I am Done With Internet Bids

Man.... I structured my day to be here for this auction. They had several pieces I was interested in but this one was the piece I was lusting for and I was ready when it crossed the block. I entered a max bid of $300.00 over a week ago. It hit the block and rapidly climbed. Then it closed at $300.00 and I am feeling good that I won.... Then it says it was sold onsite!!!! What the heck? Wasted 2 1/2 hours of a beautiful day too. Dangit!!

 

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Insider trading is what I'd call that, such a shame!

 

So they are using bidders to find the top and then someone says thankyou I'll take it from here? Have I got that right?

 

That's about the way I see it.

 

Sounds like false pretenses to me. But I'm not a lawyer.

 

A few weeks ago I had 4 buy it now orders from 4 different sellers for psyllium husks power canceled. Two said I was using the wrong address--same address I've been using for 25 years. What kind of crap (excuse the pun) is going on with that?

 

Hi @Randy Abercrombie . Don't be disillusioned. Probably means they are honest!
This is how it works.
You bit $300 but someone bid $400 the day before you, their bid takes precandence and they buy at the last top offer because they had priority precedence. It happens to me a lot,

 

On Ebay I use Auction Sniper because if there is something stupidly described, if you bid you attract attention and then the bids pile in. My bids are placed in the last seconds. I have had some great buys but mostly losses because I don't follow the bidding and get sucked into auction frenzy.

 

I've lost a couple that way.. seriously pisses me off.

 

I hate auctions. I spend hours doing research, and you get to the sale, and price goes to the moon. I much prefer buying from dealers. You get a price, and it’s up or down.

As for this auction, the only way @Randy Abercrombie should have lost would be if there were a $300 bid which was on the book before he placed his preferred bid. If there is a tie, the first bid made wins. I have won a few auctions that way, but very few. If the auction house “bought it in,” they should out bid you, not tie you.

As for coin in question, the Grey Sheet bids for the 1864 Large Motto Two Cent Piece in MS-63, Red is $425. In MS-64,Red it’s $700. If those so-called wholesale numbers are valid, $300 is way too low. R&B coins are priced for a lot less. Red copper is easy “to create” and buyers of false red copper coins can get nailed badly. Maybe not winning this piece was a good thing. The 1864 Large Motto Two Cent is the most common piece in the set.

 

If Randy bid $300 and some else bid $400, they should have paid the next increment, something like $320 or $325. They should not get it for his top bid.

 

And I did expect that it would climb into the 400-450 range. I just wanted to put a “placeholder” bid on the coin so I could be ready when it came up. I had my hand on the button ready to bid…. Then it stopped at my max bid. I still don’t believe it. I sent an email to the auction house. I won two other inconsequential pieces. But this was the piece I wanted…… I doubt they will answer me.

 

Next time bid 301.01 and see if the same thing happens.
If it sells for your high bid again you'll know the auction company is Holding Out on You.
How does the online bidder take the win if you already placed an earlier bid for the same dollar amount?

 

The max bid showing all week was $170.00 by me so I know my max bid was the highest. Nothing makes sense other than the auctioneers buddy wanted the coin.

 

It's all rigged by the Mafia.

 

Were the bids submitted online for a live in-person auction? If so, it could be that you just happened to get off on the wrong foot with the bidding. Say the lot opened live at $150. Someone bids the next increment which is $200. The AH bids the next increment $250 for you. The person bids it up another increment to $300. That was your max bid, but now the AH can't bid higher for you and you lose the coin at your max bid.
That happened to me once and it was pretty maddening. Lost a really good opportunity that way, and I called the AH and they explained how it all worked.

 

I'd definitely Call Them out on the Antics, put your proverbial foot down.

 

The First $300 Should have Priority...He should have won, something fishy about the auction house.

 

It depends on how the auction is run. If it's live in-person a floor bidder may come out on top as I described.