Little help on Heritage?

Keep in mind that not all of our auctions have a live component, although I believe the one you want to participate in does.

 

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Long Beach, CA Signature US coin suction I think is the name. And by meaning live component, is that what the ''Heritage live enabled'' button mean?

 

Live component means a floor auction or a similar live auction event. You are correct in that the Long Beach auction is a live auction. The "Heritage Live Enabled" means that you can bid in teh auction through our Heritage Live program.

 

I'm a little confused about this (and glad to know there are a few Heritage employees contributing to this thread). I've participated several times in the Live Auction (from my computer). I've won a few and let a few go by. In each case, I thought the exact amount I was bidding was the figure (incl. BP) posted right beside the Bid button. Doesn't Heritage's system record that figure—even if I'm being outbid by others at the precise moment I'm bidding?

 

They will take care of it but they probably can't until after the auction is over. That means a unhappy consignor because a coin that sold suddenly is not sold and he doesn't get paid for it. Instead he probably either gets the coin back or he has to wait while it held over for the next sale.

 

That's pretty harsh for auctions. $1200 and bid $1500 and it turns into $6500. I've heard of people bidding $800 and the coin ends up at $8,930.

 

u havent tols us lately what ahppens when the connection is slow by more than a few seconds . hahaha that was the funniest story ever id like to hear it again

 

also reminds me of the AJ maneuver

 

Those people probably thought they can pick up high $ coin for very low price, instead they got it at more realistic price.

 

Not really, it can happen even among live bidders on the floor as well. I've seen it happen. The auction eer cals for an amount and someone raises his number but at the same time someone calls out and jumps the bid and the bidder doesn't get his card down fast enough and the auctioneer accepts his bid as well at an increment over the called out bid. Of course in that case the floor bidder and immediately inform the auctioneer of the error bid and it can drop back down to the called out bid. But the online bidder doesn't have that option until after the lot is knocked down to him at the high bid. I'm not saying this happens often, either live or online, but it DOES happen. Easy to fix in person, a sticky mess if it happens online.

That is when it is most likely to happen. The coin starts way too low so a LOT of people hit the "next increment" button, and someone on th floor doesn't want to waste time so they jump the bid to a more reasonable level. Even if no one jumps the bid if you get fifty people hitting the "next increment" button at the same time it processes them as they come in and if you are #50 you bid is going to be a LOT higher than what was showing when you pushed the button. If you have a thousand dollar coin and it opens at $100 and 50 people hit the button #50 is going to wind up being the high bidder at $3500 (Due to the fact that the increment rises as the bid rises)