Do those "Special Bidding Techniques" really work at the auction firms, or do issues arise

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• HTubbs Posts: 4,138 ✭✭✭

  December 12, 2005 7:11AM

  
  
  << <i>What I am talking about are those crazy ways to bid in auctions from the big auction houses. For example, some let you state on your bid sheet the maximum you are looking to spend (say, $5,000), but you list bids for 30 different coins at a bid of $5,000 each. I think there is a name for this technique, but I don't know what it is. My fear with doing this is that the auction firm will somehow overlook my total dollar limit, and then after the auction closes, you get hit with a bill for a few hundred thousand dollars. Has anyone had trouble using these special bidding techiques, or am I just a worrier? >>
  
  
  
  
  

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• TorinoCobra71 Posts: 8,063 ✭✭✭

  December 12, 2005 8:09AM

  
  
  << <i>
  
  << <i>What I am talking about are those crazy ways to bid in auctions from the big auction houses. For example, some let you state on your bid sheet the maximum you are looking to spend (say, $5,000), but you list bids for 30 different coins at a bid of $5,000 each. I think there is a name for this technique, but I don't know what it is. My fear with doing this is that the auction firm will somehow overlook my total dollar limit, and then after the auction closes, you get hit with a bill for a few hundred thousand dollars. Has anyone had trouble using these special bidding techiques, or am I just a worrier? >>
  
  
  
  
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  TorinoCobra71
  
  

  

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• photog Posts: 242 ✭✭

  December 12, 2005 8:15AM

  At ANR we have options like these available on our bid-sheets only (if you are bidding live via the phone or the internet you have the control to back out when you want to as opposed to a mail bidder who must make all their decisions on paper ahead of time). Maximum expenditure would be "buy me anything on this bid sheet up to X dollars," and then there's something similar called "one lot only" which means you pick a handful of lots, say we have a run of similar coins and you don't care which one you get, you just want one of them. You list those lots, your max bid for each, and put brackets around the lots on your bid sheet. If you win the first one your bids for the next lots in the brackets are eliminated. I can't tell you the ins and outs of the system, but it has been in place since we opened and it works very well for our bidders. I can't speak for other firms.
  
  Jenna
  ANR

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