When you lose an auction lot by one notch … grrrr.

It works both ways on eBay, sometimes I've won an auction with a dollar or less and I've also lost by the same amount. And as we know the auction is determined in the last 5 seconds.

 

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I just don't let it bother me. I know the rules going into the auction and there are no surprises. I'll set my bid ahead of time and let it play out or bid my max at the end if I really want the coin. Losing by 1 cent or by $1,000 does not make a difference. I've also found that many fixed price listings from dealers (at shows) are higher than what an auction will bring. There are exceptions but in general eBay has been responsible for a larger portion of my collection than any dealer.

 

You should have that dealers contact information and be able to buy without going to a show. you could check out his eBay listings and contact him directly.

 

I don’t need to contact him; I know him very well. The fact is my 10 grand worth of purchases is not enough to convince him to change his business model, nor should it.

 

Most auctions don’t offer that option. Harlan Berkeley is one of the few. Some complain that his prices are too high, but it’s also a fact that the cream of the material that he offers is often sold well before the bidding process begins.

 

Some people list coins as buy it now only. I just look for prices that are similar to what they were going for in auction since I don't win the auction.

 

The biggest problem you're having is placing that bid before there's 2 seconds left. Even then you can lose it. But by doing that before the end it will cause that coin to go one step higher at the end. I police auctions like this. Making sure the coin sells for what its worth. I have won coins below their max value by doing this though. But it doesn't happen often. The auction usually ends in me losing it by one notch but making sure the winner pays what its worth or more. If you want to win these for that price wait until the end to bid. And I can tell you, most coins have been selling for way over what they're worth lately. I don't buy many very often anymore. I think 2 coins in 3 months versus 2 or 3 a month.

 

When you bid any time before the last seconds, you're telegraphing your opinion of the piece to other bidders, and giving them time to process that information and adjust their own bids.

Knowledge is power, and if you're trying to minimize the price you pay, you need to minimize the information you expose. Otherwise, you're only helping the seller.

 

You’re so correct. Those last minute bids are aggravating but they make me bird more. I usually up the price in seconds. Then they have time to think about that.

 

I'm a %90 BIN person I've had a few nice auction steals but I'm not a person that's so desperate to possibly get a deal after waiting in a bathtub of sweat for days and then getting sniped out of nowhere for sometimes only cents,not worth it. Look at the auctions ending the soonest with a not popular biding history(which stayed that way)and got some steals with no pressure.

 

There are a few caveats to this:

1) sometimes when there aren't any bids or very low bids, the eBay seller will end the auction or sell the coin early to someone that makes an offer (even when they aren't supposed to, like the case of someone already having a bid). I have missed out on a few like that.

2) a bullion coin where if you hit the right increment, it is unlikely that someone else will bid (this is not on eBay); I've seen this will gold and platinum Eagles. Say spot is $2,000 and the increment is $100; the 1 oz coin is sitting at $1,900. You bid $2,000 and are winning. Chances are good that you'll hold on since most don't want to bid the $2,100 (assuming it is generic bullion and premiums are less than $100 over spot).

 

Shill bidding and snipe programs. Auctions are designed to get you to overbid.
So when you put your bid in, which looks good at the time, you really need to put it in minutes or seconds before the close and not an hour.

 

Any auction, the highest bid wins. Just bid your highest bid, and if you don’t win, then you just were not willing to bid higher than the winner did. I have been outbid on all venues many times. It is kind of like buying a car. Shop around, and find a price you’re willing to pay. Don’t like the price—don’t buy. Same goes for an auction. If you’re not willing to chance getting outbid, then don’t bid. In a way, it is like a poker game. If you cannot accept losing, don’t play. I actually like eBay, as I have gotten many fantastic coins, in a best offer situation. Even if the seller does not have a best offer, it does not hurt to send them a message, and ask if they are open to a good, fair offer. There are many ways to acquire nice coins, and auctions are far from the only way.

 

I hate when the opposite happens….you put in a nuclear bid and someone runs you up to your max and you ‘win’. Ouch…that stings!!

 

I won one this weekend on fleaBay by one cent.

About 20m before the end I put in a bid of $50.01.

 

Most people bid in increments of.00.
Sometimes when I'm trying to figure out where the high bidder is at, I'll bid xx.01.
Then xx.02, xx.03 and so forth.
That pushes the high bidders bid up 0.99 to the next $1.00.
Gives me a feel for where the bid is going and I can count how many bids I put in it's usually Cheap Entertainment

 

I was bidding on a coin once and 2 of these nuclear bid guys bumped heads. The winning bid was about 200 over actual reasonable value. The winner didn't pay. The coin relisted and eventually sold for about 300 less. The first auction killed the bidding interest in the coin. The seller should have waited a while to relist it. But no one wants to honor their rocket bid when they get caught. I have gotten caught at the top end of my bid before but I never bid more than I'm willing to pay like that guy did.

 

I do the same. I don't bid at all until the very end...and just once.

Bruce

 

Auction houses should ban or give a lengthy suspension to those who dishonor their bids. It is totally unfair to those who honor their commitments to allow them to run up the price.

I have had two incidences where I caught “auction fever” and bid stupidly way too much. The worst instance was at a Heritage sale.

I was bidding in the room live, and a phone bidder drove me up to probably $10,000 too much. They bid and then reneged on their last bid reportedly saying the price was way too high. The auctioneer stopped the auction and offered to reopen the lot. I should have had him reopen it, but stupidly I bought it for my previous bid. I still love the coin, but I hate what I paid for it.

 

That's why I stay away from the possibility of a bidding war. I once set a high bid on a coin i wanted and went to sleep. I paid way too much for it at the time. Never thought it would appreciate beyond what I paid. It has at this point. And it also received a CAC sticker. So it wasn't a bad win in the end. But at the time...