Stacks contacted me tonight - is this unusual?

Bayard1908

I placed several bids in the Schaumburg sale but didn't win anything. Tonight, Stacks emailed asking if I'd be interested in buying one of the lots I bid on for my maximum bid.

How unusual is this? I figure either the high bidder didn't pay or returned the coin. Either that, or the consignor ended up being the high bidder.

fcloud

interesting. I hope if you go for it that its a great value.

Zoins

<< <i>or the consignor ended up being the high bidder. >>

That would be interesting.

Bayard1908

<< <i>interesting. I hope if you go for it that its a great value. >>



I agreed to buy it. The coin was 25% behind bid. If I had bid moon money, I'd be suspicious though.

MFH

I only bid on one coin - and upped my bids a few times -
but the final result is that the coin sold for double my
maximum bid ! My "Max" bid was the full PCGS "retail"
price guide and was speechless I didn't get it.

I "wish" someone had contacted me to pay my "Max" bid.

Congrats that they offered the coin to you.

291fifth

<< <i>

<< <i>interesting. I hope if you go for it that its a great value. >>



I agreed to buy it. The coin was 25% behind bid. If I had bid moon money, I'd be suspicious though. >>



It just tells me that "bid" is much too high. Your maximum bid may have been much too high too.

ColonialCoinUnion

<< <i>It just tells me that "bid" is much too high. Your maximum bid may have been much too high too. >>



I know this is a foreign concept, but sometimes things aren't negative.

bstat1020

That is probably how they protected the cosigners reserve and they won the coin themselves. Cosigner agreed to sell coin at the next highest bid to sell it, which is you.

TomB

It is possible that the high bidder contacted the auction house to nulify the sale and offer the coin to the next highest bidder at that person's max bid. I write this because once I bid on the wrong auction lot and upon finding out that I won the lot I asked the auction house about any option I had regarding forfeiting my winning. They told me it was okay for them to offer the coin to the next highest known bidder and for me to make up the difference in bid.

Barry

<< <i>That is probably how they protected the cosigners reserve and they won the coin themselves. Cosigner agreed to sell coin at the next highest bid to sell it, which is you. >>


I've had this happen with Heritage and they actually told me the coin didn't meet reserve, but the seller was willing to accept my max bid.

mozeppa

I've had heritage contact me several times.

DrPete

Sounds like a great strategy to me.

If I was running an auction company, I would do that. A coin does not sell, but the highest independent bid is near the consignor's reserve. Time, money, etc have been invested by auction company and consignor. At the conclusion of the auction the consignor knows that the coin has had a fair chance of open market bidding and it didn't bring what the consignor wanted. He got the exposure to the bidding so he knows that at the time and venue, the potential bidders didn't hit his reserve. He may be better off in the long run to sell the coin for a little less money, which may be a win for him, a win for the bidder, and a win for the auction house.

BuffQuarter

My guess is that Stack's owned the coin.

PerryHall

<< <i>My guess is that Stack's owned the coin. >>

291fifth

<< <i>

<< <i>It just tells me that "bid" is much too high. Your maximum bid may have been much too high too. >>



I know this is a foreign concept, but sometimes things aren't negative. >>



But this is the world of numismatics.

BillJones

It might show how hard up some big dealers are these days. In old days I used to get dropped from the mailing lists for not buying anything despite the fact that I was often the under bidder given the price realized.

If you have seen the item and know that it is okay, and you are still comfortable with the price; go for it. Otherwise if you have not seen it, and it's an item that will show up elsewhere, I'd be inclined to pass.

RichieURich

<< <i>Sounds like a great strategy to me.

If I was running an auction company, I would do that. A coin does not sell, but the highest independent bid is near the consignor's reserve. Time, money, etc have been invested by auction company and consignor. At the conclusion of the auction the consignor knows that the coin has had a fair chance of open market bidding and it didn't bring what the consignor wanted. He got the exposure to the bidding so he knows that at the time and venue, the potential bidders didn't hit his reserve. He may be better off in the long run to sell the coin for a little less money, which may be a win for him, a win for the bidder, and a win for the auction house. >>



What DrPete said. Good auction houses will do this if the high bid is close to the reserve. It can be a win for the buyer, a win for the consignor, and a win for the auction house. Why not contact the consignor and the high bidder if a deal can possibly be reached? I have consigned coins to major auction houses, who have done this to my satisfaction.