Wee bit o' pee? ............ it's auction time!!

When you find a coin, especially one you want, and it has been listed recently, bid your max, and bid ASAP.

If someone outbids you, they might try outbidding a little bit, see they keep getting outbid (by your bid), and then give up.

Bidding at the last minute can cause people to overpay, because they get caught up in the action.

I put the max I'm willing to pay in early. If I win, fine, if I don't I don't regret it.

 

Log in or Sign up to hide this ad.

I tried that a few times, because that was the advice given me on this forum by various members, but it never worked. I'm in the sniping camp.

 

I too snipe, only way I tend to win. I never bid days before.

 

Well, I had my eye on 7 coins tonight. I got four of them so far, 3 to go...

 

Sniping is silly.

1. There is always the chance the server may lag, causing you to lose completely.
2. What's wrong with putting your bid in early? It does not matter WHAT time you bid, as long as you bid your max, if you get outbid 3 days prior, or 500 ms, it's still more than you wanted to pay.

If you bid $200 on a coin, and it still shows the 1st bid (yours) at 99 cents, then a person is gonna bid 10, then 20, then 50, and keep getting outbid. In theory, this may discourage them from bidding higher.

 

I'm coming to this discussion late, so I'll just say I'm a sniper. I use a service that has never let me down as far as making my bid on time. I find it hard to fathom why some people bid up a coin starting from the time it's first listed until the last bid is made. If I see a coin I think I want, I make my max offer and let the snipe service do it's thing. I don't even follow the coin or it's progress. I made my max bid, and I stick to it. So, to answer the initial question, most of the time I have no idea who is bidding. I don't look.

Note: I don't get many of the coins only because my max is generally someone else's starting point. But, alas, that is the way of the bottom feeder.

 

Interesting points, Detecto. If everyone in the coin buying world had that same philosophy and discipline, wouldn't it be perfect? Everyone would get the items they want without exceeding their limits. Of course, they would fail to win many of their desired lots, but it would be safe and calm.

I understand your theory but here's another.

I'd wager that often, bidder B might initially plan on bidding no higher than $x but then becomes angered or challenged by the Bidder Detecto's instant deflections due to the early-placed max bid, prompting bidder B to go higher. Maybe Bidder B likes the thrill, the rush. Human nature and all that stuff. Bidder B wins, spending more than he wants, seller is happy, and price inflation continues.

I contend that sniping keeps the prices down, and that if the majority of people engaged in early maximum bidding, coin price inflation would experience a steep rise.

So I say bid your max, but bid it late. Very late.

This does not apply to auctions which do not have a defined end time or those which extend by another 20-30 seconds automatically if a new higher bid is submitted within the last 2 minutes of the auction, as some auction houses do. With that type, I'd proceed with greater caution and not throw up my max bid in the last seconds-- I'd go incrementally.

 

I agree. In my neck of the woods, the Amish run live auctions all summer long. It's fascinating to watch the bidding because people get into a competitive frenzy and end up paying $40 for an old, used lawn chair that you can get at Goodwill for $10. It's ridiculous.

 

I am generally of the philosophy of 'there will always be other coins'. I am still a young guy and if I see someone I know bidding an a coin that peeked my interested I more than happily lay off. I generally don't have to worry about you all though because most of you are bit above my bargin bin league. I have sniped in the past and I have set my max bids right off before it all depends on my self discipline for the day. Sometimes I impulse bid last second and sometimes I calculate it out. I am no good with money that way and is part of the reason why I gained so much student debt (not on coins but other stupid things).

The max bid is an interesting idea and then I heard the story from one of the sellers I frequently buy from. He had a solid AE up and someone apparently wanted it and first day put a $75 dollar max bid on it think that will secure. Well someone else wanted it just as bad and then gave up bidding at the 70 dollar mark. The first buyer seeing that the coin got pushed that high withdrew his original bid. It has apparently happened more than once where a buyer will put a monstrous bid out there and then when it gets close to the cap and the guy could be out $70 bucks he withdraws it and drops it down again.

I just patiently watch and search for deals like the Anonymous Folles I just bought. The biggest auction I participate in is Triskeles

 

It all boils down to "Go with what works best for you"!

 

Well, it's been a good night for me. Here's what I snagged...

1. A Byzantine follis of Constantine V/Leo IV, with nice, sharp busts.

2. A Macedonian Gorgon/Shield, 288 BC.

3. An EF/VF Constans, Two Victories.

4. An EF Aurelian Antoninianus.

5. A Constantinopolis Commemorative.

I hate posting dealer's images anymore, so I'll wait on pics till I take my own.

 

As for bidding against friends like those here, I would say I would never bid on a lot anyone woukd post here asking about unless I pm'ed the member asking permission. Not promising this would make people hesitant to talk about coins here. Short of that, I will not stop myself from bidding if I happen to see the high bidder DougS or SteveX. I simply do not pay attention to the name of the current high bidder, and to do differently I think is unfair to the seller, you know?

Btw, my bidder name is usually the same as here, so I expect the same treatment, ie no favors simply because I post here. I view it how I would not appreciate it if I were selling the coin to have a group conspire to lower bids, so I behave the same when I buy.

 

Heritage
Ebay
Teletrade

 

I have to simply say Tim I have bid both ways. My net yield of auction wins by sniping is astronomically higher than bidding early. What you are missing is others frequently do not know others are interested, so do not have time to talk themselves into a higher bid, since the auction will be over.

Try it yourself, find identical coins and see what your results are.

 

Bidding online early shows your hand to other bidders and puts you at a disadvantage as it gives them more information. It is best to wait as long as possible or bid live. I usually put in a bid less than 1/2 of my maximum just to prevent "window shoppers" but otherwise, I bid live or put in a book bid.

 

I like to send out a few initial bids ... that way, I can usually tell if I stand a chance with obtaining any of my Plan-A coins ... if my initial bids are quickly enveloped and surpassed, then I usually brace myself for a fight, or I move-on to a few different coins that I may have realsitic chances of winning, know what I mean?

=> yah, nuthin' is worse than sitting in the wings until the "pounce moment" and then discovering that you weren't even in the ol' ballpark!!

... so I usually have a few initial bids planted, but I also have a few Plan-B coins if "free'd-up money becomes available" ...

 

yeah but if you bid early and some one out bids you the auction is just sitting there begging you to bid more. if you bid at the end and get outbidded its over

 

I think that biding your max or close to it early is a good idea, especially if the current bid is pretty low, this some makes snipers miss.

 

some interesting, short, popular articles on auction psychology...

http://blogs.cornell.edu/info2040/2011/09/21/bidder-psychology-in-ascending-bid-auctions/

http://www.slate.com/blogs/future_t...gy_study_says_bidding_sites_make_us_mean.html

http://mindhacks.com/2012/09/19/bbc-column-auction-psychology/

 

Ohh, sounds like a new reality programme for Discovery, NatGeo or A&E to pick up - "Amish Auctions"