Heritage Auction....Have you ever seen this happen?

16DMERC

I've been tracking a coin for a couple of weeks on heritage. It went from 3500 to 9000 in about a week and showed 3 bidders and that the reserve was not met. A couple of days ago it went down to 6000- still 3 bidders, and the reserve was met. Internet bidding finished yesterday at that price and will now go to the floor. What is up with this? what did I miss?

Lakesammman

Don't know - was there a * by $9000?? If so, the seller may have decided to remove the reserve so the real bid prevailed.

16DMERC

There was a star, which I thought just meant reserve was not met. What you say is possible I guess, I just don't understand it moving from 3500-9000, then back to 6000.

llafoe

I placed a bid of $3,000 on a coin, the price immediately went to $3,000 (reserve not met). That was the highest I was willing to bid, so I never looked back. A few months later, I learned that I won the coin for $2,600 w/juice. Apparently, when there's a reserve, the coin goes to your max bid (or the reserve amount if you meet the reserve). Once they lowered the reserve, I was in competition with the underbidder and not the reserve so the price dropped.

16DMERC

ahh.....that makes since

Lakesammman

I called HA today to w/draw a bid.

I was outbid online and wanted to make sure that if someone ELSE removes their bid OR if the reserve is lowered, that I don't get stuck with the coin (since I've already spent the money elsewhere).

Lakesammman

Yikes - they won't let me cancel!

swhuck

<< <i>I've been tracking a coin for a couple of weeks on heritage. It went from 3500 to 9000 in about a week and showed 3 bidders and that the reserve was not met. A couple of days ago it went down to 6000- still 3 bidders, and the reserve was met. Internet bidding finished yesterday at that price and will now go to the floor. What is up with this? what did I miss? >>



This was a lowered reserve. This can happen some times, as others in the thread have speculated.

swhuck

<< <i>I called HA today to w/draw a bid.

I was outbid online and wanted to make sure that if someone ELSE removes their bid OR if the reserve is lowered, that I don't get stuck with the coin (since I've already spent the money elsewhere). >>



If any of those things happen, we will work with you. There is no reason to withdraw an underbid.

ModCrewman

Stewart,

Work with them as in...give them time to pay...or work with them as in let them out?

Thanks...just wanted to clarify.

Lakesammman

Checked prices realized tonight. As usual, since I didn't win, I'm devastated.

Thanks for the post, Stewart.