In todays Roma auction, there was pre-sale bidding, and then, it looks like a few hours later, the Live bidding closes. So, say a guy is the highest pre-sale bid....but am I to understand that folks can still bid for the few hours that the Live bidding remains open? I guess I don't understand the pre-sale bidding portion if the Live bidding continues for hours later? Can someone please enlighten me......?
Some auctione have live bidding some time after the pre sale bidding closes. During the live bidding each lot is called up chronologically. When the lot in question is up, the live bidders can outbid the pre sale bid. This is quite common unless the pre sale bid is very high indeed.
So, if you're a busy person, and you see a coin you "gotta have", you can throw a do or die number at it in pre-sale, and hope no one else wants to pay that amount in the live bidding? Oddly, I look at the closed bidding times, and they are all the same time. I am sure this is how its normally done, I am just trying to understand the process!
If you really want a coin it's best to attend the live session. For many reasons. Although live bidding sometimes attracts additional fees.
Usually the presale all ends at the same time. Then the live auction happens. Let's say you bid $1000 and the next closest competitor to you on the presale was $450. You are winning at $500, yet you bid $1000. When the live bidding comes up, others will be able to bid $550, and your presale bid increases to $600 to outbid them. All the way up to $1000. However, if the live bidder bids $1100, you are out. That is basically how it works. If you "HAVE to have it", either attend the live sale (virtual) or throw just a ridiculous number on it, like $15,000 on a $500 estimate, and hope it works out. Another option could be to hire a representative who will be attending the sale, (pre-Covid this would be in person but now maybe just virtually), give them a max number and have them bid. Have them call you if it goes over your max.
Thank you all for your help......I believe I understand this better now! I am new to the Roma auctions......only have really bid on CNG
Normally I add the coins I want in an auction to my watch list (most systems allow this). So I make a strategy, I allocate a budget (in theory) and hunt, let's say, 40 coins. From those, 10 are must have - sort of - 10-15 'nice to have' and the rest, just in case the ones I want most are sold. If I manage to buy 15 coins I am OK with this. Usually I bid live, I only put prebids if I am not physically available when a particular coin I want is live in the auction. And I put a price I am comfortable with and will grant me a chance to win it. If I know a normal price for a coin is 120 EUR I don't put a prebid of 30 EUR as it will be very unlikely to win it.
I have been successful with pre-bids sometimes when I thoroughly research the item and determine the maximum value I'm willing to pay given the current market. It's very rare that the pre-bid high bidder going into a live bid auction will land the lot, but it has happened to me (it just did in the recent Kuenker sale). I know I didn't bid too high if the hammer price is close to my pre-bid maximum.
It is not at all like ebay sniping, because the auctioneer or automated system will wait for any additional bids before closing the lot. There is theoretically an unlimited amount of time that a lot can be up for bidding. For example two bidders can engage in a bidding war for as long as they like (so long as they can pay for the final bid of course). Due to this, a pre-bid before the live auction will not win the lot UNLESS there are no live bidders willing to bid higher than the pre-bid. Oh, and CNG's Triton auction also features a live bidding segment if I recall correctly.
I still find the auctions fun, but in almost every case someone wants it more than I do! Oh well......so far I have bid on CNG and Roma......any other houses you guys reccommend? I am in the US
Check out Biddr.com/sixbid.com/numisbids.com they are all sites that list tons of auctions and you can bid through them without signing up to every auction house. It doesn't charge either.
