Heritage Auctions
oldstandard
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Just wondering if someone has had this happen to them or why it would happen. I have kind of thought it was strange and today I was thinking who better to ask then the members at PCGS. I had bid on a coin in the Long Beach auction I was the under bidder on a coin, a week later in the my recommendations on my Heritage page the same coin was recommended to me at the same price I had lost it at. Two weeks later it was listed in their inventory with a best offer and starting offer is at what I bid with buyers premium, seems strange but so does the world at some times.
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I'd offer less for it and see what happens.
What is now proved was once only imagined. - William Blake
I did it automatically turns it down and says thanks for offer but we can not accept anything lower then starting offer.
It has never happened to me and I wouldnt like it.
I would call them and ask.
It's probably rare....but could be that the "winner" walked away.
Could also be that Heritage bid on it or the seller bid on it, only to get stuck with it.
I wouldn't over-think it. You could wrap yourself around the proverbial post trying claim shilling, and it won't get you anywhere. If you want it, buy it. If don't, ignore it. It's a hobby.
Well I like the coin seen it in hand and was willing to buy it for what I bid I have been kicking it around for a few days love the coin but just gave me the what's up feeling, kind of dumb but I sure others of thought the same way.
I thought maybe the high bidder didnt pay but a week seems too quick for that.
Pass
It all depends on how hard the coin is find. If you liked it in the first place for what you bid, and you have seen the piece "in hand" and still like it, I'd go for it if you don't think you are going to see another for a while.
With grade-flation in force, it makes me happier with what I have. I've got AUs that are now Uncs. if what I saw at summer FUN is reflective of what's out there. Sometimes it's best to buy the coin you like when it is "in hand" and forget the auction house shenanigans.
Still I don’t think that it reflects well on the seller when they do stuff like this. They might get a few bucks more in the short run, but in the long run, it does not help their reputation.
That's total BS. A bidder should not be able to run you up like that and then walk away so easily.... leaving you with the artificially inflated price. I would tell them to pound sand, unless it was something really, really rare that I couldn't live without.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
I would ask Heritage to relist so you can bid on it again. It could go higher, or maybe lower.
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
That won't matter if it is "protected."
Since his counter offer was rejected, I'd pay the asking price or move on.
Not knowing what the piece is, I can't advise him as to how tough it might be to find another one, but it's getting to be a dead horse at this point.
I have gone down the rabbit hole over bidding on a conditional rare DMPL Morgan that I was the underbidder and the coin was put up again for auction. My guess is that the winning bidder did not want to over pay for the coin or there was a problem with the coin. I passed on the coin on the second auction.
RE: "I've got AUs that are now Uncs."
How many non paying bidder warnings does heritage give before they boot you?
I have a feeling they get more, "Oh....I accidently bid on the wrong coin / typed in the wrong amount / hit return too quickly. Please remove my bid, love your company, can't wait for the next auction! Thank you."
I highly doubt heritage was zeroing in and protecting one little coin. Sometimes, bidders bid on wrong lots, or something else happens. I would not expect anything wrong happened. If heritage bought the coin out right, they would ask a profit.
I'd see if I could buy it a little cheaper. Why not take advantage of an opportunity?
If the coin was worth buying before, it’s worth a phone call to Heritage now. Obviously.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Agreed, MrEureka. In my dealings with Heritage, I have always fount them to be very responsive to telephone calls along with emails. I have found them a great company to deal with with experts that can answer any question or problem one may have, or point out someone who can.
What bugs me most about instances like this is that if the same person that reneged on the deal had been bidding the coin up and for whatever reason they didn't want it, I don't think the fair market value of the piece is the next lowest bid. They should just re-offer the coin so the market/actual competition decides the price
Feels muddy,
Just because you felt comfortable paying x that day doesn’t mean you can’t change your mind now that the circumstances are now different.
Have done extensive business with heritage and that is a new one. As Specialist noted, Heritage is very responsive to phone calls. Ask for a bit of a discount and you may get it.