Lot 3449 tonight on heritage! crazy what happened! *update*thursday morning!
joebb21
Posts: 4,742 ✭✭✭✭✭
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.
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.
may the fonz be with you...always...
0
Comments
Make sure you update this thread again when you have physical possession.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com
In honor of the memory of Cpl. Michael E. Thompson
<< <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
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
In honor of the memory of Cpl. Michael E. Thompson
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SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
<< <i>Could it be there was a higher reserve? >>
That's what I was thinking... doesn't sound like it though.
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.
<< <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
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.
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.
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.
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
<< <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.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
Just in case.
Seems like a SNAFU in the bidding process.
"Keep your malarkey filter in good operating order" -Walter Breen
Camelot
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.
<< <i>Somebody git a rope! >>
Once again, wise ole Bear hits the nail on the head!
Ask.
<< <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
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"?
<< <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.
<< <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?
merse
***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.
good for you.
My piece is up friday afternoon....hope I get lucky like U!
I would sure want to call Heritage just to be certain. They are forever changing things in my online account!
Stuff happens.
the auction.
So sometimes it goes a little whacky it looks like... but glad you got the coin.
<< <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. >>
...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.
<< <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
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.
Stewart Huckaby
mailto:stewarth@HA.com
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Heritage Auctions
Heritage Auctions
2801 W. Airport Freeway
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Phone: 1-800-US-COINS, x1355
Heritage Auctions
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"Keep your malarkey filter in good operating order" -Walter Breen