Dumbest auction move....

I always promised not get into a silly bidding war, but it even happened to me.

At the Stacks NY auctions, I set a goal to get a Elizabeth II AV Sovereign 1958 Young Laureate Head PGGS MS-66+
There where three of them, high bids on all 3 at $420
#1 went to $700
#2 same
#3 I ended up paying $750 way to high
Well might as well post my stupidity....

 

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I think we should make this a regular thread
I was thinking of outing myself with this embarrassing experience from last week. I had decided I wanted a coin at Heritage and there were 27 others interested. While the final price all included was only about 50$ more than I had agreed to spend, my problem was that HOW I bid was not smart and probably drove up the price some. I learned quite a bit from that one. I can't tell exactly what it was and went for, because I want to put the coin in the toning premium thread if i get a chance. Did feel the burn

 

As a collector I see nothing wrong for paying (way)up for something I really want...

 

Unlike overbetting a pretty poker hand, you're assured of winning the 'pot', or at least breaking even if you don't

 

I'm guessing that good poker players would also be successful auction bidders - "know when to hold'em, know when to fold 'em"

 

And know when to snipe them...

 

I would not know, I have never played poker.

 

If two went for $700 and one for $750... did you really pay way too much? That seems to be where they are trading.

I'd say the opposite is probably true - your initial $420 bid was way too low.

 

Paying $50 over is not overpaying as pf states. The bottom line
on collecting whether it is coins, stamps or Beanie Babies is its
what you have, not what you don't have. Take a moment, or in
your case, several moments and admire all of the treasures that
you do have. Look at all of the coins you got for the initial bid
or on post sale buys. $50, you probably have that in a coffee can
as loose change in your workshop.

 

It takes people paying more to increase the value - just like with real estate. We should be thanking you!!

 

Yes, prebids on all 3 1958 MS-66+ sovereigns where at $420, someone probably had a proxy (high) bid of $700 on @ ex. Catalogue value on UNC specimens in Friedberg 2018 ed. is $300. According to Stacks these where highest graded 1958 sovereigns. Maybe in the long run it was a good buy....time will tell.

 

You can post it now if you want. The floor is open over there.

Edit: someone posted, but you can post next.

 

You may have bid more than you wanted.
But it is likely in a few years it will be worth more than you paid,
you will be able to enjoy it as long as you own it. And eventually
when you sell it, you probably won't take a loss.
Discipline in an auction is not an easy thing for anyone.
That's how they get you.

 

I need to stop using my cut bid so early in the bidding.

 

I love those early Elizabeth sovereigns in high grade. There’s a massive difference between a 64 and 66. A nice buy for sure. I once saw a 68 from the 1970’s.

 

I have no problem with it.

I put in my cut bid when I see what I like ...for MOST coins.

Let the chips fall where they may... If I lose, big deal.
I notice that the same or better-condition coins will often appear later.

 

Yeah, but my "dumb move" is I still bid after my cut has been exceeded.

 

Resist temptation!!

 

I do that all the time. When it seems like the last bid came through a lot slower, I use the cut and hope the other person is done. If they come back over the top then I was wrong and I keep going until I'm done. If they concede, then I win.

I've won a few with cut bids, and I've kept going a few more rounds after a cut bid as well. It happens.

This perspective might be different if I were bidding in person at the auction rather than online... but I don't do that nearly as often.

 

But ain't it a great feeling to win on the cut!