Clever Auction Strategy: Where Do You Sit?
Singapore
Posts: 578
First, for the avoidance of confusion, my question refers to seating location when you actually attend an auction - if you are participating by phone then where you sit becomes significantly less important.
I like to sit as far back in the room as possible, which seems to be the strategy favorded by every other human being on this planet, which results in auction companies renting large ballrooms at major hotels and then setting up 150 chairs in neat rows only to have all the participants cram themselves against the back wall like some kind of ivy.
On the other hand, sitting in the front row can be an effective initimidation strategy, allowing you to raise your hand as soon as a coin you want appears and then keep it raised continuously for 45 minutes for all to see as a signal that you are fully prepared to pay significantly more than the coin is worth (or, in fact, will ever be worth) so theres very little point in bidding against you. Of course that never really works.
Recently I've been seeing more people do the 'roving bid', where you hold your catalog open and then stroll around bidding as you go. This technique allows you to stand behind other bidders when necessary, while allowing you to rocket to the front of the room when appropriate.
Yes, roving definately seems best.
I like to sit as far back in the room as possible, which seems to be the strategy favorded by every other human being on this planet, which results in auction companies renting large ballrooms at major hotels and then setting up 150 chairs in neat rows only to have all the participants cram themselves against the back wall like some kind of ivy.
On the other hand, sitting in the front row can be an effective initimidation strategy, allowing you to raise your hand as soon as a coin you want appears and then keep it raised continuously for 45 minutes for all to see as a signal that you are fully prepared to pay significantly more than the coin is worth (or, in fact, will ever be worth) so theres very little point in bidding against you. Of course that never really works.
Recently I've been seeing more people do the 'roving bid', where you hold your catalog open and then stroll around bidding as you go. This technique allows you to stand behind other bidders when necessary, while allowing you to rocket to the front of the room when appropriate.
Yes, roving definately seems best.
Singapore
0
Comments
B.O. can be distracting. As can nose blowing or firing a gun.
I personally like to place a bid on the books right before the auction, and then I just jump in if I need to. That way no one knows who they are bidding against. I think that that keeps everyone honest.
I'd watch it for you......really!
Once again resides with Legend, the original purchaser "raw" at live Eliasberg auction. Laura and i "love" the same lady!
<< <i>Bidding at live auctions is a good way to over bid for material. >>
Adrian's right, I'm afraid. Something about the buzz of the auction floor that has ordinarily sane people paying $20,000 for $10,000 coins. I admit I've done it myself once or twice.
Sometimes us fanatical collectors have to have whatever it is being auctioned, so money becomes a non-issue. Obviously dealers are best served to operate a little bit differently.
09/07/2006
My 1866 Philly Mint Set
PS at the auctions I attend, mainly Torex auctions, if you take a half increment, you are no longer allowed to bid further! So when I then bid, he couldn't re-enter the fray.
I have seen that in store liquidation auctions.
Amazing.
Illegal.......but amazing.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>Bidding at live auctions is a good way to over bid for material. >>
Absolutely Adrian!