If you think of the auction business as a game of chance, where sometimes you roll a 2 or a 12, but most of the time you roll the middle numbers, it is easier to understand. Having been the auctioneer for a few club auctions, I can sympathize with those running the thousand-lot-a-night auctions. Since it is Heritage, I would cut them some slack -- they almost always make it right, especially for better customers. I do feel bad for the consignor, though.
<< <i>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. >>
I didn't know that this could happen. But I am confused, the OP said there was no reserve. and that is typically posted weeks before the auction, aeound 12/17/10. So how is is possible for the consignor to remove the reserve at the last minute if there was no reserve reported? >>
We do occasionally lower or remove reserves on certain lots, as happened here. In this case, the lot would have shown as not having a reserve only after the reserve was removed. While the reserve was in place, in this case roughly a week, the status would have said "Reserve Not Met." (If it hadn't, we would have heard about it mighty fast... )
Sincerely,
Stewart Huckaby mailto:stewarth@HA.com ------------------------------------------ Heritage Auctions Heritage Auctions
Comments
for a 1885 ngc pf67 quarter.
most of the time you roll the middle numbers, it is easier to understand. Having been the auctioneer
for a few club auctions, I can sympathize with those running the thousand-lot-a-night auctions. Since
it is Heritage, I would cut them some slack -- they almost always make it right, especially for better
customers. I do feel bad for the consignor, though.
<< <i>
<< <i>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. >>
I didn't know that this could happen. But I am confused, the OP said there was no reserve. and that is typically posted weeks before the auction, aeound 12/17/10. So how is is possible for the consignor to remove the reserve at the last minute if there was no reserve reported? >>
We do occasionally lower or remove reserves on certain lots, as happened here. In this case, the lot would have shown as not having a reserve only after the reserve was removed. While the reserve was in place, in this case roughly a week, the status would have said "Reserve Not Met." (If it hadn't, we would have heard about it mighty fast...
Stewart Huckaby
mailto:stewarth@HA.com
------------------------------------------
Heritage Auctions
Heritage Auctions
2801 W. Airport Freeway
Dallas, Texas 75261
Phone: 1-800-US-COINS, x1355
Heritage Auctions