No Reserve Auction.......Bidding Extended

That's right folks, the auction ended at 10:56 and I won it fair and square, when all of a sudden, up pops the message 'bidding extended' and two minutes goes back up on the clock. The two minutes winds down and then again up pops the message 'bidding extended', another 2 minutes goes up on the clock. I don't get it. It's a bloody no reserve auction. Me thinks there are cheats afoot.

Oh, I did win it anyhow.

 

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At least you won! Sounds a bit fishy though as far as the end time.

 

Indeed it does Joshua. DLRC. Just surprised.

 

Makes me go some place else to look and bid.

 

I never cared for auctions that are ran like that. You think you won and it changes. That's no fun.

 

What did ya get?

 

A meager 2006 Franklin commem in a JA holder.

 

Was it DLRC on ebay or on their own site? Did the price go up during the extra minutes? I've never participated in auctions there. On Heritage Live the 5 seconds ticks down but if a new bid comes in it gets extended another 5. DLRC auction terms states "In the last 3 minutes of the auction, if a bid is placed by a bidder, an additional 3 minutes will be added for each bid that is placed until there is no further bidding." I'm guessing that's what happened. If the price didn't go up, maybe a bid kept getting rejected but it still extended the time, due to a fluke in their system. Just trying to give them the benefit of the doubt. I've bought from them and they seem reputable.

 

Thank you for enlightening me, KB. I didn't know that about DLRC.

Yup, I was on their site and bidding last evening and just assumed that when the clock ticked down to zero, I'd be the winner because I was the high bidder at the close of auction. I apologize for any inference regarding their reputation as I now know (as Paul Harvey used to say) the rest of the story.....

 

Yeah I don't know, I only report what I manage to dig up. I've only participated in auctions on ebay, Heritage and GC. For GC it always seemed like once the auction time was done, it was over, and you better get your bid in early. I haven't paid close attention but it seems like there is less opportunity for sniping there. The only thing I can find on their website is "In the sole discretion of GreatCollections, we reserve the right to delay the end time, suspend, postpone or cancel auctions or direct purchase items, without liability of any kind whatsoever to consignors or bidders, including if there is/was an error in the listing, whether made by GreatCollections or not." I have never seen anything like that happen to a coin I was watching or bidding on. They all seem to have their own rules. With GC I tend to set it and forget it. If I get an outbid notice, I might or might not up my maximum, but it's always well before the auction ends. With Heritage I've actually sat and watched for my lot to come up a few times, and got burned once because I didn't realize the increment had crossed their threshold and I was bidding more than I thought. Live and learn on all of these sites, I guess.

 

Set it and forget it......like Popiel.

That's usually what I do, though I couldn't resist watching this auction (DLRC). Had I not I'd have lost it....

 

DLRC on their website does extend the time if bids come in the last 3 minutes (I have witnessed it on previous auctions).
Legend (before they shut down their auction site) used to extend as well if bids came in the last few minutes.
eBay and GC do not do that.
Stacks and HA are a little different as there is live bidding and it goes on until no one bids.

 

Well at least you won but I really don't do auctions anymore,to much stress

 

I don't find much stress in it, but I don't buy many coins either. I research and then set my "what it should be worth" price including fees, then decide whether to max bid that or a lower "good deal" price. Occasionally I'm forced into the "how bad do I want it" pricing, which typically involves ignoring the fees. Rarely, it goes into "how often is another one available" mode, which is where it gets dangerous.

 

It gets stressed during the last minute countdown,my heart starts to beat faster as the seconds go by.

 

I would not bid on that site. Fleabay has it's issues, but I've never seen anything like that there. I do think that sometimes there is collusion on certain coin auctions, but not on anything that isn't at least 4 decimal points.

 

If I am serious about bidding on something, I'll set my phone alarm when the auction is about over. I'll know in the last minute if it's worth my time for the value/price, and wait until 4 seconds are left on the clock and set a maximum bid.

 

I work for DLRC. We have a “soft close” so that you don’t get sniped. And also if you’re selling thru us you have a chance at making more money. Nothing fishy about it! Just good business sense, IMO.

 

Yeah, I know C B D, it's just that I was so surprised when the time went back on the clock I was dumbfounded. I'm new to DLRC and never witnessed that in the previous auctions I participated in. Now I understand. I'm not turned off, just better informed, and now that I know the lay of the land I'll be better equipped in future auctions. BTW, I do enjoy the auction site and I think you folks at DLRC are doing a terrific job at keeping offerings within reasonable price assessments. The hidden fees are nonexistent on your site and the final cost is justifiable and fair in my estimation. Keeps me coming back and looking......