HA auction advice

So I'm on the hunt for "something" and one is coming up in HA next week at Long Beach.

I'm not going to make it down there, so my bidding will be either online or via phone.

Online pre-bidding is easy (and I don't want to give away my hand), but is there any option for live bidding during the auction online or on the phone?

Has anyone done this or have experience in it (losing or winning)?

 

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for live bidding, unless it is VERY expensive, not likely to have the auction house rep you

 

Best wishes for bidding successfully on what you want.

 

Brett -

If you have a portable device, do grab Heritage's app. I find these apps very useful for live bidding. I have used both Heritage's and S/B's. All my bidding from a "big show's" sale catalog have come from the "internet only" section, frequently without photos, but I looked at the lots at the show auction lots preview room.

 

I found the HA app a pain and ended up bidding on something before the item I wanted to bid on and winning it. At least it was only $15. And yes, I did win the item I wanted.

 

I WILL BE IN LONG BEACH FOR THE HERITAGE AUCTION.

 

Heritage, depending upon the coin, can be fast and furious during the live bidding. Discipline your finger!

 

Heritage and most auction houses are very accommodating of phone bidders. I don't know what the minimum value is for phone bidding in a Heritage auction-- probably an estimated value of $2000. I didn't see that minimum listed on their website but I didn't look very hard. Just call them and ask about the minimum.

You arrange the phone bidding well ahead of time (at least a day, probably). At an appropriate interval before the lot come up, they call you and you wait for your lot to hit the block.

All but the last HA Long Beach session offers phone bidding, as you can see on this page.

Their "Heritage Live" platform is very robust. Have you used it before? It is chock full of helpful features. Heritage offers more ways to bid than anyone else.

You can bid on their website well in advance of the auction,
You can bid live online, clicking one increment at a time,
You can wait until the live session starts and place a proxy bid*,
You can bid by phone.

Their bidding platform has many bells and whistles. Live video + audio; ability to set an audible alarm to alert you a few lots before your marked lot; the ability to place a proxy bid.

*A proxy bid is not executed until your lot hits the block, unlike prebidding on their website where your bid is registered as soon as you place it.

You can have an agent attending the live auction bid for you. Expect to pay ~5% of the hammer for that representation.

...

I'm not shilling for Heritage, really . As a collector of ancient coins I don't respect their decision to slab virtually everything in an attempt to attract modern collectors who are conditioned to view slabs as necessary. Few collectors of ancient coins want or like slabs, removing the coin once it is purchased. That personal beef aside, I do have to compliment their overall operation.

 

It is.... (gulp)

TIF - very helpful, thank you! I didn't know there was an additional 5% on top for phone assistance. That can add up quickly. I will give them a call.

I'm looking at a top pop...and possibly a few nights on the couch if the wife finds out.

 

Good luck! The couch ain't bad...it just takes a couple of weeks to get adjusted to it.

 

The 5 percent is to have a trusted agent examine and then bid live for you. I have never had to pay a premium to bid by phone.

 

I don't know if anyone's ever mentioned this to you, but you have come an enormous distance in this hobby in four short years. I wish there were a way to highlight the stories of guys like you, as an example of what can be done with a proper sense of commitment.

 

Yes their online portal allows you to bid during live auctions.
There is no additional fee beyond the normal buyer premium.
If you have a decent internet connection it works very well.
For signature auctions there is a video stream of the auctioneer in the room.
I've successfully used it a couple of times.

 

Like okbustchaser said, the additional fee is for having an agent/dealer bid for you. There is no extra fee for bidding live by phone. It sounds like this coin is important to you. Rather than risk an internet connection glitch, I'd arrange phone bidding for this lot or live agent representation

Thank you, Dave! You are one of the reasons I stayed in this hobby after initially hanging out on forums to gain information about appraising/selling my grandparent's US coin hoard. I was impressed and encouraged by your thoughtful posts on another forum As for the whole story of my coin fever, I've written it up on my website. It's the first story on this page

Good to see you here on CoinTalk

 

Brett,

I’ve learned the hard way not to bid “live” with some exceptions (see below). It’s too easy to get caught-up and overbid, or to hesitate and miss a good buy. The live auctions move really fast. Best is to do your homework and determine what a reasonable bid should be. Then decide in advance the maximum that you will pay and bid it before the live auctions starts.

I don’t worry about giving away my hand by advance bidding. Bidders see only the current bid and have no idea what other bidders are willing to do until they up the bid. Most bidders have a maximum they are willing to pay, just like you do. Once the bid reaches their maximum, they’re done.

It’s great when you can see the coin or have a trusted expert view it for you. Jet Blue has inexpensive flights between Sacramento and Long Beach if you book in advance. It’s too late to get cheap flights for next week, but keep it in mind for future auctions. If you’re interested in Long Beach hotel info, PM me. It may be possible to get a dealer or collector friend to view coins for you and give you an opinion for free. Try to make sure they are not interested in bidding on the same coin though.

Consider live bidding when:

1. More expensive coins are being considered. Once you get into the 4-figure and up range, the bid increments can be hundreds or thousands. In live bidding, you can make cut bids, which is a bid you can make once per coin at ½ the usual increment.

2. There are several coins of the same type that would be acceptable, but you only want one. Do an advance bid on the first lot, but it you don’t get it, you can bid on subsequent lots.

3. If you have a fixed maximum to spend and the sum value of the coins that you would really like to have exceeds that maximum, then use advance bids on the earlier lots up to your maximum. If you don’t get one or more of the earlier lots, then you can live bid on subsequent lots. Just watch your total though as the auction progresses.

4. In Calif., there is sales tax on invoices under $1500. If you get a lot under $1500, you can use live bidding to get another coin to bring the total over $1500.

Cal

 

Great advise! So, just how does one find an agent to perform this service?

 

Is there a dealer with whom you have an ongoing relationship--someone who knows the type/look of the material you want? Check to see if he is attending the auction. If not, do you have friends who can recommend particular dealers in that type of material? If nothing else ask for a recommendation here.

It's like many things in life--who you know can make a major difference.

 

This has all been great reading and has helped me put my strategy together.

There is a distinct advantage to live bidding. There are a lot of times where value can be had, and someone else's threshold is so close to yours, that sometimes you need to move beyond by a bid or two to win. Beyond the value, sometimes what you are chasing just isn't easily found and you gotta make that shot when the opportunity is there.

As I have done for many years, I "fund" my hobby with auctions and estate sales as a part time business. Absentee and online can be done, but there is true strategy in being there and it can yield huge rewards. Bid timing, approach and attitude. And if the other bidder is in the room, sometimes (I hate to say it) a little bit of eyeball intimidation.

Not that I'd turn evil or anything or truly bully someone - but there are many that just think going to an auction can deliver cheap goods, and they will get it. Sometimes you gotta make your mark and show them who owns this auction.

I'm sure some of you have watched Storage Wars. These tactics do work, although some of the lowbrow antics are really childish. I have literally driven bidders far beyond an item's value just to drop it on them, watch them spend all of their money - only because I know that they will also be chasing another auction lot further down the catalog and leave them without funding for it, or have them realize that I just drove their bidding up, and hope they will "try" do drop the item on me without realizing what my highest bid will be.

And to me, part of this is just simply the game at the auction.

It's a bit more difficult with a specialized auction as with coins. There are many more knowledgeable collectors - and fewer wildcatters looking for an easy buck. But I still enjoy the game. It's just tougher when your up against others that have the same *or better* understanding than you do.

This is all very helpful everyone, thank you. I think my strategy is going to be to setup a couple laptops and screens in front of me like a stock broker and make sure I have a phone number and name handy just in case for that final kill shot.

To all others that are headed to long beach - HAPPY HUNTING TO YOU!