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So how does this happen in a Heritage Auction?
Boosibri
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I was the high bidder on a lot and received a notice today that I was outbid...by $3. My hammer bid was $1000 and the new bid price is $1003 with a $100 bid increment.
One dealer friend logically postulated that a mail bid pre-dated may have come in.
What am I missing?
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It's called the new math. Kinda like Abbott and Costello's 7 times 13 equals 28. Peace Roy
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Proxy bid at $1003?
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When you were high bidder, what was the current high bid?
For example if the bid behind you was say $700 and current bid was $800 and someone bid $1003 at the last minute , that bid wins.
Yikes! That explanation would put the auction house in a very difficult position. While the early bid takes the lot, IMO, someone should have contacted you and explained why you did not win the lot. Then (if you are an important and frequent buyer) I would have told you the company would deduct $100 from your next winning bid.
LOL, easy to be loose with other people's money.
Last mail bid was placed in 1967 by Topstuf.
I have no further explanation other than elmo happens.
topstuf didn't do it.
New Math was on of the better songs by Tom Lehrer in his LP released on Reprise in 1965... It is hysterical.
Seriously, I suspect your dealer friend is right. The problem is that it is clearly foreseeable a bid of 1003 would not be within the required bidding increment. So if your bid was accepted at 1000, seems reasonable that you should of had an out bid notice of the 1003 bid prior to closing/hammer... Especially if that bid was received prior to yours. I suspect nothing can be done, but it seems you are owed an explanation if you choose to make an inquiry. And that may not be a bad idea just for future reference should you have to deal with this again.
Experience the World through Numismatics...it's more than you can imagine.
My bid was max at 1000 and the current bid was say 700. Then the bid was jumped to 1003. Possible I guess that someone bidding 1003 would trump my 1000 but I guess I didn’t think that was a valid bid increment.
Latin American Collection
It’s not really a done deal until you have it in-hand. Even then, weird things can happen.
Heritage allows any off increment as long as its not within the next increment.
If the current bid is 700 you can bid 1003 but if the current bid is 1000 you must bid 1100 or more (1103 would be accepted).
I have herd rumours that dealers at a show can find out what the bid is, then toss in a fax bid or hand in a sheet with the bid just higher before the floor sale and get it counted
It’s spelled out in the fine print of the terms and conditions on their website.
In our Signature Auctions, we receive bids from many sources, such as faxes, mail bids, absentee phone bids, and podium bids - written bids left by someone present at the auction site. These bidders may not know the current bid at the time they place their bid; however their bid must be on-increment or at a half increment (called a cut bid). Any podium, fax, phone, or mail bids that do not conform to a full or half increment will be rounded up or down to the nearest full or half increment.
The rules for Internet bidders are a little different. Internet bidders need only bid an amount equal to or greater than the next increment. Internet bids greater than the minimum required next bid can be any whole dollar amount. It is possible under several circumstances for winning bids to be between increments, sometimes only $1 above the previous increment (see below).
I have placed bids at slightly above the incremental amount. Say a coin is at $800 and your willing to pay 1000. I would bid 1005 or so. My bid would probably move the item from 800 to 900 at the time I bid. Then if someone bids 1000 (the next minimum bid) my 1005 would then take affect. It is occasionally successful specifically against last minute bidding
Guess I learned something new. Always thought one must follow the bid increments
Latin American Collection
Bid increments are adhered to during the proxy stage while the event is live. Before that, any number is in play.
When you put a bid on on the internet you don;t have to bid an full increment,
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Did you know you can purchase coins in a legitimate manner from an honest dealer without paying buyer, seller, shipping and other premiums just by making a phone call ? Sounds far fetched doesn't it.
No, you don’t have to follow the bidding increments if you place the bid at a time when it is ahead of the current increments. The thing I don’t understand is how the $1,003 bid did not show up once your $1,000 maxim bid was reached and executed. It must not have been entered on the computer book at the time your secret bid was executed.
For what it’s worth, I think this whole thing is fishy. I once got burned on a “snail mail bid we missed” and thought the whole thing was fishy.
Man, new strategy!
He who knows he has enough is rich.
I've done bids like $751 or $802 ahead of time and the system does take them. I did find where I won a seated half a few years ago for $334 (before buyer fee).
10-4,
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Many people have done this for years. One of the Heritage auctioneers called it “creative bidding.” The trouble is if it’s not close to the prices realized the live bidders blow right by it.
I am yet to win with Heritage ..... good to know all these various ways of incremental bidding.
So sorry you lost by only a few
You can still win the coin, if you want. I've had the same thing happen to me. When they told me there was an off-bid a few dollars higher than mine, that they missed, I told them I would have bid a cut increment higher. They had no choice but to sell me the coin........In your case, you would have to pay $1050.
I'm really interested in hearing the best strategy to WIN at a heritage auction in regards to the OPs question. Live bids? Heritages cut bids or whatever they are called? Prebids? Strategies?
RAD#306
I don't like auctions.
If the OP placed his $1000 bid and it only brought the coin up to $700, a later $1003 bid placed later would show as the high bid. On the other hand, if his $1000 bid brought the coin to $1000, the next bidder would have been required to enter a full increment of $100 higher (or a cut bid of half of that during live action.)