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 Replies: 15 / Views: 2,262 |
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Pillar of the Community
Canada
3049 Posts |
Okay So I'm pretty happy that I got a few items at tonight's currency auction.  The one thing that really piqued my interest was this: #1) I made 4 "proxi-bids" ... on each I put the max I was willing to go... low and behold all 4 bids held up... but each went to the maximum amount of each of the proxi bids... So here's my question(s)... 1) When you make a "proxi" bid on HA is that the maximum it will bid up to.... or is a "proxi" bid just automatically bid THAT exact amount and see if anyone outbids that amount? - If it's the first scenario I am very surprised that EVERY one of my bids went up to the max... and I was never outbid... If it's the second scenario... if there was no other bidders ... I think while I got it at a price I was willing to pay.. I wonder if I could've gotten it for a bit less... ya know? Your thoughts? |
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Pillar of the Community
Canada
1505 Posts |
OH yes, most of us think we know...  that is the reason why I will only take part in auctions with live bidding!  |
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Pillar of the Community
 Canada
3049 Posts |
unfortunately where I live... there really isn't many of these kinds of items that are as interesting in my area... and traveling for an auction isn't an option...
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Pillar of the Community
United States
4233 Posts |
Sounds like buying real estate - you never know how much somebody else is willing to pay.
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Bedrock of the Community
Canada
10743 Posts |
Quote:
I am very surprised that EVERY one of my bids went up to the max... It sounds suspicious to me, that's why I have a hard time bidding on a auction that isn't live. |
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Pillar of the Community
United States
919 Posts |
I have won auctions on HA and the bids have not gone to my max secret bid. Sometimes they do and sometimes they don't. I will say I have lost a number of auctions by one outbid. In the end that is a good thing or I would have too many coins.
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Pillar of the Community
 Canada
617 Posts |
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Valued Member
Canada
496 Posts |
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Pillar of the Community
United States
4085 Posts |
I too won a coin on Heritage last night; in my case, my initial bid held and my maximum never kicked in - i.e. there were no additional live bids on my item.
I watched a number of other auctions live - some I could see where the live bid kicked in the proxy bid and others where the live bid became the new high bid.
I think this was probably just an unlikely coincidence. I have noticed that coins go for a pretty narrow range around "fair value" and I think you just happened to set your prices just high enough to prevent someone else from getting a bargain.
Heritage is a big company and if any type of fraud was going on it would ruin the company forever and probably land some people in jail. Things do happen but Heritage has too much to lose and little to gain with any monkey business in my opinion.
Edited by KenKat
12/31/2014 11:05 am
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CCF Master Historian of USA Commemoratives
 United States
12269 Posts |
I agree with the comments that your experience was the result of coincidence and not manipulation of your max bids.
I've taken part in dozens of HA auctions (live in the auction room and via the internet) and have always found them to be run correctly/ethically. As noted by KenKat, Heritage would not remain a leading auction firm if its practices were unethical.
Glad you got a few coins you were interested in!
Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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Pillar of the Community
Canada
3049 Posts |
Ohh ... I do apologize if there was any implication that HA was doing anything nefarious...
I was just more inquiring on how proxi bids worked on their site... if they start at the minimum and work up... I would say that my max I was willing to pay won all four ... and the fact that it was a price I was willing to pay.. than it's perfect...
If the proxi bid just jumps to the max ... well then so be it... I may have been able to save a bit... but who cares.. I ended up picking up some nice pieces that I like!
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Pillar of the Community
Canada
5394 Posts |
You got them for what you expected to pay. Try bidding in an auction where you do this and get nothing ! That happens a lot . AG it is obvious you did some research about price . Congrats
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New Member
Canada
33 Posts |
what auctions do you use?
- Heritage?
- any others?
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Pillar of the Community
Canada
3049 Posts |
Perhaps my research paid off or perhaps I was just willing to pay more than anyone elseeither way I'm happy
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Valued Member
United States
406 Posts |
There was an underbidder within bid increment of yours on those coins. Nothing more or less than that. PS Congratulations on your winnings! Best Regards,  George Edited by giorgio11
01/01/2015 12:53 pm
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Valued Member
United States
467 Posts |
I think that it was just coincidence that the bids on the OP's banknotes ended where they did. In my experience there's nothing nefarious about HA's bidding platform. By the way, congratulations on winning the items at prices that you were willing to pay!
I myself used to drive myself nuts while waiting for Heritage auctions to conclude but I gave that up. Nowadays I just "set it and forget it" unless it is something I really, really, really want. Occasionally I win the auction but if not, another coin I'm interested in will come along shortly....
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Replies: 15 / Views: 2,262 |
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Posted 12/31/2014 01:22 am
