<< <i>That way when you do sell, you point to the auction records as evidence of their great value. >>
Why...why...why that's SNEAKY!
I am ....SHOCKED....that sneakiness could enter the field of numismatics.
It's an old game and it's sometimes - but not always - a good strategy. The decision to run someone up more often depends on personalities and relationships than on the desire to inflate the market.
As for creating an "unstable marketplace", I don't see the connection. Please explain.
Doggedly collecting coins of the Central American Republic.
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There is no way I would know who the opposing bidders are...might be Chinese, might be a board member...maybe just some goofball thinks he wants it so guessing is pure speculation. Take for example a nice '08 NM $10 62 that just sold for $1,840 including juice. Historic price shows that this coin is going to go for $1,300-1,500 and I'm willing to pay that, maybe even up to $1,600 because they are becoming difficult to find. The coin is not great but it's not bad either. I dropped out at $1,500 and I was willing to pay that so no one's getting a bargain there. Who ever wants that coin has to pay the money.
A recent '13 $5 62...same thing, not a great coin but nice enough. History says it's $700-$800 coin. I was good for $900 but the winner paid $1,300...not me.
So, if that's what you call running it up then I guess that's what it is...really, it is just competitive bidding so put what ever spin on it that you wish, it is not malicious, it's just bidding. No controversy here...move along, nothing to see.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
1. It's fun bidding on a coin you don't have a chance in hell of owning-- I only do it when the starting price is ridiculously low. If I can get a 1921 Peace dollar in MS66 for $100, I'll be happy I won it.
2. I hate seeing someone "steal" a coin at a super cheap price so I'll bid right before the auction is over. Sorry, pal, you're not getting that PCGS PR69DCAM Ike Dollar for $3.00.
No way I would simply bid up a coin just to make some other bidder unhappy.