Lot 3449 tonight on heritage! crazy what happened! *update*thursday morning!

joebb21

The coin was an 1885 ngc pf67 quarter that was showing a current bid of $6 before the live auction began.

I placed a proxy bid on the lot trying to win it.

Bids opened on the lot with a huge influx of bidders bidding the coin up to $550. The auctioneer was in no hurry to end the lot and just waited a minute till the bids slowly edged up.
$2200, $2400... eventually the lot was coming closer to what such a coin normally brings but nobody bid $2600. The auctioneer did not want to end the auction so he kept calling out for more bidders. Finally a $2600 bid was called and my bid of $2800 was placed.

Calling out for a next bid of $3000 resulted in no bids and the coin sold at $2800. Realizing how low it sold for, the auctioneer called for the lot to be canceled instead of selling.

This seems very wrong and unfair of Heritage. If nobody bids on the coin, the coin should go to the highest bidder. Dont claim there is a problem with the auction. It was fairly called out on the floor and nobody bid.
Also- the live bidding was definitely working as many bids were placed on that lot through it.

I look forward to hearing what heritage tells me tomorrow....


***update***

I logged into my heritage today to see the coin was part of my winnings last night with a final bid of $2800. It was not there when the auction ended last night so it looks like Im getting the coin.

Coinosaurus

I was watching it too. Very bizarre.

hockeyfan9

Sounds like you got robbed! I am curious to here what they say.

Walkerguy21D

Assuming the owner did not have a reserve on it above $2800, sounds like you got screwed....it will be interesting to hear what they say.

CaptHenway

WTF?

coindeuce

Make sure you update this thread again when you have physical possession.

TomB

I had been sitting in on the auction session and just walked back to my hotel room shortly before that auction went off. In the background on my computer I was semi-listening to what happened and it appeared that the auctioneer was confused about something during the lot and mentioned that there was a problem with the lot before he apologized and ended the lot. Again, I was not listening completely, but this is what I recall.

joebb21

<< <i>I had been sitting in on the auction session and just walked back to my hotel room shortly before that auction went off. In the background on my computer I was semi-listening to what happened and it appeared that the auctioneer was confused about something during the lot and mentioned that there was a problem with the lot before he apologized and ended the lot. Again, I was not listening completely, but this is what I recall. >>



any apologizing took place after the lot had already ended and no other floor or other bids were placed

Bochiman

Please update us after you talk to them. As you describe it, it sounds very funked up (and not in a good way) and that auctioneer should have some explaining to do....

TomB

I'm going back to the floor shortly and might be able to ask someone if they know what happened with the lot.

AnkurJ

Could it be there was a higher reserve?

canadanz

<< <i>Could it be there was a higher reserve? >>



That's what I was thinking... doesn't sound like it though.

joebb21

coin was listed at no reserve, and any reserve posts before the live auction begins..
bids were also clearly placed. Starting at $6 they kept going and going.
The auctioneer seemed to be a little impatient that he had to wait till the coin got bid up to a level he liked.

mrcoin3

Maybe the auctioneer missed the reserve and that is the problem he was talking about.

timber100

It sounds like they have a lot of explaining to do, very unfair. Please keep us posted.

coinguy1

I would be shocked if Heritage refused to sell a non-reserved lot, merely because the auctioneer felt that the winning bid was too low. I would bet that there is more to the story, and that we (including the OP) aren't aware of it, yet.

CaptHenway

Maybe the potted plant that the auctioneer was bouncing bids off of stepped out for a cigarette........

CaptHenway

<< <i>I would be shocked if Heritage refused to sell a non-reserved lot, merely because the auctioneer felt that the winning bid was too low. I would bet that there is more to the story, and that we (including the OP) aren't aware of it, yet. >>



But seriously, folks, these people have run an auction or two, so maybe there is indeed more to the story. Let's save the pitchforks for the hockey puck gougers.

TD

GoldenEyeNumismatics

Heritage receives no benefit from not selling an unreserved lot. I imagine there was a genuine problem that resulted in the lot being cancelled.

MsMorrisine

I would wait for an explanation in writing from Heritage.

rld14

Before the angry mob assembles yet again...

Joe, if this is the case this sucks, and in a bad way and I am sorry for you man.

However, that being said, it has been my experience and has been proven on here, time and time again, that Heritage WILL do the right thing.

ANACONDA

Think about it logically. Heritage makes their money when coins sell, not when they don't sell.

It would be very easy for an oversight or mistake to have occurrred - a reserve should have been placed on the coin but was not (can you do anything perfectly 9,000 times in a row?). They caught the mistake before the auction occurred, hoped for the buyer's sake that the coin would meet the unplaced reserve, tried to faciliatate the bid to make it reach the reserve (in accord with their fiduciary duty to the consignor.....and wouldn't you want them to do that for you?) and didn't sell the coin when it didn't make the unplaced reserve - honoring the consignor's wishes and passing up their commission.

Sounds like they tried to do what I would have wanted them to do, had I consigned the coin.

speety

I too would be shocked if Heritage didn't sell a coin because it was "too cheap".

According to their website, they sold nearly $700 MILLION last year, they wouldn't risk their reputation over a coin - especially a relatively cheap one.

I too am waiting to hear the whole story.

henson4

I would not be surprised with these auction houses as far as their bidding practices. Chances of getting a real steal on heritage? slim to none.

Frozenink

I was at the auction, and they had a few lots that did not update properly. A couple of other lots the lady called out a $1 start but it was actually much higher.

The particular lot you are talking about was the first lot that that had happened on and he was truly concerned that something was not right with how that all happened.

The later lots it happened in they let the system catch up to it. I think that you will have a chance to pick that coin up at your bid if you call in and ask about, that is if there was not a reserve on it that they missed.

Gary

WTCG

<< <i>I would be shocked if Heritage refused to sell a non-reserved lot, merely because the auctioneer felt that the winning bid was too low. I would bet that there is more to the story, and that we (including the OP) aren't aware of it, yet. >>



I'm thinking there was a reserve on the lot that should have been in place but wasn't.

piecesofme

It's a coin conspiracy! Oh God, not another one.

WoodenJefferson

Does anyone know where the key is to the pitch fork locker?

Just in case.

Seems like a SNAFU in the bidding process.

Bear

Somebody git a rope!

notwilight

My guess is what he looked at before he declared no sale is the reserve. Is the coin now show for a BIN price? If so, that was the reserve. --jerry

Revised guess: coin still shows at $6. No way that coin would be at $6 at the start of bidding. Something wasn't working with that lot.

NotSure

<< <i>Somebody git a rope! >>



Once again, wise ole Bear hits the nail on the head!

MsMorrisine

Heritage sounds like they will explain if you ask.

Ask.

mrcoin3

<< <i>Think about it logically. Heritage makes their money when coins sell, not when they don't sell.

It would be very easy for an oversight or mistake to have occurrred - a reserve should have been placed on the coin but was not (can you do anything perfectly 9,000 times in a row?). They caught the mistake before the auction occurred, hoped for the buyer's sake that the coin would meet the unplaced reserve, tried to faciliatate the bid to make it reach the reserve (in accord with their fiduciary duty to the consignor.....and wouldn't you want them to do that for you?) and didn't sell the coin when it didn't make the unplaced reserve - honoring the consignor's wishes and passing up their commission.

Sounds like they tried to do what I would have wanted them to do, had I consigned the coin. >>


That's very nice for the consignor but what about Joe the high bidder? Not fair to him at all. If it actually happened as per your speculation above the right thing for Heritage to do would have been to sell the coin to the high bidder (Joe) and eat the difference between his bid and the reserve. If they truly caught the mistake before the auction occurred they should never have accepted any bids on the coin. JMHO

mrcoin3

After thinking about this further I have a question for the OP.
Joe--when your bid of $2800 was accepted and there was no further advancement of the bid, did the auctioneer say "Sold $2800 to bidder #xxx"?

Bayard1908

I was following the auction when this lot was withdrawn. I believe there was a legitimate error.

mrcoin3

<< <i>I was following the auction when this lot was withdrawn. I believe there was a legitimate error. >>


So you are saying that the lot was withdrawn before it was hammered sold?
Correct me if I am wrong please.

SaorAlba

I have seen that very example happen many a time at Stacks. I am guessing there really was a reserve on the piece, and they effed up. The auctioneer should have fessed up and admitted exactly what had happened though. I am burned at Stacks for mysteriously disappearing lots that I bid on - I remember that and think thrice before bidding at Stacks anymore.

abitofthisabitofthat

<< <i>I would not be surprised with these auction houses as far as their bidding practices. Chances of getting a real steal on heritage? slim to none. >>



Could you please explain your comment? Are you saying that something is wrong with Heritage's bidding practice? Are you implying unethical behavior? Can you provide personal examples of times that Heritage treated you unfairly while bidding?

joebb21

***update***

I logged into my heritage today to see the coin was part of my winnings last night with a final bid of $2800. It was not there when the auction ended last night so it looks like Im getting the coin.

ambro51

Thats reassuring to know the system is not 'broken'. Looks like you got a sale price.

good for you.

My piece is up friday afternoon....hope I get lucky like U!

Dabigkahuna

I would sure want to call Heritage just to be certain. They are forever changing things in my online account!

pmac

This coin went down around $1100 in less than a year. It was resubmitted after the Feb. 7, 2010 auction ($4312.50), auctioned on July 11, 2010 ($3737.50), and yesterday's results - $3220.00. Hopefully for your sake, it has a home for a while, and that when you sell, it goes for around the Numismedia nmn price of $4100. Great pickup.

CaptHenway

Once again, the lynch mob proves unnecessary.
Stuff happens.

Teva

The winning bid was about $1000 lower than the coin has auctioned for in the past year. So I would be suspicious also if they canceled
the auction.

Jesh

Sometimes if there is no bidding through the website, and no legacy bidding the item will show up on the list with 0 or 1 bid at some silly price like a few dollars (the amount showing was my bid I believe). There were two lots like that, actually. What I am assuming happens is everyone is using the bidding in ha.com/live and with bid protection and all that it seems like it goes nuts. It happened in another lot too, both of which I bid like $15 or something on (I'd have to look).

So sometimes it goes a little whacky it looks like... but glad you got the coin.

ANACONDA

I suspect that the person who wrote this:



<< <i>I would not be surprised with these auction houses as far as their bidding practices. Chances of getting a real steal on heritage? slim to none. >>



WAS surprised to read this:



<< <i>It was resubmitted after the Feb. 7, 2010 auction ($4312.50), auctioned on July 11, 2010 ($3737.50), and yesterday's results - $3220.00. Hopefully for your sake, it has a home for a while, and that when you sell, it goes for around the Numismedia nmn price of $4100. Great pickup. >>

ANACONDA

Focusing on this statement:

...what about Joe the high bidder? Not fair to him at all. ,

my comment is, "fairness" is determined by the contract that exists between the bidder and the auction house. Go look at the contract that pertains to bidding at Heritage. Any bidder who knows the contract won't feel like they were treated unfairly in this situation. They might be disappointed but that is something different.

bestday

<< <i>I would be shocked if Heritage refused to sell a non-reserved lot, merely because the auctioneer felt that the winning bid was too low. I would bet that there is more to the story, and that we (including the OP) aren't aware of it, yet. >>



Heritage got tons of grief from the 2009 FUN auction.. where many currency items were just about given away.... for lack of bids.....I has the same experience then.....Low bids on items only to reopen several lots down the road. Consignors seem to higher up on the pecking order

swhuck

I've confirmed that we will be selling you this coin for the hammer price. Congratulations on a great buy!

The consignor removed the reserve on the lot at the last minute, which, among other things, led to the very low opening bid. The auctioneer thought that the reserve was still in effect, which led to the confusion.

MsMorrisine

cool pick up!

WoodenJefferson

The key to the shed has been hung once again...the "Break Glass In Case of Emergency" is still in tacked and secured.

We want pictures when you get the coin in hand.