*** Updated - Coin in Hand *** Isn't it interesting how a few dollars can decide a big auction?
BryceM
Posts: 11,845 ✭✭✭✭✭
Entire books could be written about auction bidding strategies I suppose. In my collecting career I've had my heart set on quite a few lots that worked out and way, way more that didn't. I'm still sobbing about being the underbidder on a lot in the last Pogue auction. It's so darn frustrating to see your max bid outdone by a single increment (or less), but you really never know what the other person is willing to do. I've been in enough bidding wars to have no appetite for them at this point.
I figure if I'm blown out on a third, the under-bidder on a third, and win a third, I'm bidding plenty aggressively.
Some are advocates of placing last-second bids, others want to be there in person, some use phone bidding, some use an agent, some nuke-jump the bid to eight figures, some place bids days before and let them ride, and others try to keep up electronically in real-time. The last one burned me big-time once when I was trying to place a bid and the increment had jumped by 4 or 5 bids before it even registered mine. Internet lag can result in a whoopsie of more than a weeks' paycheck! I don't do that no more.
Recently I was lucky to be the winning bidder on a coin that for some would be a passing fancy but for me will be one of my two or three most significant acquisitions. I placed a holding bid ages ago and dutifully checked on it every day. As expected, the day of auction things started to heat up. I did plenty of research, located the coin in previous auctions (some jerk cracked it out of an OGH but it didn't upgrade), and tracked it through a couple more auction appearances since. I carefully researched sale prices for similar coins for the last several years.
After all that, I established an upper bid, backed out the juice, and got my final number ready to go. I really wanted it, but I wasn't in a mood to set a new price record (done that before, not a place I want to be very often). Blah, blah, blah...... basically about as much planning as the crew does for a SpaceX launch.
With 15 minutes to go, I placed my bid which put me in first position at more-or-less one increment below my maximum. On a whim, I entered a new bid that was a six dollars higher than the next increment. Wouldn't you know it, with only a couple seconds left another bidder hit the increment and I end up winning by six lousy dollars... ON A FIVE FIGURE COIN.
Comments
I'd be miffed about bidding six bucks more than I really needed to...
(Just kidding. Congrats on the win!)
Other than bidding early as a “Place Holder”, or bidding early on a coin with a high starting bid where you’re ok at that price but not higher, I only bid at the very end with my max bid. If I win, great, if I win at less than my max bid, even better. If I lose, whether blown out or as an underbidder, that’s OK. Eventually another real nice coin will come along.
The main problem with bidding early is it gives all others interested in that coin plenty of time to think about bidding higher than your “current” bid. As such, even if you end up being the high bidder with your max bid, others had the ability to chop away, causing you to pay closer to your max bid than you otherwise might have, had you placed your max bid at the end with others not having time to bid after they see your new “current” bid.
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Your first sentence says it all, @BryceM.
I'm glad to hear you won the lot important to you.
Lance.
. The absolute worst is to let FeeBay bid for you by giving them your max bid
I just won a five-figure coin by $5 today as well. Something in the air - off increment bids are a great strategy!
Great story! I'm looking forward to you sharing with us the details and pics.
I can relate to a lot of that, more than I would like to. I recently won a coin by $7 when I did the same thing but it was a less expensive item. Glad you got the win on the item that you seemed to have a lot of time and energy invested in. Congratulations! All of that said, I never ever bid early. I always bid in the last couple of minutes or seconds sometimes because I don't want someone testing out my max bid for a week or two and have a ton of time to think about going higher. It can be risky but I always have two different devices with two different internet connections ready to go in case one goes down.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Nice write up.
It took me years to develop my strategy.
I never put so much time and stress into a bid as that. Then again I do not buy 5 figure coins.
I would rather regret not buying than regret buying an item. That helps keep things sane
I wonder if anyone has studied this. On a widget, it might have merit. On a coin that is going to get to "fair value", it is probably better to get on the correct increment.
In the OP's situation, if he posts his bid at the last minute, he loses the lot because he's not on the right increment.
Take the good with the bad fwiw. Have a good day all
I try to pay attention to the increments. When the increments start to get big getting in at the target price is an advantage. Make the other guy stretch to pay the extra bid.
I have participated in live auctions and online auctions... They are different, yet, in many ways, the same. When testosterone takes over, the sky is the limit.... My strategy is to to bid what you feel the item is worth - to me - and then win or lose....Years ago, I used to use the nuclear bid on ebay... last five seconds... two computers...Never lost an item I really wanted. Paid a lot more than I should have in several cases. Now I have mellowed a bit... pretty much stay away from auctions and buy what I like for a reasonable price - or pass if the price cannot be reached.
Cheers, RickO
Good comments on the increments. There is no one strategy that is universally perfect. Paying attention to the bid increments is especially important for items like semi-numismatic gold which will almost certainly hammer at a predictable bid increment. The first one there usually wins. Incidentally, I've never understood why anyone would sell such a thing at auction. Most buyers will readily pay a small premium over melt for generic gold, and it would seem that typical auction buy/seller premiums would take a huge bite out of it. I wonder if such coins get thrown in with other stuff to reach a minimum threshold. Makes no sense to me but there are dozens of such coins in every big auction.
Hoping we’ll get to see the coin that spurred this thread!
You would have won this lot without the extra $6 correct? Since you were first to the next increment?
Can't wait to see this coin and know the history behind it.
Bidding is a little bit of strategy but also a bit of luck.
Glad things went your way this time.
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 think so, but I'm not sure and when how fax/mail/phone bids get entered. I've also had it happen before where the other guy bids the increment plus one dollar to bump me out. It works differently at different auction houses. Legend, for instance, requires bids on the intervals or cut-bid intervals IIRC. Live bidding on Heritage requires full or cut-bid increments, but you can enter an odd dollar amount during pre-bidding.
And yes, I'll post the coin when it arrives, but it might be a couple of weeks.
So, as promised, two weeks later here she is. As some would say, a rather handsome lady. I've gained a huge affinity for the 20th Century Type set and really had a blast first completing this set several years ago. The first version was a bunch of junk from eBay, mostly. How things have changed.
The fantastic renaissance designs are all here and we can follow the corruption of our ideals with the gradual transition to politicians. Honestly, how can you slide all the way from Buffalo Nickels to Moby-Dick B. Anthony (no offense to her, only the design) in only 100 years? The Peace dollar was the last holdout, but she eventually gave way to a bald-headed WWII general/president. The Barber Half is the most difficult coin in a 20th type set and I've always thought that keys should set the tone for the rest of the set.
After several years of inaction, I've upgraded this coin and the Barber Quarter few weeks ago. I wasn't necessarily in a hurry for this one, but this 05-O showed up and I liked almost everything about it. It's pretty darn nice for a branch-mint coin. It's also fun to have at least one example from each active mint in the century, and even the W-Roosevelt dime is included.
I was particularly drawn to this coin by the strike. It's so hard to find coins with 13 nice stars. Great luster wasn't certain until I had it in-hand, but as expected it's ohhhh-so-nice - unbroken, cartwheel, and flashy just like a nice Morgan. I love the pull-away toning and the colors are fun. There are no hits to speak of, just a couple of very small ticks and a couple of superficial luster breaks. I don't really fault anyone for trying it for a 67+, but it's a darn shame it was cracked out of the OGH less than a year ago. At least it has a nice TrueView image now. The OGH slab photo is borrowed from Heritage.
If you're interested, there's a link to the set in my sigline below.
@BryceM - Fantastic job! You should be so VERY proud!!!!!!!!!!!!!!!!!!!!!
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
I remember when you wrote this up and I thought ... yep! I know that strategy. I tend to employ it often, although my pool is nowhere quite the same one as where you swim for that coin.
That coin, is, well ... OMG ... that thing is bada**!
Best 6 dollars (over) you ever spent!!
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Fantastic coin and I agree it is a darn shame some knucklehead cracked it out of the OGH so recently in the past.
In honor of the memory of Cpl. Michael E. Thompson
Beautiful coin!
My 1866 Philly Mint Set
Wow beautiful half! Superb.
Congrats! That's a great coin and it's great to win a piece at your limit.
Nice
Super coin!
wowzers. nice set.
Very nice. In my xf au set the 05-O was s tough coin to find. Congratulations