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Anyone score anything from the eBay Live Auction "Silver City Auction" Yesterday?
ms70
Posts: 13,956 ✭✭✭✭✭
For the short time I was watching, prices seemed to be well below estimates, even with the juice.
Great transactions with oih82w8, JasonGaming, Moose1913.
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Yeah, I watched part of it. All of the auctioneers "estimates" were about double the going price for similar coins on ebay. During the first 40 minutes or so, only a single bid came from an ebay bidder (at least according to the info provided). 90% of the lots followed the exact same pattern, no bids at $1 to start, the bid sits at $1 for a few seconds, then the "ask" bid jumps to the estimate. After 20 seconds, the ask cuts to about 60% of the estimate , one floor bidder jumps in, a second floor bumps it up another 5%-10% and it ends at about 75% 80% of the opening estimate. It was so predictable, I was following this exact pattern for almost every item, from the common morgans, to the no-brand slabs, to the more valuable early coppers. When the proof walker came up (pre sale estimate $1100-$1400) I called the 1st bid exactly at $750, then the 2nd bumped it up $50.
Really looked like shill bidding to me.
The only reason I can think that they do this is hoping to catch an ebay bidder clicking on the bid button at $1, and then it registers on their site at at the unrealistic high estimate.
They won't ever be getting my business.
linky to seller?
No Way Out: Stimulus and Money Printing Are the Only Path Left
http://www.ebay.com/usr/silvercityauctions?_trksid=p2047675.l2559
Great transactions with oih82w8, JasonGaming, Moose1913.
I thought it was a bit unusual to have a live auction like this on a Wednesday morning during vacation season. I did snag one coin that I thought I did well on. When I get it I'll make a new thread about it.
Great transactions with oih82w8, JasonGaming, Moose1913.
thanks. I would never participate in such an auction, too much juice and unknown shipping costs. These type auctions also tend to involve shill bidding.
No Way Out: Stimulus and Money Printing Are the Only Path Left
This seller has been running online auctions on other platforms (Proxibid, Auctionzip) for several years now.
They used to operate under the name "Silvertowne" but they are not the guys in Indiana, and now use Silver City.
Google them. You'll find several complaints. My observations have been consistent with these complaints about starting prices and bids. 90% or more of their material looks to be their own and frequently shows up regularly, appearing to sell each time, but apparently not when you see them over and over again.
With that said, I have bought a few things from them and been satisfied. This can happen with the rare few items that they actually don't own and/or are there to sell. So it might be worth a look.
They have several auctions per week and I haven't found anything of interest for at least 6 months. Not sure why I still look. I already speed read their auctions and probably won't bother with that much longer.
I too do not participate in this kind of auction. I tried but the lot's I bid on were sold before the auction started and my bids thrown out. I complained to ebay and nothing changed. On the next try....same scenario.
bob
They also had an eBay handle of something like Howardsdirect
not just shill bidding, but buying back (reserves?) - then item shows up again in 3-4 weeks