Auction question

coinkat

The Situation:

One places an opening bid of $800 and a final at 1200. The one that places the bid original opening bid is the high bidder at 1100. The hammer is at 1200.

The question:

Who wins the coin at the hammer price of 1200? Is the auctioneer be obligated to solicite and obtain a bid in excess of 1200? Or does a tie automatically go to the person present on the floor at the time of the auction?

I think I know the answer but I thought it is worth asking to be sure.

Many thanks in advance for any comments

BigBuffaloGuy

The tie goes to whomever bid first, regardless. What would happen in your situation is that the clerk would let the auctioneer know that the book also has a bid of 1200. At this point the auctioneer would ask the floor bidder if he is willing to go higher. If not, the lot hammers to the book (aka absentee bidder). It absolutely has to work this way, otherwise absentee bidders would get seriously ticked off.

Sometimes the auction company will make a mistake, and the floor bidder will win the lot for less than an absentee bidder, or for the exact amount. It probably happens at most companies once or twice an auction, and the absentee bidder usually is not very understanding, which is understandable

Below is how we explain this situation in our catalog.

In instances of a maximum bid tie, the bid recorded into the computer system first takes precedence. We record all bids within 24 hours of receiving them. If there is a tie between an absentee bidder and a floor bidder, the floor bidder has the opportunity to win the lot by placing a higher bid that is on increment or equal to the current bid plus ½ of the next bidding increment.

seemyauction

This is a very important question online bidders should take onto concideration before bidding.

If you have any doubts talk to the auctioneer, don not assume one way or the other.

At my auctions a tie goes to the live bidder, I also state this at every auction, its an incentive for people to go to the live auction.

AL

StrikeOutXXX

I think it is different at every auction. Most of the live ones I go to, absentee bids are represented by a certain person. They bid in turn against the live bidders as if they were the absentee. There really can not be a tie in my auctions.

In your example, the absentee bid is $1200. assume we're going in $100 increments. If I am bidding live against the absentee bid, it all depends on the sequence of bids. If I bid 1000, the absentee bids 1100, and I bid 1200, the absentee is at his/her max already, and they will not be able to bid again (Next bid would be 1300 and they maxed at 1200), and I will win at $1200.

If the increments are off and the absentee is at 1000, I bid 1100, the absentee would bid 1200 and I can either go 1300 or the absentee wins with 1200. Due to the strangeness of who is bidding on which increment, and not knowing if there will be 2 or more bidders, if it's something I really want, I set my maximum price and tell the absentee person +1 bid in case I fall out of sequence, for instance, I would bid $1200 + 1 bid. So if my opponent's bid lands right on 1200, I would bid one more time and that is it, but I won't lose because of who bid it first.

coinkat

I appreciate your comments... the increments are still at $50 at this level, but it is possible $100 was used.