Quck Question on Heritage Bidding

keoj

So I'm happily bidding on a coin in an upcoming Heritage Auction. It's still in the sub $1000 range so increments are $50. If I see an increment of $1 (not $50), what does this mean? I forget the exceptions to bid increment but are Mail and FAX bids excluded from increment? Also, is this viewed as a cut bid?

Just looking for a refresher.

keoj

LoveMyLiberty

Your question sounds a little more complicated than a routine
bidding question. You might try this toll free number:

1-866-835-3243 this is their Direct Client Service Line.

It seems that someone may have entered a bid just $1 over your
max bid. A cut bid would normally be for half of the required increment.
I haven't kept up with bidding rules for fax & mail. They usually follow
the same rules requiring either full, or half increments, or they will be rounded
up or down to the nearest full or half increment.

Good luck.

gemtone65

I would assume it means that you now know that what the maximum previously secret bid is of the high bidder -- one dollar above your last increment.

illini420

During Internet bidding I'm pretty sure you can put any dollar amount as your max bid. Many Internet bidders try to use this to their advantage. For example, if I think a coin will win with a bid of $1000, I'll probably $1001. That way, if the current bidder's max bid is $1000, then I'm the new high bidder with $1001 and the next bidder must jump up to the next increment to beat me. I think that's how it works.