Home World & Ancient Coins Forum

Auction Protocol - Floor and Internet Somewhat Puzzled

I would like to request the Forum members help. I recently bid on several coins offered in a non-U.S. based auction. My Internet submission was accepted. I woke up the next morning to see how I had done. I won several lots and lost several more. One lot confused me. I had the winning bid but was not awarded the coin. The citation stated that the winning bid was precisely the amount I had offered. I am a collector, not a dealer. I placed my bid on the Internet as already stated. Could I have been "gazoomped" as the English would say? I wrote a message to the auctioneer describing my puzzlement, requesting an explanation. As of this writing I have not received a reply.

Has anyone else had this experience? If so how did you resolve it? Many thanks, John
Sullykerry: Numismatic interests: Canada, Newfoundland, Japan pre-WWII, Ireland, Commemorative Coins (1892-1954) Celtic. References available on request.

Comments

  • 7Jaguars7Jaguars Posts: 7,228 ✭✭✭✭✭
    WAG: tie bid, yours not received quite as early as the other. I got one the other day after the hammer but had entered it via internet. So winning bid was not the winning bid for the other party on that particular item - that was not on purpose on my part....
    Love that Milled British (1830-1960)
    Well, just Love coins, period.
  • coinkatcoinkat Posts: 22,721 ✭✭✭✭✭
    I suspect that the bid was a floor bid. And if so, the floor bid usually gets the coin.

    Experience the World through Numismatics...it's more than you can imagine.

  • EVillageProwlerEVillageProwler Posts: 5,859 ✭✭✭✭✭


    << <i>I suspect that the bid was a floor bid. And if so, the floor bid usually gets the coin. >>



    I doubt it. When I'm on the floor, I often hear "prior bid" from the podium in response to a floor bid. The reason, I suppose, is that the mail bidder cannot increase but the floor person can -- either way, the lot sells at X or higher.

    My guess is two mail/non-live bids of same high amount, thus becoming a first-received issue.

    EVP

    How does one get a hater to stop hating?

    I can be reached at evillageprowler@gmail.com

  • WeissWeiss Posts: 9,935 ✭✭✭✭✭


    << <i>I suspect that the bid was a floor bid. And if so, the floor bid usually gets the coin. >>



    This is my guess as well. Or order of registration. Some auction houses want to encourage people who actually come to the event. I suppose that's because floor bidders can increase their bid at that moment, but mail or internet bidders may not.

    The auction house probably stipulates in their bidder agreement. Ties go to the floor, or vice versa.

    One auction house we've used in the past:

    The absentee bidder does not have any advantage over the other bidders. In the event of a tie bid, we give preference to the bidder who registers with us first.
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • JCMhoustonJCMhouston Posts: 5,306 ✭✭✭
    Most of the US companies use the first bid received method as pointed out by EVP, European houses sometimes give preference to the floor bidder. But it should be spelled out in their terms.
  • EVillageProwlerEVillageProwler Posts: 5,859 ✭✭✭✭✭
    I guess I'm thinking too much like an American. US auction houses like to use technology and TPG and the Internet to conduct the meat of the business.

    European houses use the Internet more like an advertising venue, on an online print copy. They are slower to adopt live Internet bidding, and don't have as much respect for PCGS or NGC as we do here.

    So, with a more traditional approach to numismatics, they would want to give more bias to floor bidders to represent clients and offer expertise in lieu of TPG holders.

    EVP

    How does one get a hater to stop hating?

    I can be reached at evillageprowler@gmail.com

  • I am still waiting for a reply from the auction house. Once I have it I will post to for all to see.

    Many thanks to all those members who have commented. John
    Sullykerry: Numismatic interests: Canada, Newfoundland, Japan pre-WWII, Ireland, Commemorative Coins (1892-1954) Celtic. References available on request.
  • I want to thank those of you who chimed in with helpful suggestions. If you recall I had entered into a coin auction held in a non-U.S. domiciled city. I had placed a bid and then went to sleep thinking the bid would be sufficient enough to win the coin. As it turned out, my bid was tied with another. I queried why I was not awarded the coin and received the following response:


    "Your bid was a tie bid with a floor bidder. It is announced prior to the auction session and always been our policy that floor bids win the lot in the event of a tie."

    Moral of the story: Try not to fall asleep when bidding in a different time zone.

    John
    Sullykerry: Numismatic interests: Canada, Newfoundland, Japan pre-WWII, Ireland, Commemorative Coins (1892-1954) Celtic. References available on request.
  • Bump
    Sullykerry: Numismatic interests: Canada, Newfoundland, Japan pre-WWII, Ireland, Commemorative Coins (1892-1954) Celtic. References available on request.
  • JCMhoustonJCMhouston Posts: 5,306 ✭✭✭
    As I expected, but now you know you have to either stay up really late, or get up really early. image
  • coinkatcoinkat Posts: 22,721 ✭✭✭✭✭
    thanks for providing an update...

    Experience the World through Numismatics...it's more than you can imagine.

  • Well Thank You CoinKat. Your original comment was correct. Go to show that this Forum has a lot of experienced and helpful individuals. John
    Sullykerry: Numismatic interests: Canada, Newfoundland, Japan pre-WWII, Ireland, Commemorative Coins (1892-1954) Celtic. References available on request.
  • NapNap Posts: 1,702 ✭✭✭✭✭
    Probably the auctioneer goofed, as a prior bid should have been announced before the bidding was opened to the floor.
Sign In or Register to comment.