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Should maximum bids be disclosed after an auction closes?
MrEureka
Posts: 24,412 ✭✭✭✭✭
I just received a Prices Realized List from a European auction firm that lists the prices realized, the highest bids and the number of bids for each lot. I've never seen anything like this degree of disclosure from any auction firm, and I'm wondering if it's a good thing. What do you think?
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
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Is the information interesting? Sure.
On the other hand, any known successful bidder who left a bid on the book or computer would by definition have their max bid revealed to the whole wide world, which to me (and others, I assume) is proprietary information that is no one's business. So I guess if would have the effect of causing people to bid live in the room so as not to tip their hand as to what their max bid would have been - at least that is what I would do.
The downside for the auction house is that it may reveal that they are not attracting bidders across the board. Maybe Heritage has a larger bidder base for some kinds of material and smaller for others. As a potential consignor I'd like to know that.
<< <i>I do not think so, a coin is ~worth what 2 people are willing to pay not what the max one person is willing to go.
Is the information interesting? Sure. >>
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Btw. I'd expect some consignors to be upset... imagine a coin selling for $1,000 and it had a $25,000 secret max bid on it and the consignor saw it!
- Ian
Owner/Founder GreatCollections
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<< <i>I would think revealing such information would have the effect of causing some prices to rise over time, as would-be buyers see what it would have taken to win certain lots and apply this knowledge in future auctions. So I think it would benefit the auction house and consignors.
On the other hand, any known successful bidder who left a bid on the book or computer would by definition have their max bid revealed to the whole wide world, which to me (and others, I assume) is proprietary information that is no one's business. So I guess if would have the effect of causing people to bid live in the room so as not to tip their hand as to what their max bid would have been - at least that is what I would do. >>
spot on. I would cease bidding via computer or bid sheet and exclusively bid in person or via an agent at the floor auction. The proprietary information I have has some value.
<< <i>I would think revealing such information would have the effect of causing some prices to rise over time, as would-be buyers see what it would have taken to win certain lots and apply this knowledge in future auctions. So I think it would benefit the auction house and consignors.
On the other hand, any known successful bidder who left a bid on the book or computer would by definition have their max bid revealed to the whole wide world, which to me (and others, I assume) is proprietary information that is no one's business. So I guess if would have the effect of causing people to bid live in the room so as not to tip their hand as to what their max bid would have been - at least that is what I would do. >>
either that or do live auction bidding within the bid increments.
<< <i>I would think revealing such information would have the effect of causing some prices to rise over time, as would-be buyers see what it would have taken to win certain lots and apply this knowledge in future auctions. So I think it would benefit the auction house and consignors.
On the other hand, any known successful bidder who left a bid on the book or computer would by definition have their max bid revealed to the whole wide world, which to me (and others, I assume) is proprietary information that is no one's business. So I guess if would have the effect of causing people to bid live in the room so as not to tip their hand as to what their max bid would have been - at least that is what I would do. >>
I totally agree.
The intention of a bidder to keep it going is rendered moot by the lack of the auction house's ability to entice another bidder to play.
<< <i>The hammer price is the highest bid period.
The intention of a bidder to keep it going is rendered moot by the lack of the auction house's ability to entice another bidder to play. >>
Agreed. What purpose would it serve to know how much a winning bidder would have gone if pushed. The other party blinked. End of story. If the other party was more interested they should have continued bidding.
Ron
Edited to add:
When you have been looking for a coin for a while and one finally becomes available, we do crazy things sometimes.
<< <i>I just received a Prices Realized List from a European auction firm that lists the prices realized, the highest bids and the number of bids for each lot. I've never seen anything like this degree of disclosure from any auction firm, and I'm wondering if it's a good thing. What do you think? >>
Did it just out the maximum bid or did it also out who made the maximum bid?
Since most coins are won by floor bidders in Heritage-type auctions, disclosing the high mail or internet bid would be of less value.
When you buy an item on eBay, would you want everyone including the seller to know how much you would have paid? I think not.
An authorized PCGS dealer, and a contributor to the Red Book.
There seems to be a great march toward something these days with all these little changes, and I am not sure I like it.
Eric