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Auction Protocol - Floor and Internet Somewhat Puzzled
Sullykerry52
Posts: 92 ✭
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
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.
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Well, just Love coins, period.
Experience the World through Numismatics...it's more than you can imagine.
<< <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
<< <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.
--Severian the Lame
World Collection
British Collection
German States Collection
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
Many thanks to all those members who have commented. John
"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
World Collection
British Collection
German States Collection
Experience the World through Numismatics...it's more than you can imagine.