Bid strategy when there are multiples of the same item in an auction
kranky
Posts: 8,709 ✭✭✭
Let's say there are three of the same coins in an auction in consecutive lots. The grades aren't identical but they are close enough (and grade rarity isn't a factor) so there probably won't be a big difference in price. Is there any strategy involved when bidding for one of the lots? Go for the first one? Last one? Or doesn't it matter?
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.
0
Comments
What kind of auction?
Internet all lots close at the same time of live where they close in lot order?
Live the second.
Internet type dosen't matter.
gemtone65, I did think about that, but figured if that was the conventional wisdom it would be self-defeating.
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 have watched alot of live auctions and the last coin usually sells for the most.
I think its the well it's gotta be this one now or none thing.
first probably will be lowest, as others with wait strategy will be bidding on other 2
In the book Innumeracy in America, the author rants for many pages about how we all can't add, etc. etc. and then finally advocates that when deciding who to marry, we should employ his "calculus of marriage" algorithm. IIRC, it suggests that average debutante will have seven suitors. Of course, once she says "no", that bachelor is done and she has to go on to the next one.
The optimal strategy, according to this book, is to pass on the first two men, then take the next one who is higher rated than the first two.
So, assuming all the coins are EXACTLY equal, I would pass on the first two and then take the next one with a lower price
<< <i>Let's say there are three of the same coins in an auction in consecutive lots. The grades aren't identical but they are close enough (and grade rarity isn't a factor) so there probably won't be a big difference in price. Is there any strategy involved when bidding for one of the lots? Go for the first one? Last one? Or doesn't it matter? >>
Use a snipe program like PhantomBidder that allows you to do "Group Bidding". Basically, it'll keep sniping on a series of auctions until it wins one, and then it stops. It's invaluable for situations like this.
Go for the one that has best eye appeal if the technical grades are equal.