Is Heritage's "Buy Now" a real offer?

topstuf

I haven't paid that much attention to them before, but I see several coins from the LB auction that ...appear... to be for sale at fixed price on the archives. Do they do that?

PerryHall

Yes.

roadrunner

Yes, they do that. But I would imagine on dealer owned coins that the reserves are below the "buy it now." You can make an offer as well. I did this once on a coin I had been tracking. When it didn't sell at their FUN auction, I put in an offer and got it. Since I had seen the coin a year before there was little risk on my part and I knew what the coin was worth to me.

roadrunner

topstuf

Some say "make offer." Others don't. Do they convey offers to consignors even if under reserve?

Guess I should amend to "even if not so marked."

roadrunner

I would guess that Heritage owns a number of those "buy it now" coins. If other dealers are involved they might have the option to sell over reserve after the sale. Why not present an offer to a consignor rather than missing out on a fee. The only downside is that these are the coins that all floor bidders passed on based on the reserve prices.

roadrunner

majorbigtime

<< <i> The only downside is that these are the coins that all floor bidders passed on based on the reserve prices.

roadrunner >>



The other downside is that Heritage applies auction (no return) rules to these coins, or will try to stick you with a BS restocking fee.

Been there-done that!

RYK

There was a coin that I really wanted in the Long Beach sale. The reserve was such that the coin was overpriced by about ten percent with the juice added. The coin did not meet reserve int he sale. They offered the coin as a "buy now" after the auction with a price that reflected the reserve from the auction plus the 15%. If I were willing to pay that much, I would have bid for it in the auction in the first place.

I think that if you are on the ground at the show and well-connected, there may be ways to negotiate for these coins. At home, in many or most cases, the "buy now" seems like another opportunity for you to get "stuck".

mozin

Heritage indicates the auction reserves well before auction close. Often these amounts are well above the highest actual bid. I don't understand why anyone would use the after auction BIN.