An auction question

TONEDDOLLARS · January 12, 2013 12:35AM

While I was at the FUN show on Thursday , I wandered up the the Heritage auction. I was interested in the SLQ 27-d NGC 67. By the time it came up for auction, the opening number was $11000. The coin had wonderful toning, but I was a little worried how the colors were the same as they rose and fell over the wings. Most toning changes color as the elevation of the devices on the coin changes. But to get to my question, as soon as the coin opened the heritage woman sitting to the left of the auctioneer called out $16000. Why did this number just go this high without working thru the bid increments. Was this the Internet bidders max., and they just jumped to it? If you place a larger number from the Internet does your bid automatically just go to it?

tradedollarnut · January 12, 2013 12:39AM

More likely than not, they had competing book bids and they just saved time by jumping to the appropriate spot.

roadrunner · January 12, 2013 10:31AM

That's a strong price imo for a flat had MS67....even if it is an old no-line, fatty holder. Didn't expect to see a sticker on that one. Toning pattern is unusual but
quite attractive....certainly not the usual looking SLQ. JA apparently had no concerns about it.

TONEDDOLLARS · January 12, 2013 10:52AM

Since I posted this, I have talked with a person who was at $14000 and read where someone had a client at $15000 so this explains how it went right to $16000. It is a wonderful coin and a big congratulations to the new owner. Trade dollar nut was right on.

CoinZip · January 12, 2013 12:43PM

If the sale was on Heritage Live.....there may have been some bids happening online.

swhuck · January 15, 2013 6:10AM

This is a fairly common occurrence and what happens is this:

The lot opens on the auction floor at the increment (or less) above the second highest bid we have on the book. As soon as the lot opens -- and not before -- we compare the high book bid and all existing Heritage Live and podium bids. If this raises the bid, we immediately change the bid to that level.

TONEDDOLLARS · January 15, 2013 6:59AM

<< <i>This is a fairly common occurrence and what happens is this:

The lot opens on the auction floor at the increment (or less) above the second highest bid we have on the book. As soon as the lot opens -- and not before -- we compare the high book bid and all existing Heritage Live and podium bids. If this raises the bid, we immediately change the bid to that level. >>

Thank you Stewat

An auction question

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