Bounty Auction
pruebas
Posts: 5,258 ✭✭✭✭✭
Bounty bidding. An idea whose time has come to numismatics, or marketing gimmick?
I think this might drag coins out of collections and help get rare coins into new hands.
Comments?
https://alt.xyz/itm/2e117bcf-8e2a-45bc-836c-6aafcc8ea647
2025 Topps Chrome Update NBA Rookie Debut Patch Autograph Redemption Cooper Flagg #DPA-CF
Bounty bidding only
On August 10th, Rhody Breakers made history by pulling the Cooper Flagg Debut Patch Autograph 1/1, the single biggest card of the new Topps era. The card is not yet consigned to Alt or to any auction house.
Our first-ever Debut Bounty Auction
The Debut Bounty Auction is the first of its kind: a live, public showcase of what the market will really pay for this card. Everyone in the hobby has a number on the Flagg 1/1. This is where those numbers become real. Place a verified, binding bid now, before the card is available for sale, and you're one step closer to taking it home if the owner chooses to sell on Alt. Time to put your money where your mouth is.
How it works
Bidding on the Flagg 1/1 is open right now. Every bid is verified through our standard process, and every bid is binding. The auction closes in one of three ways: the card is not received for auction by Thursday, August 20th; the owner declares it consigned to another auction house; or the card is consigned to Alt, in which case the auction enters extended bidding on Thursday, August 27th at 9pm ET.
If the card is consigned to Alt, your bounty bid becomes a binding bid and the auction is live, proceeding as a standard Alt auction. If the card never comes to Alt, the entire auction simply expires: no obligations, no fees, nothing owed. Every bidder is notified either way, and if you win, Alt redeems the card on your behalf.
By placing a bid, you acknowledge and agree to the following:
*In operating this bounty auction (“Bounty Auction”), Alt is opening bidding before Alt receives the card on which you are bidding (the “Auction Card”) from the applicable seller.
*Your bid is binding when submitted and will continue to be binding if and when Alt receives the Auction Card from the seller. If, however, Alt does not receive the Auction Card by date August 20th (the “Drop-Dead Date”), your bid will be canceled and disregarded. You expressly acknowledge that Alt may or may not receive the Auction Card and Alt will have no liability or responsibility to you for failures to receive the Auction Card.
*If Alt receives the Auction Card from the seller before the Drop-Dead Date, this Bounty Auction will convert into a standard Auction (as defined in Alt’s terms of service). - For clarity, your use of Alt’s platform (including, without limitation, your placing of a bid in this Bounty Auction), is subject in all respects to Alt’s terms of service (including, without limitation, those applicable to Auctions (as defined in Alt’s terms of service)).
Comments
Why is this post on the world and ancient coin forum instead of the Trading Cards forum?
I don't see any benefit to this format as a buyer.
Suppose you need a rare coin, or even a grade rarity. If someone owns it, and the bid amount is way above what they thought it was worth, the owner might be tempted to sell.
One problem is how does the owner know about the auction.
There would be kinks to be worked out, but I find this an interesting idea and possibly worth a try.
I would certainly preemptively bid on coins I needed.
Huh, I guess I initially assumed that the owner was involved, but if I am understanding correctly now, seems like the auction house Alt is trying to show the owner the potential market for this rare card?
This may work best for card collecting, which seems very online. Our areas of interest on this forum are so thinly collected (relatively), and the owners of many coins are unknown..
plus as you said @pruebas how would the owner even find out their coin had been essentially auctioned in absentia?
Let’s say big collection A is trying to decide among auction companies G, H, and S.
All the auction companies hold a bake off (bounty auction) of the collection. Whichever has the highest total at the end of the bounty period gets the consignment and the auction at that company continues until the end. The others expire worthless.
Viable?
Interesting concept… sort of begs the questions…What happens to consignment fee as well as buyers’ premium?
I suppose there might be an instant gratification premium that is about to be further exploited.
Also if something along these lines were adopted in part, it seems that there would a shift in terms of who is holding the best hand in coin auction poker.
Experience the World through Numismatics...it's more than you can imagine.
True, though I'd prefer to have a dealer approach the owner directly. I'm aware this may not be possible or no deal may happen, but I'm not paying multiples (maybe twice at most) to my perception of current market value anyway if it's material to me.
Most of the time, I don't think they would.
The biggest "kink" in my view is that the venue or platform would incur expenses with no guarantee and often even no prospect of revenue.
Another one is whether would be buyers will be willing to pay enough for it without knowing they have a real probability of ending up with the coin. If the seller doesn't show up, someone has to pay to support it.
In my case, I'm aware of coins I Know or at least think I want to buy, but some I've never even seen of image and many of these aren't in the TPG pops either. I'd take a gamble to a point, but not as I do now. I've bought almost my entire collection from images.
Heritage already has "make an offer"
All comments reflect the opinion of the author, even when irrefutably accurate.
Heritage "make an offer" exists and is not very popular. You need buyers who are willing to just throw away price guides.
All comments reflect the opinion of the author, even when irrefutably accurate.
Yes, and I can see why. I once had someone offer me about 20% above the sale price years after I bought it, not that I even asked Heritage to include me in this service.
It wasn't enough where the money made any difference. I even keep difficult to replace duplicates for this reason. I also actively buy duplicates even if not an upgrade if I like the coin, even if lower quality, because these are difficult coins to buy. There almost never is another coin I'd rather own for the same or similar prices, so I just use incremental funds to buy it.
I suspect it's not too different for others with actually difficult to find coins.
Concurrently, I'd never offer even the same prices for most rejected offers on Heritage either, even if I collected the series. The overwhelming majority are just too common where it makes any financial sense. It's not like the prospective buyer has to wait very long to buy another essentially identical one at a lower price.
With the coins I was referring to earlier, I've been waiting for those on my list to come up for sale as far back as 2002. Some must have sold privately, but I can do without it.
On the other hand, it could be interesting for everyone if the highest pre-bid was given a cut of the sale proceeds, even if he is not the ultimate buyer.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
@MrEureka
How would that work?
Experience the World through Numismatics...it's more than you can imagine.
Interested parties would participate in a pre-auction, competing not to buy the item, but to offer the highest guaranteed minimum bid. If the owner agrees to the winning bid, the item goes to auction. The guarantor’s pre-auction bid is the starting price, and he is obligated to buy the item if nobody else bids. In exchange for providing the guarantee, the auction firm will pay the guarantor (let’s say) 10% of hammer price. That 10% would be used an an offset against his purchase price, if he is the successful bidder, or will be paid to him as a commission (by the auction firm) if he is not the winning bidder.
Perhaps this is the way it actually works, and we just didn’t get the whole story. But if they’re not doing it this way, they probably should.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.