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<p>[QUOTE="Ken Dorney, post: 2988398, member: 76086"]I'll let you in on a secret us 'old timers' sometimes take advantage of (but only with an old fashioned auction like this). If you see a coin you really want badly, just bid a silly high dollar amount. Say it is a $200 retail coin on average opening at $120. You then enter your high bid of $1,000. Now, maybe some other 'blind bids' come in, maybe they dont. But if someone asks the auctioneer personally, 'whats the next bid necessary for me to win the lot?', the response will be 'ah, $1,100'. Of course that will scare off everyone making you the winner, maybe even at the opening bid thus giving you a nice bargain. </p><p><br /></p><p>Back in the late 80's I learned of this via a CNG auction (well, back then they were "Classical Numismatic Auctions' or some such name). There was a supreme Hadrian semis I wanted badly which opened at $60. I called Victor and asked that same question and the response was that it needed $650 to beat the high bidder. I was surprised to see the sale result at the opening bid of $60.</p><p><br /></p><p>Neat trick, but it can have a downside. There might be a 'blind bidder' with the same idea but who bids (in my example) $900, bumping me up to one increment above that (and maybe four times what the lot may be realistically worth).</p><p><br /></p><p>Its not for the faint hearted and could result in disaster.</p><p><br /></p><p>So, how did I do in this auction? I bid on three lots, won two. One I think I made a mistake on (not overall, but as a dealer I paid about what it was worth so there will be no profit). The other I bid $250 and won for $212. Realistically its worth $150 but I wanted it for my collection so I am happy with that.[/QUOTE]</p><p><br /></p>
[QUOTE="Ken Dorney, post: 2988398, member: 76086"]I'll let you in on a secret us 'old timers' sometimes take advantage of (but only with an old fashioned auction like this). If you see a coin you really want badly, just bid a silly high dollar amount. Say it is a $200 retail coin on average opening at $120. You then enter your high bid of $1,000. Now, maybe some other 'blind bids' come in, maybe they dont. But if someone asks the auctioneer personally, 'whats the next bid necessary for me to win the lot?', the response will be 'ah, $1,100'. Of course that will scare off everyone making you the winner, maybe even at the opening bid thus giving you a nice bargain. Back in the late 80's I learned of this via a CNG auction (well, back then they were "Classical Numismatic Auctions' or some such name). There was a supreme Hadrian semis I wanted badly which opened at $60. I called Victor and asked that same question and the response was that it needed $650 to beat the high bidder. I was surprised to see the sale result at the opening bid of $60. Neat trick, but it can have a downside. There might be a 'blind bidder' with the same idea but who bids (in my example) $900, bumping me up to one increment above that (and maybe four times what the lot may be realistically worth). Its not for the faint hearted and could result in disaster. So, how did I do in this auction? I bid on three lots, won two. One I think I made a mistake on (not overall, but as a dealer I paid about what it was worth so there will be no profit). The other I bid $250 and won for $212. Realistically its worth $150 but I wanted it for my collection so I am happy with that.[/QUOTE]
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