Question about auctions
Samuel8
Posts: 380 ✭✭✭
First of all, I am new to auctions.
Those auctions, can you just bid online quietly, or have to call somebody to bid?
It seems you have to go the auctions to get some good quality stuff.
Can you list some auctions you usually attend?
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There are simple answers to your questions, but perhaps the better way to go would be to read the terms listed on the website for each auction house. Truly, that is by far the best way to go about this so as you know the details of what you might be doing.
In honor of the memory of Cpl. Michael E. Thompson
The major auction houses are on-line now. You can bid by "snail - mail," but if you don't log-in to the site, you have no idea what the current bid is. On top of that, you run the risk of having you bid get lost.
Usually the way it works is that you can bid a maximum amount on-line. Your bid is executed, using the stand auction house increments (It varies with each auction house.) until you bid is met or exceeded. If you have a bid on the book, and someone ties you, you still can get the lot. I once had my bid tied and purchased an expensive item when my bid was tied, but not exceeded.
It seems that most auction results are determined during the live bidding. There you execute your bid on-line just like a normal auction. Don't be surprised if the lot sells for a lot more than the amounts that were entered before the auction.
As for auction houses, I have bid in Heritage, Stacks'', David Lawrence and for tokens and medals Steve Hayden auctions. I have also bid in eBay Auctions, but not for a long time.
You can increase your bid real-time like in eBay, right?
Unlike eBay, you keep bidding until everyone else stops. It's not based on a fixed clock closing. There are a few seconds and then a countdown to the lot closing.
Start slow. Learn the tricks. I suggest Great Collections as a starting point. They keep it simple and straight forward. Good luck!
I use great collections, and like them quite a bit.
The terms and style are different for different auction houses.
The big ones generally have online bidding. Some have a timed ending, some have a "soft close", others just bid till everyone stops bidding.
Some have phone or mail bids. Others don't.
All comments reflect the opinion of the author, even when irrefutably accurate.
In no particular order, I use Great Collections, Heritage, Legends, David Lawrence Rare Coins, and StacksBowers.
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
You need to read and understand the terms of the auction you are interest in bidding in. Some auction houses have different terms for different auctions.
Watch out for "as is where is" in the terms and conditions, this means they don't ship. You need to either go in person or send someone to pack and ship your winning.
Understand how much the buyer’s premiums are before bidding. Heritage is 20%.
It can be complicated. As one example, for some Heritage auctions you have the following bidding options:
E-mail bid
Fax bid
Regular mail bid
Pre-bid, via computer before the auction goes live
Proxy bid which usually starts the day of the auction (I think)
Phone bid (live, with a heritage rep on the line)
Bidding in person
Bidding live on the internet
Maybe I’m forgetting a couple.
There’s a protocol for the order of bidding. Generally the first bid at a certain increment takes precedence. You can also make a cut bid, live, at half of a regular bid increment, but only once per lot. You can also sometimes enter a pre-bid or a proxy bid at an odd dollar increment, while live bidders are constrained to bid increments.
So, go slow, learn the process, ask lots of questions, and have fun!
Pay some tuition you will learn fast and remember it
Are you referring to major coin auction houses like those mentioned above or the likes of local estate auctions?