Ever hit an auction bid limit...
DocBenjamin
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Set by the house?
Don't recall that I have.
Only two sellers notified my of a fixed number. One was a dealer that I did a lot of business with 20 years ago and the other is Stacks with an account recently opened. Stacks number seemed reasonable and offered an 800 number to request an increase, Kind of good to know where you stand in advance, I suppose.
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A limit on how many total bids you can make, or how much money you can bid?
Stack's shows a bid limit. It seems to me to be a per lot limit as I have exceeded it in total.
Money. Had not considered a limit on lots.
For some reason, the first thing that popped into my head when I read the thread title was that an auction house put a limit on how many bids a lot could get.
(Yes, I knew a bid limit meant money, but seeing it not paired with a dollar value made me think of something else entirely.)
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Stacks is the most difficult regarding bid limits. At HA I have no limit, and at GC my limit is 1 mil. It didn’t start that high, but it seems like Ian gradually increases it as time goes on. With Stacks it’s not difficult to get it raised, but unlike the others, requires some action on your part.
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Yes, at Great Collections. I didn't realize there was a limit on my account and my bid was denied, but Ian contacted me very quickly and reinstated my bid with a higher limit. Stacks also had no problem raising mine when I asked, though granted it was to a relatively paltry number; I'm not buying six figure coins.
I once made an atomic fireball bid on eBay on a grossly undercatalogued Honduras piece that was under $30 when I put a bookmark bid of $1000 on the lot. The underbidder then put in over ten $3 increment bids before he gave up. I was wondering if major auctioneers ever placed a "number of bids" limit on nickel and dime bidders.
Oh, and on that Honduras lot, my snipe bid was $4,000 and I did not get it.
Seller is probably still shaking his head in amazement.
The only place that ever imposed a limit on my bidding was Stacks Bowers. I never felt like I had to go beyond that, so I didn’t bother to request a higher limit. I am not aware of any limit on my bidding at either Heritage or great collections.
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HA required me to fill out a detailed credit application, and to provide proof of available funds.
Nothing is as expensive as free money.
I hit a bid amount limit in a Japanese auction. It was my first time bidding, and buried somewhere on the website was my limit of something like the equivalent of $5000. Well, I was bidding on (Japanese) patterns, and not one was valued less than my limit.
I only discovered it after staying up to the wee hours to bid live and was locked out of every lot I was after.
Needless to say, I sent them a rather angry email the next morning and never got a response.
I have never bid with them again, and have since given up Japanese patterns.
Interesting. I once accidentally bid $99,999,999 on heritage and it took my bid. [The 9 key got stuck.] Do i havw to add that i don't have $100 million?
Stacks’ has an individual bid limits for each bidder. They are supposed to cut you off when you hit your limit on all the bids you have executed.
I am not aware of any auction house limits on what you can bid. If two bidders take a lot to ridiculous levels, there is no limit on how high they can go, up to their individual limits.
I’ve had bids rejected at some online auctions. Usually it’s an easy fix. Once, difficult and I gave up.
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No, the largest bid that I have ever placed on purpose was $120.01, not really limit worthy. (My actual highest bid ever was an accidental bid of like $436 on a coin that I meant to bid $4.36. Needless to say, I won it for like $6 or something.
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Stacks is fairly easy to increase, particularly in person at lot viewing.
Some of the smaller houses and foreign auctions have limits.
I’ve never come close to hitting a limit anywhere.
Then you're just not trying...
I am reminded of a horrifying programming bug I created. A manager want to have a text notification sent to his phone when certain events happened. I tested using my own flip phone, which had a 5 cent charge per text message. I only planned to send a couple of messages, but I put a LOOP statement in the wrong place. By the time I stopped my code, horrified, I had rung up $3000 in charges. Fortunately, I called customer support at the phone company, and they agreed that nobody could receive 60,000 messages in one minute, and canceled all the charges.
Do I have to add that I didn’t have $3000, much less $100,000,000 as in your case!
Edit: Another time, I was pushing myself to work past midnight. I nodded out at the keyboard. When I woke up, the screen was literally filled from top to bottom with ZZZZZZZZZZZZZZZZZZZ’s.
I stopped bidding in a Stack's auction as I was close to their stated limit. Their (and consignors') loss as a few lots would have definitely realized more.
Once had my last minute eBay bid rejected even though I was doing 5-figures per month in purchases on the platform reliably at the time. The bid was not that high even. They got a most threatening phone call from me.
don't recall how i knew, but sb had a $ limit on me from the get go
No. My bids for buy it right. If one of the places I bid has a bid limit on me not aware. What a nightmare scenario put in really high bid way over sanity and then win it lol🎱
I recently got my limit raised for Stacks and was told that it was applied to the entire auction so you would need to manage against your limit across multiple sessions if necessary. They also verified that it was a pre buyers premium limit.
I really don’t believe anyone has limits with HA. I know for a fact mine is unlimited and I haven’t bought that much with them, to demand much of a limit.
I think they figure they’ll just sort things out after an auction. If someone gets carried away and bids perhaps 1M, a limit probably wouldn’t have stopped them anyway.
I’m sure they will just offer to the underbidder and move on. Simple, easy!
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Just my .02 cents.
In this scenario it likely benefits the consignor and HA because who knows if the underbidder’s max bid would have been reached otherwise.
I placed a bid with Stacks and it was rejected as over my limit. I reduced the bid to my limit.
Prior to the coin reaching auction, an individual with Stacks called me and my limit was raised.
I did win the coin - needed the limit increase.
Kudos to Stacks for the outreach.