A question for those who have used Sixbid... I'm looking at bidding on a coin for the first time through sixbid, for an auction offered by Numismatik Naumann. My question is: when you bid through sixbid, does it work like ebay where they bump the price up only as much as necessary for you to be high bidder, or does your entire bid become the new current bid of the auction? I've looked over the site for answers and tried contacting sixbid with no luck. Thanks!
Not true. It depends on the auction house. Sixbid is just a listing service for the auction houses. Sixbid does not increment your bid on your behalf. When you submit your bid, they send your bidder information to the auction house with your bid amount, and then you are notified when the auction house has accepted your bid. From that moment on, the auction house (and their software) manage your bid and you should really deal with them directly (for example if you want to adjust your bid after it is submitted). Payment is then made directly to the auction house, and not through sixbid. Generally speaking, most auction houses will treat your bid as a maximum bid and will proxy bid on your behalf. I have bought from Naumann through sixbid before and by my recollection they do proxy bid. I have only encountered one auction house that took the bids from sixbid and processed them as fixed bids, so it does happen. I strongly suggest going to the website for each auction house and reading their bidding and payment rules directly so there are no surprises.
You're right; my answer was referring to Numismatik Naumann, not speaking for all the houses listed on Sixbid.
Thanks for the input everyone. I'll be sure to look into them individually. Looking forward to placing some bids!
