CNG revealing all proxy bids

This is all very alarming. Being a working man that can't always attend CNG auctions. Now I feel that if I cannot observe the live auction I'm going to be a stepping stone. There is a coin that I'm very excited about coming up in 6 days and now I don't even know if I will put in a bid, as the auction is during work!
Ps, kinda surprised the CNG expert who is a CT regular hasn't commented

 

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I may have missed it but what happens if say they announce you need $725 to clear the bid and you only bid like $700 to run the other guy up?

 

@Ryro I presume you are referring to an upcoming eSale (a "timed" auction). The disclosure issue discussed in this thread only applies to prebidding before a LIVE auction (with an auctioneer). CNG's eSales and other timed auctions would not be impacted by this live sale phenomenon which requires an auctioneer to "spill the beans".

 

That would not happen in the scenario we are discussing. As mentioned above, the announcements were made only when the prebidder's maximum bid was reached.

 

I hesitate to draw the link. But as others have pointed out, CNG has changed ownership recently. It was also with the change that their new bidding app was launched. Personally I find it's a mess. Keeps showing me closed lots at the top when I search.. and now it's this.

I hope it's not because of new management. Worrying to be sure.

 

Yes, that's true. However, if you submit a maximum (say, 80) by e-mail on a lot where you are not high, he sometimes writes you back to say "You need to bid X (say, 120)." [As an example, maybe he had your bid of 80 and a bid of 110.] If you willing to reconsider, you can decide if you are willing to go that high or higher. But, that is quite a bit different from saying, "Your bid was not high enough." Info that my bid was not high enough might cause me to raise it, say from 80 to 100, potentially increasing the underbid, whereas saying I need to bid 120 might cause me to think, "I hoped to win it at 80 and now I'd go to 100, but not to 120, so I won't bother to submit the bid of 100 because It won't win." Frank sells at the underbid plus small amount. So, in this case, rather than having an underbid of 100 the lot has one of 80.

I don't know how to think of this. A buyer who submitted some bids that are too low probably appreciates the information.

 

This was my impulse "going cheaply" win from FSR -- the one in a slab incorrectly labeled Diocletian:

 

I’ve been told it was the Chilean billionaire that bought up 70 percent of the sale. He’s decided to branch out of only provenanced coins. If it continues, then it will be the end for we normal collectors. Even Clio gets hammered by this guy.

 

Just out of curiosity did anyone here win 1 or more coins from the auction?

I only won 1 out of the 7 that I wanted...I certainly don’t like overpaying and in most cases I will not pay extra if I don’t believe it is worth it. I suppose I was lucky that the one coin I won ended up being 30% below the estimate, rather than the other 6 which sold for 2-3x their estimates.

 

I bid on five or six lots, all won by the same bidder #2725

 

I bid on six or seven lots all won by paddle 2725 who seemed to be buying most things that day to my extreme annoyance. Who is this Chilean billionaire?!

 

Time to find one of the 728 people richer than him to bankroll me

 

While he has also been a thorn in my backside for the last two years, I think it would be best if his identity weren't posted publicly. Many collectors already know who he is but he's a private person and his name shouldn't be shared unless he wants to share it.

(Also, @Eukratides welcome to the forum! You might want to run a search for a recent thread "Another Fake from Lanz" in case you wanted to add something to the dialog)

 

Agreed individuals' identities should be kept private.

 

All I know about that person (and I won't repeat his name) is that he's very famous for having an art collection worth hundreds of millions -- and probably more than a billion -- dollars. If it's really he, then spending the kind of money people are talking about on coins is like buying bags of peanuts for most of us.

 

I just looked searched in google and figured it out. It’s hardly a secret.

 

I know everyone has their preferences, but if I was a billionaire I would only buy the best of each type that I could find. Even with my current collection I have very few duplicates. It is unfortunate that some folks have the ability to potentially ruin a hobby for hundreds and potentially thousands of people. And if not ruin, at least suck some of the life out of the hobby for some people.

 

You recently outed the identity of Clio on a Facebook group thread accusing him of buying up 70% of the lots in the recent CNG sale. Mike Gasvoda replied saying it was a dealer representing several clients. You are now outing the identity of another collector here. All of this seems to be nothing more than conjecture on your part. Whether true or not it is not right regardless of how well you believe these individuals are known. The worst part to me is that you are a coin dealer. I would never do business with a coin dealer knowing they may turn around and reveal my identity to others in this manner. I sincerely hope you cease posting such information.

 

Outed? I never stated his (Clio’s) real name. Someone else I believe mentioned some details about him. I had no idea who the Chilean guy was until I googled him earlier today. Please stop being ridiculous. Someone asked who the Chilean guy was on this thread. I had been told it wasn’t a secret. I deleted it from the thread when some thought I shouldn’t mention his name. Sorry, if I ruffled feathers.