Question about online coin auctions

I won an auction that I forgot I was bidding on. I bought another coin elsewhere and then I got a notice I won the auction on the 1st.

I want to be perfectly clear that I don't want to avoid my responsibility but I want to make sure I understand if there are any options.

Anyone that has a similar situation would be great.

1. Can I do nothing and not pay? Do sites like Heritage or Great Collections get this all the time and offer to the next bidder or put in another auction
2. Contact the auction and explain. Do they move to the next bidder or relist.
3. Pay for the coin and then ship back to them under the 100% satisfaction option.

My online experience is as a seller on eBay where the buyer wins the auction and doesn't pay.

Again please no lectures on responsibility and how to bid. It is completely my fault for forgetting the bid and I plan to buy it if there are no legit options.

 

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there are no HONEST legit options. Of the three you listed the only one that will not get you at least banned from bidding again is the third option, if they even offer that. Doing that just because you screwed up would be dishonest and I personally would never want to do business with you. Honesty is doing what is right even when no one is watching.

Richard

 

No. Only eBay allows nonsense like that. Both sites reserve the right to go after you for payment, between the two GreatCollections would be more likely to just let it go but I would expect to be banned for life.

Heritage doesn't allow returns.

 

I think you ought to pay the winning bid and sell one of the two coins you will have. Keeping your reputation -- and your ability to bid -- with major houses is important.

 

The way I see it you have three honest options you can take.

1. Pay for the coin and tell the auction house not to ship it to you, but instead re-list it for sale. Many (like Heritage) will charge you a lower commission than normal for doing this, since you purchased it from them. Just ask. Personally I think this is your best option. Your funds will be tied up for a while, but you may not lose much if any money.
2. Pay for the coin and then sell it on your own once you receive it.
3. Tell the auction house you cannot pay, and be banned for life. This may hurt your ability to bid at other auction houses as well. If you are a serious collector this is not a good option.

 

You already know................

 

It should be mentioned that an auction bid is a legally-binding contract under US law. On Ebay, a decent seller will let you back out of it - I have before, and I would again - but that'll be the last bid they accept from you. Bidding on multiple coins and only paying for the one you want is considered a pretty despicable form of trolling by the sellers.

 

I've done exactly what the OP did - So I bought it and re-sold it. I think in my case I bought two of the same coin in the same auction - I just kept the better one. Not too painful, really. It probably helps that I have an active Ebay account with lots of positive seller feedback. Without that it might be an opportunity to earn some good seller feedback if the coin is desirable.

 

Keep in mind, aside the reasons of stagnating inventory and the inconvenience and extra work of relisting the coin, this is also one of the ways in which the least-moral sellers attempt to stifle the competition - using throwaway accounts to win auctions for their coins and walking away, so they don't get the sale.

https://www.cointalk.com/threads/guess-who-won-4-of-my-coins-on-ebay.278596/

 

eBay would probably find a way to blame the seller anyway

 

Aside GSC and Centsles, that is.

 

Real auction firms (as opposed to eBay) are unlikely to let you get away with not paying and let you bid again, as others have mentioned here. If you don't really want the coin, you shouldn't bid on it.

To give a personal example, I have bought and returned coins twice with approval from the auction firm. The first was for two ungraded proof coins which NGC graded as a business strike. I've since bid and won lots with them with no problem.

The second time was for a three coin set which a second firm described as trial strikes. They aren't listed in Krause and NGC returned them as "artificially colored". I requested a return and the auction firm agreed. Later when I tried to bid, I noticed that even though I had the high bid, I didn't win the lots. This happened several times. Finally, I contacted the firm and asked why and they told me I wasn't allowed to bid but gave me no explanation. I presume it was because they had paid the consignor, sold them a second time and incurred a loss.

I presume if I ever want to bid again, I could probably agree to cover part or all of their loss, but I was annoyed especially since they wouldn't provide an explanation.

 

Did the name of the auction house begin with an H? I had a similar incident ~2 decades ago, after having been a prominent winner of their U.S. Classic Gold coin auctions, having spent many thousands of dollars with them.

I always placed odd sums (e.g. $1,347.28) maximum bids, and placed my bids at the auction onset. The winner of one of my multiple won auctions was shown to have a bid identical to mine, and I was billed for the other auctions, less the same bid auction.

I tried calling for an explanation, wrote letters, never receiving anything other than threatening responses, demanding immediate payment for the remaining auctions billed. I informed them that without a proper explanation, I didn't want their coins.

I posted queries in forums, receiving responses that the firm was known to place what was commonly known as shill bids, but also called house bids.

The firm eventually started selling coins on eBay where I won many auctions, and the inundation of e-mails, requests to consign, offers to meet in my locale, etc..

After a relatively recent documented offer to meet locally if I consigned a 5 figure sum, and great effort on my part to properly document all pertinent details in advance, they failed to honor at the last moment without explanation. I posted a thorough explanation of the event in this forum to warn others of actions in violation of my states statutes.

Although we've very restrictive legislation in our state pertaining to the sales of "bullion", and bait/switch tactics which would have included their violations, I never reported.

I like to believe in Karma and future outcomes, which has served me well, but may be considered by the OP.

JMHO

 

The first firm was Stack's back in 2005. They disagreed with NGC but took the coins back anyway. My recollection is that they later sold them and maybe even for more, as they were included in a subsequent auction.

The second was a Spanish auction firm that will remain nameless. It is a reputable firm but I now buy from Aureo & Calico, as they seem to be the leader in that market and disproportionately get the best consignments now anyway.

 

I might be completely wrong here but the more I think about your post, the more I realize that you must have known that you would get hammered by members here.. BUT, you still posted it anyways... You get points for that in my book and all hope is not lost.

Dude, just call whoever and explain the situation sincerely and honestly. Yes, your excuse is horrible and the sellers have a right to be pissed, but I bet they will be willing to work something out. BUT CALL and do not just ignore the problem. That makes all of it much worse...

I'm not sure what you how much you spent and who you owe but GC has a payment plan that may be available to you. It's for items over 1K but I think if you explained your situation they would work with you. You'll get it figured out but don't lie and make excuses.. That never works and always comes back to hurt you later on down the line.

 

@Westtexasbound, I think these three options, plus the possibility of working out a payment plan are really your only honest moves.

 

A lot of great options. Thanks for the insight. For those that didn't quite understand the point of my post. I didn't make a mistake bidding. I forgot because i assumed my low bid wouldn't have a chance. Life got in the way and I lost track. 100% my fault. I just wanted the options.

In the end I paid for the coin. I have two now. One is in my possession and thanks to the advice the second is going to be listed. I bet I will only be out a small amount or break even.

 

Once upon a time I bid and won a "bomb blast blanket." Yes - it's exactly what you think it is. Used by the military and police. I was doing a live auction on my phone which ended up being all kinds of stupid. The auction house was selling coins, guns, Etc. My winning bid? $2,000. My biggest fear was the damn thing coming to the house and my wife seeing it. I mean we've all bought coins that we've hidden from the wife knowing she would just give us hell for another numismatic purchase (anyone who says they haven't experienced this is single or a liar). Anyway, knowing that I had no need for said Bomb Blast Blanket and I really hate sleeping on the couch I called the auction house and explained the situation. I told her I would be happy to buy the item and donate it to the local police force. The woman said "oh honey, no worries. I can put that back up on the next auction and get another grand for it." And with that she cancelled the purchase. So my advice is to just call them. Be honest. Maybe you'll get stuck with it and maybe you won't. And if you meet a woman out of Louisiana selling bomb blast blankets say hello from me.

 

The karma and enhancement of your rep as an honest human being you'll receive from this post is likely worth more than any cash you might lose in the resale. Money comes and goes but virtue is forever.