GC house bids?
Place a bid early, then watch the opening amount quickly get bid up to the increment just below the high bid.
Do it again, and again, and again. Coincidence?
They won’t bid you up to a new record price, but will likely take up any slack.
@shorecoll said:
Most of what I bid on gets run up some. Even most commems, decent for the grade, have multiple bidders and they've been "dead" for years.
Do you mean at the major auction houses? With the exception of Great Collections (which does not allow house bids to my knowledge), I am beginning to wonder how many of those inflated bids are from someone bidding against a computer or the potted plant in the back of the room.
Is there a good explanation of how computer bidding by auction houses works?
@RegistryCoin said:
GC house bids?
Place a bid early, then watch the opening amount quickly get bid up to the increment just below the high bid.
Do it again, and again, and again. Coincidence?
They won’t bid you up to a new record price, but will likely take up any slack.
No. I am sure GC is an exception. I seem to recall language indicating that house bids were not cast by GC in its terms of use at some point. Heritage and the others do bid on items in their own sales and there are hidden reserves.
@shorecoll said:
Most of what I bid on gets run up some. Even most commems, decent for the grade, have multiple bidders and they've been "dead" for years.
Do you mean at the major auction houses? With the exception of Great Collections (which does not allow house bids to my knowledge), I am beginning to wonder how many of those inflated bids are from someone bidding against a computer or the potted plant in the back of the room.
Is there a good explanation of how computer bidding by auction houses works?
What I am saying is that there are hidden reserves and artificial bids.
One overseas auction I dropped an online pre-bid so high I got an email from them asking if I'd made a mistake. IIRC I bid something like 3x their estimate. After that I fully expected to get bid up, but it didn't even get quite to their own estimate. I
I don't know that they knew what they had (and only one prior sale at Heritage in the last decade, and of the same exact coin if I remember that part right)...but they knew what my bid was and took no action to bump it up. My winning bid was less than what it had sold for previously.
Sometimes I wonder, but I've had plenty of nuclear range bids go unmolested and unapproached to see a pattern. Other coins I'm sure there was house bidding/secret reserve, but never each and every bid. I chalk that up the secret reserve, not a plan to get to my max bid.
Now I'm going to have Surf City running through my head for the rest of the day, and I don't even like The Beach Boys!
Surf City is a Jan & Dean song. GOTCHA!!!!!!
But Brian Wilson did write it, so I should get to wiggle out of that one on a technicality!
Jan Berry did "finish" the song before recording it. The "Wrecking Crew" provided the instrumentals...as they did for most or all of the Jan and Dean, and Beach Boys' songs. Not many of the top groups back then played their own instruments on the records....few of them were good enough. The WC backed a phenomenal amount of hit records in the 1960's through mid-1980's. Glenn Campbell was a Wrecking Crew member and used them extensively when he went on to solo-record.
As far as Bifurcation, I give credit for most of the creation of that trend to a single TPG (with 3 letters) who shall not be named.
Comments
GC house bids?
Place a bid early, then watch the opening amount quickly get bid up to the increment just below the high bid.
Do it again, and again, and again. Coincidence?
They won’t bid you up to a new record price, but will likely take up any slack.
Is there a good explanation of how computer bidding by auction houses works?
No. I am sure GC is an exception. I seem to recall language indicating that house bids were not cast by GC in its terms of use at some point. Heritage and the others do bid on items in their own sales and there are hidden reserves.
What I am saying is that there are hidden reserves and artificial bids.
One overseas auction I dropped an online pre-bid so high I got an email from them asking if I'd made a mistake. IIRC I bid something like 3x their estimate. After that I fully expected to get bid up, but it didn't even get quite to their own estimate. I
I don't know that they knew what they had (and only one prior sale at Heritage in the last decade, and of the same exact coin if I remember that part right)...but they knew what my bid was and took no action to bump it up. My winning bid was less than what it had sold for previously.
Sometimes I wonder, but I've had plenty of nuclear range bids go unmolested and unapproached to see a pattern. Other coins I'm sure there was house bidding/secret reserve, but never each and every bid. I chalk that up the secret reserve, not a plan to get to my max bid.
Jan Berry did "finish" the song before recording it. The "Wrecking Crew" provided the instrumentals...as they did for most or all of the Jan and Dean, and Beach Boys' songs. Not many of the top groups back then played their own instruments on the records....few of them were good enough. The WC backed a phenomenal amount of hit records in the 1960's through mid-1980's. Glenn Campbell was a Wrecking Crew member and used them extensively when he went on to solo-record.
As far as Bifurcation, I give credit for most of the creation of that trend to a single TPG (with 3 letters) who shall not be named.