Hello all, I seem to have participated in a few auctions where my bids were not reduced. For example let's say I bid on a coin which has 0 bids, and an estimate of $150. I submit a maximum pre-bid of $180. I was expecting to win the coin at $150 since there weren't any other bids, but it hammered for $180 instead, which was my maximum. Is there any way to tell if bids will be reduced? I have read through the auction house terms and conditions but I couldn't find something relating to this.
That doesn't make sense in so many ways. If the estimate was $150, surely it opened lower than that? If there truly were no other bidders, you should get the coin for opening, although perhaps there is a reserve? Are you sure there were no other bidders? Was the auction live? Perhaps there was live bidding without live online bidding?
Hello TIF, Sorry, I meant to say that the minimum accepted bid was $150. So when I submitted my pre-bid, I saw that the current bid was $150. There was a pre-bid session and live online bidding for this auction. I was watching the live session, and the coin I was bidding on opened at $180. There were no live bids. So it hammered at $180. I suppose there could have been other pre-bids submitted after me, which pushed up the opening live session opening bid to $180. But the auction house platform doesn't seem to allow a means to check this.
Hi all Ok it may just have really have been that someone bid it up to my maximum without my noticing. I just thought it was strange because it's happened on at least two other auctions (lots hammered for my exact maximum pre-bid). Anyway since it may be my mistake I won't name the auction house. Thanks again!
Someone sounds a little confused as far as bidding in an auction is concerned. How do you know what amount the current high bidder has submitted as a pre-bid ? Answer - You don't. You will only find out when your bid is not high enough or it says YOU are the highest bidder and the price will be stated. In your scenario it sounds like another bidder is willing to go up to $170 and has put that as their pre-bid, as $140 is the current high bid that is what shows. You then put $180 as your maximum offer and therefor the coin is automatically bid up to that amount due to the fact another max offer of $170 is already registered. Nothing dodgy there, just the way bidding works in most auctions. I also think your opening statement is very confusing, just state the facts instead of creating a nonsensical scenario which we are inevitably going to struggle to get our heads round.
Another scenario: There was another pre-bid for the same amount, but they bid before you did. In those cases the lot goes to the one who bid first. Some may note that Frank Robinson for decades has always advised his customers to bid as early as possible. It avoids disappointment.
