Bidding strategy
Coinobsessed
Posts: 149 ✭✭✭✭
Why do people start bidding weeks ahead of the auction? For example, Great Collection auctions are open until a closing time and I see some bidders just continuously bidding till the auction closes. I understand the idea of waiting till the end, but not sure about bidding weeks ahead of time.
The second type is like Stacks or Heritage where you bid before it goes live. I assume some people put in bids and to land on a certain level.
Give me you thoughts.
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When you lose a few items because you forgot to place a last minute bid, that's a good incentive to place at least some level of bids earlier...
1) You will not be able to bid at the end, so place your max beforehand
2) Get the bid to a certain level where it is unlikely that someone will go one increment higher (mainly on gold bullion coins)
3) People are bidding up their own items or items for their friends
4) People are bidding up an item to help sell their own similar item
5) Some people don't have a strategy and just keep bidding until they take the lead (and if outbid, will come back and bid again)
I think some want to see if everything is in order for bidding, so a token bid is placed.
Others may have a limit and throw it out there right off the bat. If they win, great. If not, no biggie.
There's more shilling than one might think.
The House at times is the first one to bid. And the House, if it chooses, participates in bidding throughout the auction and up until the end.
All of the above is - IMO...
When I used to bid a decent amount on one day on GC I would place some “if I win everything I want I can still afford it” bids and then divvy up the budget better as things got bid up.
I subscribe to
2) Get the bid to a certain level where it is unlikely that someone will go one increment higher (mainly on gold bullion coins)
Yeah, I don’t get it. The only two ways I bid are sniping at the end (GC) or live by proxy (HA), which is different than Internet pre-bidding. Bidding early only drives up the price.
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 make a stupid lowball bid when bidding begins on SB or HA to get a daily email update.