Bidding in a Coin Auction
physicsfan314
Posts: 186 ✭✭✭
The anticipation before an auction is absolutely killer. I've been watching this coin for a month or two. I've fully researched it. I have Mark Feld's thumbs-up. I have a price in mind. I sent a huge consignment to auction to help pay for this coin. Finally, the day is here. I'm watching the evening, getting a feel for how hot the market is. At the last minute, someone places a strong pre-auction bid for the coin I want. But, they don't know I'm lurking, waiting, watching. They don't know that I am going to win.
As the lots tick down, I'm getting a feel for the market. Is it strong? Are prices running high? Is there a lot of action? The time gets close.... we're only a few minutes away from my coin. My adrenaline starts to rise. Jennifer the auctioneer is calling out her lots in that sing-song cadence she has. Minute by minute, lot by lot, we get closer and closer. Lot 19, 36 thousand. Lot 20, 8 thousand. Mine is lot 85. Getting so close. Lot 21, 46 thousand. Are you all done? Final warning, It's last call, and sold. And so it goes.
Finally, my lot comes up. It starts at $5500. I have a bid at 6. Someone else really wants this coin. You have been outbid, bid again? Yes. 7 thousand. Back to you? Back and forth it goes. Eight Thousand. Cut bid! Maybe they're done? $8500. I'll bid one more time. And they bid again as well. Damn. That was my limit, and I can't chase it to the moon, as much as I want to. I lost. That really, really sucks.... I was more excited about this coin than I've been in a really long time.
To see the coin I lost, take a look here: https://coins.ha.com/itm/territorial-gold/-1842-50-g-1-a-bechtler-dollar-27g-21c-plain-edge-ms62-prooflike-ngc-k-24-r3/a/1292-3985.s?ic2=mytracked-lotspage-lotlinks-12202013&tab=MyTrackedLots-101116
Comments
Been there, done that. You were wise to stick to your plan. There’s really no way to know who you’re bidding against or how high they’re willing to go.
I figure if I’m not the underbidder at least half the time I’m probably on thin ice, unless it’s something I feel very confident about.
And, I’m sure you helped make the consignor and the auction house very happy.
Now you have a pretty strong war chest. Something equally exciting will eventually come along.
Hiya Jason
I feel you
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
It was you and at least two others......nice coin.
bob
Happens all the time !!!
Very nice looking coin. I feel your pain. I was bidding on this MS65RB PL over $3k but it went for $4.5k. A MS64RD previously sold for under $500. I was disappointed but I wasn’t even that close.
I’m impressed by how much money there is out there for coins.
https://forums.collectors.com/discussion/1010613/strong-results-for-proof-like-pilgrim-jubilee-so-called-dollar-hk-14#latest
Very sorry to hear that, Jason - I was pulling for you.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
First off...riveting post. I was ready to jump in with a bid.
Jennifer is a quality auctioneer and is good at coaxing additional bids.
Glad that you stuck to your plan. Many keep hitting the bid button to only regret doing so later.
Totally agree. On many occasions I've chased a coin that I really wanted and failed to get. Invariably a better and more desirable coin comes along that I'm able to buy at a good price. There are too many nice desirable coins in the marketplace to worry about the one that got away.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
nice write-up I felt the excitement, but damn you was way off
No regrets.
You did your homework, bid strong and had an adrenaline filled experience.
Great story telling.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
I am sorry to hear that you missed out on the coin, but you stuck to your plan! Congratulations on that side of things.
Now you have money to spend on something else special when you see it...
Not winning the coin was probably for the best. You didn't end up burying yourself in it.
There are only 4 MSPLs of this issue, 2 at 62 and 2 at 61. I wonder if the winner missed out on another piece years ago and was determined to not miss out again?
Free adrenaline rush and your powder is dry. Don’t let it get you down.
Just buy a AU-58 CAC for less than half of what the PL went for!
Sunshine Rare Coins
sunshinecoins.com/store/c1/Featured_Products.html
That probably wont work for a collector of PL coins.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Wow... Reading your post, I thought you were going to give a nuclear bid at the end. Probably good that you did not try that in this case. Seems you were up against a determined bidder. Good luck on the next one... Cheers, RickO
Maybe collecting AU-58 CAC coins would make a good side project!
Sunshine Rare Coins
sunshinecoins.com/store/c1/Featured_Products.html
AU prooflikes are not very attractive coins
Great story! You are a great writer...riveting. I'm sorry you didn't win. Sometimes, you have to reach beyond your limit. I've done that a couple times. Sometimes, it works out and, sometimes, you get buried. But, at least, you DO wind up with the coin. Better luck next time. Stretching beyond your limit for a GOOD coin is worth it in the long term. remember that for next time. JMHO. Good Luck!!!
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
You really can’t do nuclear bids the same way as on eBay where you don’t know if you will get destroyed. On Heritage, it’s more like a frog in slowly boiling water where you think it’s fine, until it’s too late.
I think you did the right thing by given it up. Trust me if you chase it and got the coin, you might not like it when you get your coin once the excitement gone. Ask yourself a question; would I buy it in a store for that price, the answer is you may not want it for that price.
Don’t you hate that text or email stating you’ve been outbid?
It is even worse when you are bidding live and you get the same message in the app 5 times in 20 seconds.....
You did a good job not letting your emotions get the best of you.
https://www.pcgs.com/setregistry/quarters/washington-quarters-major-sets/washington-quarters-date-set-circulation-strikes-1932-present/publishedset/209923
https://www.pcgs.com/setregistry/quarters/washington-quarters-major-sets/washington-quarters-date-set-circulation-strikes-1932-present/album/209923
24 bidders in total, strong coin for very strong money...... Therez always another one on the horizon.
Best, SH
That was an exciting post, Jason, I really enjoyed reading it, but I'm sorry you didn't win. A PL Bechtler, wow, talk about a super-cool rarity. But you were wise to bow out as who knows how deep the winner's pockets really were.
I'm sure another opportunity will present itself.
Great job knowing when to stop bidding!
I win maybe 1 out of 20....
Successful BST Transactions: erwindoc, VTchaser, moursund, robkool, RelicKING, Herb_T, Meltdown, ElmerFusterpuck, airplanenut
With preparation and focus like that shown in a losing effort, i'm sure you will have many wins i'n your future. Thanks for posting. Many of us can relate to the finally waiting for the auction, and then getting blown out of the water by another one of us. But the hunt is a huge part of the fun and joy of collecting.
Tough outcome, I feel for you. Given that there were only 4 graded, it must have been hard to stop even where you did.
Can you let the winner know you were the under bidder and to keep you in mind in case they wish to sell in the future?
"Got a flaming heart, can't get my fill"
Heritage does have a "Make Offer to Owner" feature, but you have to elect to participate in it. Not everyone does. And, I strongly suspect that the new owner of this coin is going to hold it tightly.
That's a nice coin. Sorry you lost.
I'm in for a coin that hasn't come up yet. I'm sure I'll loose as well even though I'm in for strong money.
Great transactions with oih82w8, JasonGaming, Moose1913.
My strategy is to do my pricing research and decide what I am willing to pay. As to when you place your bid, that depends on the lot. For very expensive coins, putting a bid "on the book" a few hours before the auction is not a bad idea. That way you have reserved your spot for your highest bid. When the increments get into the thousands of dollars, getting on the wrong side of the bidding back and forth can cost you a lot of money.
Bidding live is the best way to control the situation whether it is in the auction room or on-line, but you have to avoid getting caught up in the auction frenzy. You can make bad mistakes that way. You need to set a limit and stick to it, or perhaps go up one more increment if it's a hard to find item, but no more than that.
As for the coin you didn't get, I would like to see that one before I bid on it in person. The P-L might be a real P-L, but there is a chance that the coin could have been fooled with. When I shopping for an 1839-C quarter eagle, I ran to more than a few Mint State graded pieces that had been shined up like a brass button. To me they were traps.
Definitely a concern, but I had Mark Feld look at it before the auction. I trust him, and he said it was good.
I feel your pain. After a couple days, the pain always goes away. Keep swinging.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
Good call on setting a limit you wouldn't go above. Smart. It hurts to lose, but look on the bright side, you drove up and price for the winning bidder, and made Heritage happy.
Dave