Accidently Bid on the Wrong Lot on Heritage.. Help

milkcoin · September 8, 2012 2:06PM

Tomorrow for Sunday's auction, I mistakenly typed the lot number 9200 in the bid box and became the current high bidder. I do not want to win this coin. Now I'm freaking out because it says they're closed on Sundays. Is there any way out of this jam if so who do I contact and how? Thank you in advanced for your help, I love this forum, man.

joebb21 · September 8, 2012 2:17PM

As an absolute worst case scenario you can return the coin for 5% less than it sold for.

claychaser · September 8, 2012 2:25PM

<< As an absolute worst case scenario you can return the coin for 5% less than it sold for. >>

Actually, no. This is a "Sigmature" auction, that has no return, presumably because lot viewing was offerred in Dallas and Long Beach.

For the relatively low money involved (looks like you are at about $188 all in), I would not mess or fret too much. First, you may get taken out by another bidder, then the problem just goes away. If you win and do not want or like the coin, I'm guessing you can sell it off and take a small hit. CC Morgans always seem to popular. You could always consign it to one of the smaller auction houses if you do not have enough consignment for one of the big boys. I've had excellent service from Ian at Great Collections on smaller deals.

milkcoin · September 8, 2012 2:28PM

<< 

<< As an absolute worst case scenario you can return the coin for 5% less than it sold for. >>

Actually, no. This is a "Sigmature" auction, that has no return, presumably because lot viewing was offerred in Dallas and Long Beach.

For the relatively low money involved (looks like you are at about $188 all in), I would not mess or fret too much. First, you may get taken out by another bidder, then the problem just goes away. If you win and do not want or like the coin, I'm guessing you can sell it off and take a small hit. CC Morgans always seem to popular. You could always consign it to one of the smaller auction houses if you do not have enough consignment for one of the big boys. I've had excellent service from Ian at Great Collections on smaller deals. >>

Just to clarify, I was looking at a different lot trying to jump to 9200 but I didn't realize the cursor was in the bid box on that coin.

claychaser · September 8, 2012 2:33PM

Ohhhh - you are $9200.00? That is worthy of some attention. Not sure what you can do. What is the lot number?

One thing that is a good idea is you can set a self imposed limit on their system. Too late for that now, but good to note for the future.

Davideo · September 8, 2012 2:37PM

<< Ohhhh - you are $9200.00? That is worthy of some attention. Not sure what you can do. What is the lot number? >>

I know I wouldn't give out the lot number. All it takes is some anonymous jerk to bid $9100.

illini420 · September 8, 2012 2:43PM

<< 

<< Ohhhh - you are $9200.00? That is worthy of some attention. Not sure what you can do. What is the lot number? >>

I know I wouldn't give out the lot number. All it takes is some anonymous jerk to bid $9100. >>

Yes, Mr. milkcoin... tell us the lot number

Seriously though, maybe someone is working at Heritage during the Internet auction?? I would at least try to call tomorrow and maybe send off an email or two.

WingedLiberty1957 · September 8, 2012 2:55PM

I would try emailing them and telling them about your mistake ... maybe they can cancel your bid?

In Fall 2011 I had a similar problem where I mistakenly placed a bid on a lot

I immediately emailed Bid@HA.com this email

-----------------------------

Hello Heritage,

I am bidder #xxxxxxxxx

Tonight, I successfully bid on and won lot #xxxxxxx for $zzz
I am looking forward to seeing that coin.

However, I hit BID so many times trying to be the high bidder on that lot
my last bid click rolled over to the next coin lot #yyyyyyyy … a coin I did not mean to bid on.

I was the only bidder on this 2nd coin and I ended up winning it … which I did not intend to do.
Is there a way to cancel this mistaken bid (and win) on this 2nd mistaken lot #yyyyyyyy

So I want to keep lot #xxxxxx and cancel lot #yyyyyy

Is that possible?

-----------------------------

I never actually got a reply to my email from Heritage
However the next day, they removed the 2nd (mistakenly won) lot from my order

illini420 · September 8, 2012 3:04PM

Definitely send a few emails out to at least have a record of your mistake that you can show them if you can't reach them until Monday.

I haven't done that yet on Heritage, but I did something similar when bidding on the Golberg auctions last week. I would be looking at a lot, then to go to the next lot I'd just jump to it by typing it in the box at the bottom of the page. Well, on one of them I accidentally had the cursor in the bid box and ended up bidding over $3000 on a $100 or so coin!!! I freaked out for a little bit, but I was able to call them and the matter was resolved on the Goldberg site by just going back and bidding $0 on the lot. I was happy that worked, but at the same time it concerned me that anyone could reveal the current high bidder's max bid by simply placing a large bid, seeing the new current price, then cancel that bid by bidding $0... didn't seem right.

Good luck in getting it straightened out!

jt88 · September 8, 2012 3:08PM

I doubt they will cancel your bid but they will cut max bid to one bid higher than the current high bid. That's what they did for me last time when I heard that they cut the credit card payment to 5K only from 10K. I was outbid on 5 coins because they allowed me to cut my max bid.

joebb21 · September 8, 2012 3:50PM

Even though its a signature auction- as its the internet only session you can still return items

milkcoin · September 8, 2012 6:15PM

I got outbid so it's all good. Thanks

Jcarney · September 8, 2012 9:12PM

<< I got outbid so it's all good. Thanks >>

Congrats. I bet that was a relief! So this was a $9300+ coin?

WingedLiberty1957 · September 8, 2012 9:19PM

So since the problem is now solved ...
and you are out of danger ...
can you post a link to the page with the item so we can all take a gander?

I for one am curious!

Jcarney · September 8, 2012 9:38PM

<< 

I for one am curious! >>

Me too. I've been searching HA for $9300 coins.

BAJJERFAN · September 8, 2012 10:18PM

Has anyone ever won a lot they didn't want and then ask the auction house to offer it to the second highest bidder and agree to pay the difference?

crypto79 · September 8, 2012 10:29PM

On live events I once bought the coin after the one I wanted. It has tought me to click more carefully at coin auctions. Looks like you were bailed out congrats, learn from this.

SaorAlba · September 8, 2012 10:32PM

I did that a couple of times on HA - one lot I got outbid on the other one I didn't - but I ended up getting the lot for $1 + the $14 minimum, but actually I wasn't too disappointed because it is a huge postwar bond from Alabama that I might actually put in a frame and put up on the wall.

jessewvu · September 8, 2012 10:59PM

Sounds like you should pay more attention when you bid on something.

JazzmanJAB · September 8, 2012 11:49PM

Now that you are "out of the woods", would you tell us the
Auction number for the item.
Just curious.

PerryHall · September 8, 2012 11:58PM

<< Sounds like you should pay more attention when you bid on something. >>

I think he learned his lesson but thanks for sharing.

lkeigwin · September 9, 2012 12:08AM

<< Even though its a signature auction- as its the internet only session you can still return items >>

Here's an email exchange over a few lots I wanted to return.

Thank you for your email. Please be advised that, as a standard business practice, we do not accept returns for Signature Auction items. The below return policy outlined in our Terms & Conditions only applies to our Internet Only Auctions. With that said, I do see that the lots you wish to return were purchased from the Final Session of Auction #xxxx, so we can go ahead and accept those lots as returns with a 5% Restocking Fee per item being returned. With that said, once your items have been returned to Heritage, your refund minus the restocking fees will be credited back to your account as available credit for future auctions, or it may be issued to you as a check upon request.

I would recommend including a brief, written explanation for your reasons for return along with your returned lots. If your reason for return for any of the lots is approved by our experts, your Restocking Fee will be waived.

Thank You,

Natalie Jones
Client Services Specialist
Heritage Auction Galleries
3500 Maple Ave
Dallas, TX 75219

Direct Client Services: 866-835-3243
Phone: 1-800-872-6467
Local: 214-409-3500
Fax: 1-214-409-1425
Email: nataliej@ha.com
www.HA.com/Connect: Twitter, Facebook, Blog, Articles and more…

COINS and CURRENCY TERM B: Auctions conducted solely on the Internet THREE (3) DAY RETURN
POLICY: Certified Coin and Uncertified and Certified Currency lots paid for within seven days of the
Auction closing are sold with a three (3) day return privilege. You may return lots under the following
conditions: Within three days of receipt of the lot, you must first notify Auctioneer by contacting
Client Service by phone (1-800-872-6467) or e-mail (Bid@HA.com), and immediately ship the lot(s)
fully insured to the attention of Returns, Heritage, 3500 Maple Avenue, 17th Floor, Dallas TX 75219-
3941. Lots must be housed intact in their original holder and condition. You are responsible for the
insured, safe delivery of any lots. A non-negotiable return fee of 5% of the purchase price ($10 per
lot minimum) will be deducted from the refund for each returned lot or billed directly. Postage and
handling fees are not refunded.

RichieURich · September 9, 2012 12:50AM

<< Has anyone ever won a lot they didn't want and then ask the auction house to offer it to the second highest bidder and agree to pay the difference? >>

Yes, I have done this with Heritage. It is very important to make the request as soon as possible!

RYK · September 9, 2012 1:13AM

<< 

<< Has anyone ever won a lot they didn't want and then ask the auction house to offer it to the second highest bidder and agree to pay the difference? >>

Yes, I have done this with Heritage. It is very important to make the request as soon as possible! >>

As an underbidder, I have been contacted on more than one occasion when the high bidder was released from the obligation to purchase a coin and offered the coin at my underbid. I do not know that the circumstances of the high bidder not completing the purchase, but I can imagine any of a number of possible scenarios, including what Bajjarfan suggested.

COALPORTER · September 9, 2012 1:18AM

If the aution is not live, I think there is a way to retract your bid or revise
it to a lower amount. I know, did this along time ago, but can't remember the
details.

BAJJERFAN · September 9, 2012 2:10AM

<< 

<< 

<< Has anyone ever won a lot they didn't want and then ask the auction house to offer it to the second highest bidder and agree to pay the difference? >>

Yes, I have done this with Heritage. It is very important to make the request as soon as possible! >>

As an underbidder, I have been contacted on more than one occasion when the high bidder was released from the obligation to purchase a coin and offered the coin at my underbid. I do not know that the circumstances of the high bidder not completing the purchase, but I can imagine any of a number of possible scenarios, including what Bajjarfan suggested. >>

I think it would only be fair on the part of the high bidder to offer to compensate the house for the lost bid increment plus any juice that may apply.

RYK · September 9, 2012 2:12AM

<< 

<< 

<< 

<< Has anyone ever won a lot they didn't want and then ask the auction house to offer it to the second highest bidder and agree to pay the difference? >>

Yes, I have done this with Heritage. It is very important to make the request as soon as possible! >>

As an underbidder, I have been contacted on more than one occasion when the high bidder was released from the obligation to purchase a coin and offered the coin at my underbid. I do not know that the circumstances of the high bidder not completing the purchase, but I can imagine any of a number of possible scenarios, including what Bajjarfan suggested. >>

I think it would only be fair on the part of the high bidder to offer to compensate the house for the lost bid increment plus any juice that may apply. >>

Well, the owner of the coin would be the major loser, and who is to say that someone else would not have made the same high bid?

BAJJERFAN · September 9, 2012 3:21AM

<< 

<< 

<< 

<< 

<< Has anyone ever won a lot they didn't want and then ask the auction house to offer it to the second highest bidder and agree to pay the difference? >>

Yes, I have done this with Heritage. It is very important to make the request as soon as possible! >>

As an underbidder, I have been contacted on more than one occasion when the high bidder was released from the obligation to purchase a coin and offered the coin at my underbid. I do not know that the circumstances of the high bidder not completing the purchase, but I can imagine any of a number of possible scenarios, including what Bajjarfan suggested. >>

I think it would only be fair on the part of the high bidder to offer to compensate the house for the lost bid increment plus any juice that may apply. >>

Well, the owner of the coin would be the major loser, and who is to say that someone else would not have made the same high bid? >>

Let me rephrase my original comment. If the high bidder wants out, he/she should be willing to make up any deficiency that may arise between his bid and the next highest accepted price. Of course that would be properly apportioned between the house and consignor. I didn't intend to mean that the house should get it all.

DIMEMAN · September 9, 2012 3:48AM

On a mistake like this they should let you off the hook at no cost to you.

It's not like you just changed your mind.

Amigo · September 9, 2012 6:25AM

Amigo · September 9, 2012 6:43AM

I've always had very reasonable outcomes with Heritage.

Last fall I was bidding in the Signature Currency Auction on a rare National Banknote that was similiar to many others I won at auctions. As so many others, because of the perfect storm of events ,
I won the bid on the wrong lot that was something north of $7k, not only that ........ but it just so happened that an opposing fanatic bidder just had to have the note with a nuclear bid apparently,
because it had a market value of less than $4k . I called on Monday to explain what had happened, figuring I'd have to buy it and reassign to the next auction, and loose a sizable chunk.
Instead, since it was obvious the banknote was not anything similiar to my previous wins, they simply canceled the bid with no penalty. I'm not saying that's their business model,
but if you buy specific coins or banknote series and it's obvious you don't just have buyer's remorse, it probably helps. I suppose it's decided on a case by case basis.
Which is all the more reason to treat Auction Companies with the same honor and respect you expect from them.

mozin · September 9, 2012 7:15AM

After I was given the wrong information by NGC Registry staff, saying that my PCGS World coins could be entered by staff members, I placed a bid on a PCGS foreign gold piece in the current Heritage auction. In the last hour, someone finally bid over me. What a relief!

Walkerfan · September 9, 2012 7:27AM

You can edit or cancel your bid through the HA/Live system as long as it is BEFORE the item is on the block. Not sure if this will work with internet pre-bidding, though.

Accidently Bid on the Wrong Lot on Heritage.. Help

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