Made some bids for the first time today on about 10 Morgan dollars. My heart was racing, then I started worrying about what I would do if I won all 10. But in the end, I was out bid on everything and now I'm depressed because I go home empty handed. Is this roller coaster of emotions typical for you all?
Yes, it is. Just be careful and don't get overly upset, because that might make you overbid on something and you'll kick yourself later. I've done that, but after doing many transactions I don't get discouraged anymore. There'll always be more coins, more auctions, and better prices. Just bid to your max and move on. Good luck!
Yeah, pretty much a roller coaster!! In the Heritage ANA auction this past weekend I put in bids for 12 lots during internet bidding before the live auction. I knew I would be travelling during the live auction so I had to just put in my best bids and hope for the best. Was a bit nerve racking while I was on the airplane wondering if I won anything Of course, once I got home I fired up the computer and found out that I was outbid on every single lot. Oh well, there's always the next auction
I average winning about 1 out of 10 auctions I bid on and you get used to it eventually but it always sucks. But when you win that 1 out of 10, it makes up for the 9 you lose out on. Just keep on bidding (conservatively) and eventually you'll win one and you'll be tickled to death. :thumb: Ribbit
I almost made a big bidding mistake on HA. I had bid on a 1914D Linciln and a 1909 VDB S Lincoln and then apparently forgot (because it was the also the LIVE auction - 14 days compared to 2 or 3 or a week even) then I bid on several paper notes... I won 3 of the 7 notes I bid on then after paying, saw my bids for the 2 pennies! Yikes! Luckily I lost on the VDB S otherwise there'd be a late rent check!
If I am going to snipe, it will be in the last 7 seconds with my best shot. I will either get it , or it is too late to emotionally raise it up. Jim
The auction was an interesting experience. I set my upper limit based on what similar coins sold for in previous auctions and from other web sites. By the way, this was Wednesday's Teletrade auction. What surprised me was that on each of the 10 coins I bid on, the bids blew past my limits with 3 to 4 hours left to go in the auction. And by blew by, I mean a coin that had previously sold in the range of $120 to $150 had bids in the $200's. Too much for me. What I don't understand is that after everything settled out, most of the coins disappeared from the listings. I think that means that the seller chose to buy back the coins instead of selling them to the highest bidder, but I'm not sure. Since they had been bid up so high in comparison with previous sales, I really don't understand. Is this just a case of a seller that has to get $100 for a $50 coin?
It's a normal feeling especially for the first few auctions. I was bidding on a very rare variety in february and I bid it up 3X over what it should have gone for and lost. Guess the new owner wanted it more than I did. I'm wishing now though that I would have just gone for it. This last weekend I won a coin for less than my max bid most likely because Heritage did not get the variety right in it's description so it was not advertised as rare. You win some and you lose some but there will always be another auction.
I used to feel that way but I've lost so many by now that it's the rule rather than the exception. More money for the next "great find".
On the other hand, I find much enjoyment watching one of my items (as a seller) during the last minute of the bidding. It goes up, up, up, and I giggle like a little girl....or at least I did on all of my 2009 dime auctions. Of course, I've sweated some too that didn't go high enough to what I wanted..... It's all good fun. The best advice has already been given above. Don't get too down or you will overpay on the next one. there will ALWAYS be another coin.
Sellers on Teletrade set reserve prices ahead of time, and their system will outbid others up to the reserve. Reserves are often set high. Quite a few of the coins are owned by TT, and they keep appearing over and over. So, it is very important to not get caught up in "bid fever," and only bid as much as you are willing to pay. I'm sure you factored in the 15% buyers premium, and their shipping isn't all that cheap.
Make sure you bid when most people are pre-occupied. (Super Bowl Sunday evenings, Christmas/New Years eve, Jerry Lewis telethons, Jack Lalane juicer commericial..you get the idea).
Now I know for some this will sound like taking the thrill of bidding off the table. Before you bid in any auction, be it coins, antiques or other collectibles, try this first. 1) ask yourself," can I answer at lease five questions about this item, without having to go and research the answers? If yes, proceed to next step. If NO, STOP! NO BIDDING ALLOWED 2) Is the item you are considering placing a bid on, worth the potential cost? In other words do you know the FMV (fair market value) of the item. 3) Do you truly have a need for the item, or is it simply desirable? 4) Is this item the best quality or condition you can afford? 5) Should I refrain, and do some more searching before buying. Restraint is a lesson well learned early. Best wishes.
