Auction Bidding

[Arbkev]

Hi all

Was after opinions on bidding in auctions such as coins of the realm or the coin cabinet auctions.

Is it better to get your max bid in on pre bid and maybe allow a bit of wiggle room, or is it best to avoid pre bid and just bid in the live auction

Thanks

Arbkev

[sovereignsteve]

22 minutes ago, Arbkev said:

Hi all

Was after opinions on bidding in auctions such as coins of the realm or the coin cabinet auctions.

Is it better to get your max bid in on pre bid and maybe allow a bit of wiggle room, or is it best to avoid pre bid and just bid in the live auction

Thanks

Arbkev

Quite straightforward, do your own research.

If someone does have a foolproof method of winning auction lots at the best price, they ain't going to tell you here.🙄

Observe a couple of these auctions online during the week preceding live bidding and then watch them live on the day. You will easily see what is successful and what isn't.

IMO it doesn't matter when you bid if the coin in question is very popular and will attract lots of bids, both before and after. It will achieve the correct price. The only thing to bear in mind, the first bid at a certain level will win if anyone else tries to bid the same.

One thing I would say, you used the term "wiggle room". This should not be in your mind when bidding at auctions. Decide on your absolute top limit and stick to it.

 

[Arbkev]

Thanks, appreciate the reply

[AndrewSL76]

I bid on Coin Cabinet every month. I have in the past placed initial bids (as this is often better for me as a 'bookmark' than just watching - as I sometimes watch coins I am not bidding on but am interested in) and waited until the day and placed my bids up to my maximum - either winning or losing. On this occasion, for the next auction at the end of the month, I have already placed my highest bids as I will not be able to join in on the day. If I win, awesome, if I lose, someone else has the pleasure of a beautiful coin and I will hopefully be able to get it elsewhere. There is no real science to it that I am aware of. 

[Arbkev]

Thanks @AndrewSL76 I have put in my max bid on what I'm interested in, and we'll see how it goes. I have a few others I have my eye on if my main item goes to high.

Good luck in the auction, hope you win the coins you want

 

[AppleZippoandMetronome]

I'd say your strategy should depend on what you are after. If you are after an item which is likely going to attract other collectors/bidders than you are best waiting until the auction is live. If you are just wanting to fill your stack with average coins or coins that don't have much value above melt then some of those go for a great price with just a single prebid.

[MancunianStacker]

Person with the highest bid wins. Doesn’t matter when you bid if the other person bids higher last minute and outbids your pre bid. There is no end time like on eBay, so the one with the deepest pockets and who wants the item always gets it. 😉