Hypothetical: Is it unethical to let a coin sell too cheap?
MrEureka
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Let's say there's a coin on which you plan to bid very aggressively. You're virtually certain you'll buy it. Then, you realize that there's one other bidder that will probably outbid you. If you bid, you'll almost certainly be the underbidder and you'll probably cost the winner a small fortune. Would it be unethical to not bid, to save the other bidder a pile of cash, and to cost the consignor an equal pile of cash?
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
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The name is LEE!
If the other bidder is your competitor, then you are giving him an advantage over you by allowing him to retain more of his funds that will be used against you at a later time.
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IMO, no.
Also, the next time a similar coin comes up, it may be less expensive to pick up as recent sales price would be lower.
By bidding the coin up, you may be bidding yourself out of future coins.
<< <i>relayer, never thought of that, very good point.....but the question is, "Would it be unethical to not bid....." >>
By NOT bidding, you are depriving the seller from receiving the fair market value for his coin, which harms the seller.
If you bid, then you are depriving the other bidder from obtaining a "bargain" price for the coin, which harms that bidder.
So you have an ethical delima. Where is the greater good?
If the seller is to receive a "fair" price for his coin and the buyer is to pay a "fair" price for the coin, then you would have an ethical obligation to place the maximum bid that you had planned to pay for the coin.
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Of course, it all depends who you like less as the determinant of whether or not to bid.
<< <i>Let's say there's a coin on which you plan to bid very aggressively. You're virtually certain you'll buy it. Then, you realize that there's one other bidder that will probably outbid you. If you bid, you'll almost certainly be the underbidder and you'll probably cost the winner a small fortune. Would it be unethical to not bid, to save the other bidder a pile of cash, and to cost the consignor an equal pile of cash? >>
If you enter into an AGREEMENT with the other bidder to keep the price down, the answer is YES.
If there is NO agreement between you and the other bidder and you simply choose not to bid, the answer is NO.
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A bidder places a bid because it's what he/she is willing to pay for an item.
If you enter your max bid and don't get the coin, you neither win nor lose, but merely assist in setting the current market value for the item.
If you don't bid because you "think" (read that as "you're afraid") you'll be outbid, then you're NOT truely a part of the "actively buying market" and your bid really doesn't matter in the scheme of things.
People who set market values bid "because I want it and that's what I think it's worth," not, "because I think I might win at that bid!"
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<< <i>Let's say there's a coin on which you plan to bid very aggressively. You're virtually certain you'll buy it. Then, you realize that there's one other bidder that will probably outbid you. If you bid, you'll almost certainly be the underbidder and you'll probably cost the winner a small fortune. Would it be unethical to not bid, to save the other bidder a pile of cash, and to cost the consignor an equal pile of cash? >>
If you rightfully suspect the guy bidding against you is a shill, then "NO" you're being smart.
You're also being smart if you don't think "shill" but that the other guy wants it as bad or more than you. Just try a good old fashion last second snipe. As apposed to bidding it up and up. And Good luck to you.
By your thread title, I was thinking you where the seller. And wanted to know if pulling the item that is not getting the bids you wanted would be. YES
I'm sure it happens all the time.
(Priest) BLASPHEMY he said it again, did you hear him?
If you have inside information that the other bidder is buying at much higher prices than you can..... then it might be un-ethical NOT to bid.
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To answer your question though, I would bid up to my threshold and then stop. The hypothetical states that you want the coin and are going after it aggressively. There could be many reasons for dropping out of the bidding at any given point, as you certainly know.
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If you don't bid, you're just giving up. Why would you do that? I can't see a reason to try to second-guess another bidder. Should you be worried that he will take offense and will retaliate by trying to run up your next bidding contest?
<< <i>You guys crack me up
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<< <i>This thread is fantastic at 1:30 in the morning...... >>
And it becomes sureal at 3:30 AM
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As you see it right now, there are 2 high end bidder's....
Watch a 3rd party come in and blow you both away....
I speaketh from experience.... haaaaa
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No conspiracy. I just like the other bidder more than I like the consignor.
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Visit the Society of US Pattern Collectors at USPatterns.com.
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<< <i>No, someone else will bid it up anyways. >>
That's not necessarily true.
There was a coin I really wanted for my set that I was going to be very aggressive on. At the sale, it was just me and one other bidder from $50k to $90k.
If either he or I had chose not to bid, it would have gone for less than $50k. One bidder cost me over $46,000.