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Someone reneged in the second-to-last Numismatik Naumann auction
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<p>[QUOTE="1865King, post: 7384465, member: 103207"]What your describing happens more often than you think. If an item has a reserve on it and the reserve is not met then the coin isn't sold even if you think you were the high bidder. In most cases the lot would be listed with a reserve. Usually, they will post the reserve amount before the auction. Which is fair. </p><p><br /></p><p>Then there is a method which I think has happed based on the comments. This is where there is either a hidden reserve or the auction house pushes the bid price up during the auction by either the owner bidding on his own coins to drive the price up or the auction house does it for the consigner. In this method the owner has a minimum price they will accept but, doesn't want to post it as a reserve because in most cases a bidder can be turned off just because someone put in a high reserve. So all they're hoping for is one person to place a bid at their reserve. Somewhat slimy but, works sometimes.</p><p><br /></p><p>I first saw this happen at an auction 20 years ago and it was done to me. I went to my first major auction with the intent on bidding on just one coin. I sat waiting for the coin I wanted for about two hours. Then when it came up I had a maximum amount I would pay for it in my mind. As the bidding started a number of people and I were bidding on the coin. Then when only one guy and me were left bidding we continued bidding against each other but, I notice the person never put his head up to look at the auctioneer he just put his card up every time I bid. Right before I hit my limit I realized what was happening so stopped bidding. That person "won" the lot I wanted. I was a little pissed off on loosing to him but something just didn't seem right. Less than 6 months later the coin came up again at one of their future auctions so I placed my originally planned maximum bid on the coin and actually won it for that price. Since that time I've noticed the same thing happening fairly often. Some times a coin will come up again a few months later and then sometimes within a year. At first I thought that someone won more coins than they really could afford and tried to recover some money by selling some of the ones they won but, today I know that's not the case. What their doing is not illegal but, crappy anyway.[/QUOTE]</p><p><br /></p>
[QUOTE="1865King, post: 7384465, member: 103207"]What your describing happens more often than you think. If an item has a reserve on it and the reserve is not met then the coin isn't sold even if you think you were the high bidder. In most cases the lot would be listed with a reserve. Usually, they will post the reserve amount before the auction. Which is fair. Then there is a method which I think has happed based on the comments. This is where there is either a hidden reserve or the auction house pushes the bid price up during the auction by either the owner bidding on his own coins to drive the price up or the auction house does it for the consigner. In this method the owner has a minimum price they will accept but, doesn't want to post it as a reserve because in most cases a bidder can be turned off just because someone put in a high reserve. So all they're hoping for is one person to place a bid at their reserve. Somewhat slimy but, works sometimes. I first saw this happen at an auction 20 years ago and it was done to me. I went to my first major auction with the intent on bidding on just one coin. I sat waiting for the coin I wanted for about two hours. Then when it came up I had a maximum amount I would pay for it in my mind. As the bidding started a number of people and I were bidding on the coin. Then when only one guy and me were left bidding we continued bidding against each other but, I notice the person never put his head up to look at the auctioneer he just put his card up every time I bid. Right before I hit my limit I realized what was happening so stopped bidding. That person "won" the lot I wanted. I was a little pissed off on loosing to him but something just didn't seem right. Less than 6 months later the coin came up again at one of their future auctions so I placed my originally planned maximum bid on the coin and actually won it for that price. Since that time I've noticed the same thing happening fairly often. Some times a coin will come up again a few months later and then sometimes within a year. At first I thought that someone won more coins than they really could afford and tried to recover some money by selling some of the ones they won but, today I know that's not the case. What their doing is not illegal but, crappy anyway.[/QUOTE]
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Someone reneged in the second-to-last Numismatik Naumann auction
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