Heritage Auctions

Hi all,

I am bidding on a coin on Heritage Auctions. However it seems different from ebay. I am not familiar with it and was hoping someone could explain how it works. In particular I don't understand the part where it says internet auction and live auction on future date. Is that in case the reserve is not met?

I would appreciate any advice on bidding on coin exclusive sites as this. Perhaps you have other suggestions for buying coins on different sites. Any input appreciated.

 

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Heritage offers internet only auctions as well as live ones. Their internet only auctions operate about the same way Ebay does, ie, picture and description, ends at certain time and date, etc. About the only difference is the buyer fee added to the amount of the winning bid.

Their live auctions are different. Although they offer on-line bidding prior to the coin going onto the block the actual live bidding will take place on site. They also usually offer the ability to follow the live bidding (and participate) on-line. In these auctions the bidding ends when no further bids are forthcoming rather than at a given time.

 

All internet auctions now have a live bidding session. They used to end about 11 pm EST and that was it. They added the live auction element a couple months ago. I can't remember the exact date. Instead of the auction just ending, now there is a live bidding session.

All of the Signature Auctions and bigger auctions have this element and now they've brought it to the Internet auctions.

Be careful though. ALL coin auctions at Heritage have a 17.5% BP which is added on to your bid. The nice thing about Heritage is they show you what your total price would be prior to you placing the final bid.

 

Ok. My confusion is that these online auctions also have live auctions. So, what does that mean? If I win a bid it then goes to live auction so I may be beat again? Just doesn't make much sense.

 

that's helpful geekpride. It just kind of annoys me that my final bid is not indeed final.

 

is there any way to only view buy it now options or auction only ?

 

I don't believe Heritage has a Buy It Now option.

 

Heritage has inventory and you can search that for what you are looking for. On the left side of the screen there are different options. You can also buy coins from people that were winning bidders on coins.

 

IMO, they have the best site for coin auctions. They have plenty of Buy it Now's, but the auctions are more fun.

I like what they did with the Sunday/Tuesday internet auctions. I place low bids on the coins I'm interested in and then wait for the live auction.

 

Your bid isn't final until the auctioneer says "Sold." There are 2 phases to the auction. The online portion basically sets the starting price for the live bidding. Just think of it as a whole bunch of potential last minute bidders. You've beaten the online competition (not necessarily at your high bid), and then the live bidders get a chance. If they still don't beat your high bid, the coin is yours.

 

I would strongly suggest reading the Terms of Service agreement that you had to sign prior to bidding on Heritage.