How am I getting outbid at Heritage with split bids?

Bayard1908

On Friday night, I was the high bidder on two items in the Heritage internet only auction which ends on Saturday. The bidding was $503 on one item and $375 on the other. If someone wanted to bid higher before the live auction started, they would have had to bid $550 and $400 respectively. However, this morning the high bids are now $525 and $388.

How were these split bids entered? The online bidding system requires that the bid be raised to the next full increment, unless the auction has gone live.

Are these house bids made by Heritage or something else? This type of seemingly impossible split bidding seems to happen in almost every auction.

crypto79

You can cut bid on HA-live (on line) or in person, also there is a small chance that a mail or absentee bid was entered for that amount but that rare now days.

oreville

You can also enter a "calculated" cut bid as a proxy bid during the live bidding in advance and you would never know it until the lot goes to bidding "live."

Bayard1908

<< <i>You can also enter a "calculated" cut bid as a proxy bid during the live bidding in advance and you would never know it until the lot goes to bidding "live." >>



These split bids showed up before the auction went live. If I had wanted to enter comparable split bids on any lot, it would have been impossible for me to do so using Heritage's website.

Someone is either receiving preferential treatment or knows how to game the system.

RYK

It is certainly curious, especially occurring the way that you have described, but one can never rule out the mail or fax bid. I have been outbid at the last second of open bidding, but I do not recall ever the outbid being a split bid.

mbogoman

That has happened to me, too. I'll go to bed after the on-line pre-live bidding has ended (with my bid the top bid) and when I log in the next day I've been mysteriously outbid overnight - way before the live auction begins. I have always attributed it to late entry of mail/fax bids, BWDIK...

crypto79

also it should be noted that "legacy" members can bid after the general public is locked out.

commoncents05

<< <i>also it should be noted that "legacy" members can bid after the general public is locked out. >>



I would wager this is what is happening.

-Paul

JohnnyCache

<< <i>Heritage internet only auction >>




The internet only auctions have slightly different bid increments than the standard floor auctions.

So in your case a $503 bid falls in the bid inc. range of $500~$999 with $20 dollar increments.
your $375 dollar bid falls in the range of $200~$499 with $10 dollar increments.

Non-floor Bid Increments





Johnny Cache

Bayard1908

<< <i>

<< <i>Heritage internet only auction >>




The internet only auctions have slightly different bid increments than the standard floor auctions.

So in your case a $503 bid falls in the bid inc. range of $500~$999 with $20 dollar increments.
your $375 dollar bid falls in the range of $200~$499 with $10 dollar increments. >>



No, that is not correct.

JohnnyCache

<< <i> No, that is not correct. >>




Well perhaps I am somehow confused, however the information depicted in the picture comes from Heritage.

I posted the link as a source.

You stated the auction you were bidding in was an Internet Only Auction, those are the bid increments listed by Heritage for internet only auctions.

Can someone else please advise. I would like to know for my own education.


JC

BloodMan

Something similar happen to me yesterday evening. As a so called "legacy client” online bidding was scheduled to end at 5:00 pm eastern time on Friday. My bidding strategy was to wait until close to the end of online bidding, and enter my bids just before 5:00 pm, which I did. After entering my bids for two lots, I was the high bidder for both. A few minutes after 5:00, the Heritage website indicated that I was the high bidder for both lots, but I could still be outbid during the floor session.

At 6:01 pm, I received an email from Heritage that I had been outbid (by half a bid increment) for one of the coins. At 7:13 pm, I received another email that I had been outbid by a full increment for the other coin. I was surprised to see that I was outbid since these coins were about 2 hours from going live. The email that I received stated that the bids came from either mail, fax or phone bids received after internet bidding closed.

pennyannie

I was only able to use the "cut bid" ONE time on the live HA auctions. When i was bidding live if you use the cut bid feature to early you can not use it a second time in that lot. Before the auction went live i had noted about 15 lots and the so called current bids, when the auction went live some of the lots were higher and a few were lower than the posted bids from 2 hours earlier. I like Heritage and by a lot of different items from them but sometimes think a little hocus pocus goes on. I do not know if these are corrections are adjustments. I will still raise my hand.

BryceM

<< <i>also it should be noted that "legacy" members can bid after the general public is locked out. >>



See, this is why I come here. You learn something new every day........