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Look before you leap !!!
CheckersFred
Posts: 82
Sometimes, I make low bids on auction coins just to see what happens. Every so often I win, so some of my bids are not really that far out of line. For example, I "won" a Rhode Island commem recently in MS66 for a pretty decent price, and I am pretty happy with it. So, last week I was using my wife's IPad and surfing coin sites. I was on the site of a prominent auction house in Dallas, and I was having trouble getting logged in -- I must explain that I seldom use the iPad; and the keyboard is tricky, at least for me. I found a coin worth about $200 IMHO, and I decided to enter an $88 bid -- just to see what would happen. I tried to bid $88, but it said I was not logged in. So, I managed to get logged in and entered the $88 bid again. Next thing you know the screen said "Congratulations, you are the high bidder with a secret max bid of $8888." I freaked. I phoned them right away and explained what happened and asked for their help (or mercy). They politely explained that it is against their policy to retract bids. They did me a favor though and instituted me as the high bidder for $150. When the auction ended I won the coin at that value -- $193 after buyer's fees, etc. All things considered this is a fair result and a valuable lesson, although I never would have bid that much on this particular coin. (I have one already just like it only one grade lower.) I consider myself lucky. I will never again bid using the IPad. Look before you leap.
Here's to it and to it again.
If you don't do it when you get to it,
You'll never get to it to do it again.
If you don't do it when you get to it,
You'll never get to it to do it again.
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Comments
Lance.
<< <i>If they accepted the error why did your bid get pushed to $150? Sounds like a game to me.
Lance. >>
The lot may have had a reserve of $150 and the $8888 bid exceeded the reserve. If this is what happened, then they were protecting the bidder by limiting his exposure at $150 while guaranteeing the consignor that the coin would sell.
In honor of the memory of Cpl. Michael E. Thompson
<< <i>
<< <i>If they accepted the error why did your bid get pushed to $150? Sounds like a game to me.
Lance. >>
The lot may have had a reserve of $150 and the $8888 bid exceeded the reserve. If this is what happened, then they were protecting the bidder by limiting his exposure at $150 while guaranteeing the consignor that the coin would sell. >>
Right. I get that. But if they bought the mistake why not back it out? I mean, it was either a gaffe or not. I think it's shady.
Lance.
In honor of the memory of Cpl. Michael E. Thompson
At a recent auction also at a Dallas auction house a friend and I entered very low bids on several coins each. We never thought we would win. That is because we thought a gold coin would always sell for at least melt value (after adding in all fees). Lo and behold we each won coins. Whoever consigned those coins got way less than melt. So do be careful when playing around - even properly placed lo-ball bids can win!