I obtain most of my coins via auction, and while I'm aggressive, I have also recently been blown out on several coins that ended up way above the max bid I mentally set. I'm going to share some random thoughts on the initial question, along with observations on some of the replies, in no particular order. I will also share what I consider two important tips on bidding strategies.
Not to mention the 20% buyers fee, possible sales tax, and shipping. Be careful... that's going to add up to maybe 50%+ over your researched prices.
1. Once one has done their pricing research, you really need to make sure your max bid takes the B.P. into account, along with sales tax, so that if indeed you are the high bidder, the total price you pay is not higher than your researched max price. I suspect most people reading this make those mental pricing adjustments, but apparently not everyone does.
2. Coins are not commodities, where every MS6x is the same as the next one in that same grade. Eye appeal matters BIG TIME
, especially as you climb the grading scale. It sounds like @Sharkman has developed a better eye, or maybe is seeking out higher graded coins with strong eye appeal as the reason for missing out more than in the past. Regardless, I strongly suggest to determine your price well before the auction starts, and stick with it. Leave emotions out! Don't chase a coin, as that is how you will end up overpaying and getting buried in that coin. On the otherhand, as I mentioned at the beginning, I bid aggressively, so if there's a coin I really want, I don't mind paying a "strong" price, even if that's not a bargain.
3. keep in mind we now have a "Two Tier" Market - coins with CAC's and coins without CAC's. Like it or not, coins with CAC's IN GENERAL
have been holding steady in price, or increasing in price over the past few years, while those without CAC's IN GENERAL
have been dropping in price. As such, when doing pricing research, compare apples to apples. if the coin in the auction has a CAC, look mainly at sale prices of coins in that grade with CAC's.
4. Comments made above regarding being the underbidder are so true. You really have no idea if the high bidder's max bid just happened to be only one bid increment above yours, or a lot more. My guess is more often than not, it was more than just that one increment.
5. My first tip on bidding strategy (and this is subjective - not everyone will agree) is NEVER place your bid any earlier than you need to. For those that place their max bids early, even when you end up as the high bidder at a price well below your maximum bid, you may still have ended up paying more than you otherwise would have had you bid at the end. For example, say your max bid is $500, and you ended up the high bidder at only $380. Yes you are happy, but MAYBE others were just chipping away at your "current' high bid over time, seeing you still topped them, then over time gave it more thought, and bid higher again. then still gave it more thought, and bid even higher again. Ultimately they gave up and you got it for $380 plus b.p. I truly believe that in this example had you waited until the end to place your max bid, MAYBE you would have been the high bidder at $320 or so, as the person who got outbid did not have the time to ponder if they should go up anther increment or two.
6. I believe the end part of this last point is the one of most value: With Heritage
, to bid late you can utilize their "Live Bid" feature, which allows you to place your max bid a day or more before the coin comes on the auction block (so you don't have to hang around your computer). That max bid is not acted on during the Proxy bidding portion of the auction - it's just kept on the side until that lot actually comes on the block. While their instructions imply that you can place that bid only 24 hours before THAT SESSION starts, the unknown secret is that you can actually place your max bid on Live Bid 24 hours before the VERY FIRST session of that auction
. So if it's a multi-day Heritage Auction
, and your lot is in the Sunday session, but the first session is on a Thursday, you can actually place your max Live Bid on Wednesday, 24 hours before that Thursday session starts. This is important if your max bid is tied by a Live Bid placed after yours, or if someone truly bids live as the coin is on the block. The tie goes to YOU. However, if during the Proxy bid period someone makes a Proxy bid the same as your max Live Bid, the Proxy bid will win a tie over a Live Bid. This strategy has helped me numerous times.
7. One final unrelated point regarding terminology. Almost all of us use the term "Winning" a lot at an auction, whether it's an eBay auction or a Heritage
, Stacks, GC auction, etc. I don't consider being the end high bidder as having "Won" the coin. I consider it as having BOUGHT
the coin at a price I was willing to pay (and there was an underbidder and others who chose not to pay as much as me at that time for that coin). When I "Win" something, maybe it's a raffle, or a horse race, or a football bet, where I end up with something of more value than what I paid for that opportunity. Just my thougts.
A day without fine wine and working on your coin collection is like a day without sunshine!
My collecting "Pride & Joy" is my PCGS
Registry Dansco 7070 Set:https://www.PCGS.com/setregistry/ty...edset/213996