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What % of Heritage lots sell at the "Next Bid Meets Reserve"?
RYK
Posts: 35,801 ✭✭✭✭✭
Has this turned the Heritage Signature auction into a de facto fixed price sale for many coins?
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As much as a reserve sucks, starting bidding at the sellers minimum price will lose a lot of bidders. A lot of bidders helps push a price. We have all done it I am sure.
Say you put in a proxy bid of up to $95. Thats all you want to spend for a coin. The unknown reserve is $100. Someone outbids you near the end of the auction and the reserve is met. You say to yourself, one more time and snipe the coin for $105 in the last seconds. A bit more than you wanted to pay but still an OK deal in your opinion.
If the starting price would have been $100. You most likely would have passed it by and not bid. It is almost like an impulse buy at the checkout line in a grocery store. Whats a few more cents.
What I do not like is when the Heritage reserve amount increases near the closing time. There have been times when supposedly the reserve was met when I placed my max and I was confirmed as high bidder. About when the live floor bidding starts all of a sudden my max did NOT meet the reserve. Really Pi$$es me off!
<< <i>I have not bid on a Heritage auction since they increased their fees. >>
What fees have they increased?
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."