Heritage Bidding question

drfish

Since no one will be at Heitage tomorrow to answer this I thought I'd post it here.A coin has a reserve of $1250(not met yet) however the minimum bid is $1300(I tried bidding 1250 the system wouldn't accept the bid)If I bid $1300 and no one else bids would I get the coin for $1250? Thanks,drsmp

segoja

I don't think so if it won;t take $1250.

nencoin

I don't think so, either. The bid increment is forcing you to bid at $1300, so if that's your max bid, that's what you'll pay.

illini420

If the next increment is $1300, you probably have to bid that if you want to bid in the pre-auction bidding. If you wait until the live auction, you may be able to bid $1250 if that is what it opens at (or you may have to do a cut bid to make it $1250 instead of $1300. I'd call first before relying on that though.

Barndog

bid by mail, phone, or fax if you want to bid the lower amount.

coinguy1

<< <i>Since no one will be at Heitage tomorrow to answer this I thought I'd post it here.A coin has a reserve of $1250(not met yet) however the minimum bid is $1300(I tried bidding 1250 the system wouldn't accept the bid)If I bid $1300 and no one else bids would I get the coin for $1250? Thanks,drsmp >>

That's very odd. Typically, if a reserve is posted and hasn't yet been met, a bid at the reserve amount is accepted. Are you certain that you're reading/understanding the posted number/information correctly?

drfish

I guess someone at Heritage caught the glitch as the coin's reserve is now at $1300.....

swhuck

My best guess at what happened here is that the reserve changed and it took a while for the data to become synced. Translation -- it fixed itself.

For the record:

If the reserve hasn't been met, you can always place a bid for the exact amount of the reserve, if the reserve is on an increment or on a half increment (in this case, $1250 is a half increment). If the reserve is something other than an increment or a half increment, you can still always place a bid for the exact reserve amount through regular pre-auction Internet bidding or through live Heritage Live bidding; however, I do not know whether proxy Heritage Live bidding will allow you to do so, and this goes on my list of things to test.

If you are the only person to bid higher than the reserve, you will win the item for its reserve, regardless of whether the reserve is on increment, on the half increment, or something else.

At the floor auction, if the lot has an unmet reserve that is off increment, the book will open it at not more than a half increment below the reserve, and the auctioneer will call for the reserve. A bid for the exact amount of the reserve is never considered a cut bid; it will not disqualify you from placing a cut bid later on the same lot, and if you're using Heritage Live during the floor auction, you will be using the "BID" button instead of the "CUT BID" button to place your bid.

In effect, the reserve is its own increment in all respects.