Can you ever win with an absentee bid?

coolest · May 26, 2008 11:34AM

Every time I submit an absentee bid to one of the large auction houses the first bid on the floor is always just above my highest bid, then the auction closes. It just does not seem like a coincidence.

mozin · May 26, 2008 11:41AM

Happens a lot. I am often high bidder going into the floor bidding, only to lose out to a floor bidder, often on a split bid.

RichieURich · May 26, 2008 11:51AM

Bid higher.

tightbudget · May 26, 2008 11:51AM

Yes. I've done so three times.

jonathanb · May 26, 2008 11:56AM

It could be worse. Some auction houses allow ties to go to the floor bidder.

To answer your question: Yes, I'll often win below my max.

RYK · May 26, 2008 11:57AM

Sure, you can. The real question is do you really want to do so?

Hyperion · May 26, 2008 11:57AM

I hardly ever and Ive won maybe 2 items from heritage against the floor. widget, but still. it can be done.

ILikeMercs · May 26, 2008 12:07PM

bid a million dollars. I'm sure you'll win a few.

LindeDad · May 26, 2008 12:14PM

I feel your pain I often think the absentee bids just set the reserve. If someone is willing to say it worth that much from a picture, then I think the dealers seem to feel they can sell it for more when they put it up for sale. JMO

oldcameoproofsguy · May 26, 2008 1:26PM

<< Bid higher. >>

Simple but true!

If there is a coin that I really want I usually have to put in a really strong bid to win it.

WTCG · May 26, 2008 1:29PM

I place absentee bids much more often than bidding in person. You can definitely win while not bidding on the floor. All you need to do is bid higher.

fc · May 26, 2008 1:31PM

<< Sure, you can. The real question is do you really want to do so?

>>

so true. so true.

i always thought they take the absentee bid and use that to start
the bidding out. all it takes is one person on the floor to trump it.
really nice material will more then likely always have that happen
and then you get stuck with the max you put in if you do win! :-)

Bear · May 26, 2008 2:08PM

Apparently,you are placing a bid on exactly what a coin is worth,
dealers with a client know to stretch a few bids and usually bid
you out of the water. For a really choice coin, you usually have to
bid 10%- 15% above, where you believe the price should be. Otherwise
be prepared to lose more then you win. While an auction does require
self control, not being in the actual room does require you to overbid by
some measurable degree in order to prevail, over your absentee disadvantage.

By the same token, one can not rule out that some bidders know what the top mail
in bid is, before they walk into the room. tis a real challenge indeed.

OKbustchaser · May 26, 2008 2:20PM

<< 

<< Sure, you can. The real question is do you really want to do so?

>>

so true. so true.

i always thought they take the absentee bid and use that to start
the bidding out. all it takes is one person on the floor to trump it.
really nice material will more then likely always have that happen
and then you get stuck with the max you put in if you do win! :-) >>

The general rule of thumb it has always seemed to me when attending a live auction is the the opening bid goes in the order of these three possibilities.

1. One increment higher then the SECOND highest book bidder (if more than one absentee bidder.)
2. The consignor's reserve (or house guarantee.)
3. Two increments lower than the high book bidder.

Elcontador · May 26, 2008 2:27PM

If you are bidding what you think is a reasonable price for a coin and you don't get it, you've lost nothing. What's the point of winning an auction coin if in your opinion, you've overpaid for it?

I've won a few coins (not many) via absentee bids. I've stretched to get a few coins. But I've imo, never overpaid. If someone wants to pay more for a coin than my max bid, it's his / her coin; I'm not interested any longer.

options26 · May 26, 2008 3:12PM

Won a few absentee, won more as a telephone bidder.

BRdude · May 26, 2008 5:03PM

From the few auctions I've attended that had abenstee bidding, seems the auctioneer's always kind of cater to the live crowd. All you can do is like has been suggested, bid higher

Frankcoins · May 26, 2008 7:06PM

<< Every time I submit an absentee bid to one of the large auction houses the first bid on the floor is always just above my highest bid, then the auction closes. It just does not seem like a coincidence. >>

It is almost certain that in a group of bidders who have seen the coin in hand, someone will outbid the highest bidder who has NOT seen the coin.

Coxe · May 26, 2008 7:21PM

Yes, you can. However, do realize that if you do win absentee, it was per the appraisal of a number of very knowledgeable people who likely viewed the lot in hand and chose not to outbid you. They aren't always right and sometimes overlook some material. Just something to consider.

I've won many lots absentee over the years, some without viewing the lots in hand in advance and even some only from catalogue descriptions. A mistake here and there but overall things worked out very well.

messydesk · May 26, 2008 8:00PM

If your absentee bid is a low-ball bid based on how the coin might look in hand, your prospects aren't good against a live bidder that knows how it looks in hand unless the coin is a clunker.

CaptHenway · May 26, 2008 10:04PM

When I started collecting Thomas Elder medals back in the mid-70's, a lot of them were selling in the $10-12 range. Whenever one appeared in a Joe Levine sale, I would just bid $100 on it and always get it at the next bid over the underbidder. I was young, single, and had money to burn.

Over the next few years the average net price that I paid slowly rose to $15, $20, $30, etc. until after about five years or so I finally lost a lot. In that time Joe was always scrupulously honest in handling my bids. So, yes you can win with an absentee bid, if you bid enough and the auction house is honest.

TD

ziggy29 · May 26, 2008 11:43PM

<< It is almost certain that in a group of bidders who have seen the coin in hand, someone will outbid the highest bidder who has NOT seen the coin. >>

Unless, perhaps, you can see problems with the coin in hand that don't show up on the images.

yellowjacket · May 27, 2008 4:52AM

I don't know that I have ever regretted stretching for a nice coin. Sometimes I wonder why I reached so far just after buying; however, I have always come to find it was a smart move.

Now paying for a low end coin at a bargain price has come back to bite me often enough to avoid those temptations long ago.

Garrow

Fletcher · May 27, 2008 5:02AM

Surprisingly, I picked up a few items yesterday in Superior's auction as an absentee bidder. I low-balled a few items when the auction listings first came out just to remind myself that I was interested. However, I forgot to check the items again and raise my bid to, what I considered to be, more realistic levels. Nonetheless, even without raising my bids, I won a few nice pieces ... one is even a PCGS pop 1/0. Anyway, occasionally, it happens ...

DrPete · May 27, 2008 5:41AM

Considering the costs involved with attending an auction in person, including travel, parking, lodging, etc., the absentee bidder (provided they have a representative or other way to view the coin) has the advantage of having less overhead to their purchase. Most of us do separate the travel costs form the coin costs, but those costs still exist.

GFourDriver · May 27, 2008 5:52AM

You're certainly not going to "steal" a nice coin with an absentee bid but you can win one for a fair price. I've done so many times.

BECOKA · May 27, 2008 7:52AM

Yep, all the time.

Unfortunately I also learn later that there is a reason no one on the floor bid. They get to see it in hand.

RYK · May 27, 2008 8:08AM

<< Yep, all the time.

Unfortunately I also learn later that there is a reason no one on the floor bid. They get to see it in hand.

>>

Yes, it really does depend on your definition of the word, "win".

Can you ever win with an absentee bid?

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