Is Heritage's new feature disclosing the source of winning bids needed or necessary?

Longacre

I got my regular weekly update email from Heritage. The email indicated that Heritage has a new feature where it discloses the source of the wins for all of its auctions. See the quote below. Is this feature needed, necessary, and does it make a difference to anyone?

"Everybody in the room at one of our live auctions knows where the winning bid came from, if not necessarily who placed it, but that source has always been hidden from people looking at auction results on our website. No longer. In our unceasing drive to give you the best information about our auctions, we have added a new feature to the Permanent Auction Archives. You may have seen something like this already as you were watching the results from one of our auctions roll by, but now, next to each lot in our archives, you can see the source of the winning bid — Internet (any bid placed through HA.com), mail/fax, floor, phone, podium, or eBay Live."

Dennis88

Interesting, but I don't see any advantage with this new feature....

Dennis

DJC

It'll be nice to know, from a curiosity standpoint if nothing else, but I don't now about needed or necessary.

Barndog

I think it is a good move. Too often, internet and other non-floor bidders tend to think that they don't have a chance. Now, if they can see where bids come from, they might rethink their willingness to bid and perhaps it will help to add more bidders and therefore drive up prices realized.

ColonialCoinUnion

I noticed that myself and wondered why they have done it and to whose benefit it is.

My conclusion was that they are trying to provide the greatest possible transparency and maximize the comfort for all bidders that 1) they have a shot and 2) there really was some guy on the phone bidding on that coin -

Julian

How can the availability of more information be harmful?

rays

<< <i>How can the availability of more information be harmful? >>

ziggy29

I suspect they're trying to show non-floor bidders that they really *do* win some lots, so as to encourage them to keep trying.

etexmike

I'm not sure if the new feature is needed or necessary. but I like it.

I've sold enough coins thru Heritage auctions but never attended one. I have often wondered where the winning bids came from.

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etexmike

flaminio

<< <i>How can the availability of more information be harmful? >>

I agree. In situations like these, I would always opt for more information than less.

RichieURich

I like it, but it doesn't add much IMO. What I really like is that now they tell us what the reserves are. IMO this helps bidders a lot, because we don't waste time or commit dollars to lots that we want to bid on, but in an amount less than the reserve amount. Thanks, Heritage for adding this feature!

Now if we can only get Teletrade to do the same thing!

jbsteven

they probably have the information in their software and some people wanted to know where the bids were coming from so might as well add another bit of information. I agree that more info is not bad at all.

mgoodm3

Not necessary, but may be instructive.

Torrero

<< <i>How can the availability of more information be harmful? >>


It can't be harmful. All information is good and dealers who provide it to their customers should be commended. Period.

Jay

robertpr

<< <i>How can the availability of more information be harmful? >>



I don't know, but I'm holding a bookburning next week. Everyone is invited to bring all of their books to contribute to the fire.

jacktheknife

I just wish they would come out with it and tell us who won the lot!

Jack

jayboxx

I just wish they would come out with it and tell us who won the lot

While they are at it, they could also give us a historical record of what that person has bid on and if they won that coin. That would be useful

MrEureka

If an Ebay bidder buys a lot, it costs him an extra 5% and that gets reported in the sales price. Therefore, disclosing the source of the bid provides more info about the quality of the info, i.e., whether the underbidder was 5% or 10% lower. It also eliminates confusion for consignors reviewing results online, who might otherwise think they had an extra 5% coming to them.

Coxe

I don't believe Heritage reports eBay in these cases. They are all lumped as Internet. It is known on the floor though. ("Another one goes to the eBay idiots....the people who use Coin Prices as a valuation guide and don't even know they can save valuable percents by registering to bid directly at Heritage, Superior, ...") It is useful to know that certain bids are much more likely sight-unseen than others too.

MrEureka

According to Heritage:

you can see the source of the winning bid — Internet (any bid placed through HA.com), mail/fax, floor, phone, podium, or eBay Live."

Coxe

Well, if it does show eBay specifically, then that is useful one way or the other depending on the coin and the bid. I still bid the coin and use their history to a minor extent, hardly depending on it.

oreville

There may be an additional benefit to disclosing this info. I remember calling Heritage a few times to find out who was the winning bidder, floor, telephone or internet, etc?

Now that Heritage customer service reps no longer have to deal with this they can now have time to do other things for us.

I would like my coffee regular with sweet n' low please!