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Number200k
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Posts posted by Number200k
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Ebay shows who (ambiguous) bid and what % of their bids are on the sellers etc. Ebay makes it more fairer and also does not let the house (seller) bid on up on their item as far as I know.
Which is more fairer than heritage.
So, heritage will claim that for every auction, all coins are getting sold at the premium, as though the coin market is so strong!
This sounds like deceiving business practice!
Many dealers and sellers in ebay are struggling to sell certain coins whereas always in heritage there are several buyers for them, at higher prices! I can't believe this on auction wekk after week!
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Why is heritage keeping everything anonymous? This shows that something is fishy...
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As a buyer, I am not thrilled that Heritage will bid on coins because that means no bargains for me. As a seller, I'd be thrilled that Heritage will bid on coins because that means no extreme losses for me. As a buyer, I am happy that sellers are thrilled because that means they will consign more and better coins to Heritage which gives me a chance to acquire them. Also as a buyer, more often that not I win coins for less than my maximum bid. I am very content with Heritage and think any such law suit as the OP suggested is basically a waste of time.
Mark
Your reply looks like heritage pays you to write them. Be honest, we do not want auctions where its rigged.
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So, Heritage is rigged essentially. Typically we sign up to go against a rigged system that is disclosed somewhereaverage joe does not read into much.
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Heritage is a great place to but graded coins. I have done a lot of business in the range of 5 figures with Heritage.
I pay close attention into every Internet Sunday and Tuesday auctions and also other signature auctions.
I am seeing that:
1. At signature auctions - Many times, a coin of same grade / way it looks etc sells way more than what it sells in Internet only auctions. I bet the bidders are aware of the current market value of the coin and not sure why they would pay double of the market value. This is not a rare occasion, but happens often.
2. The internet coin auction is twice a week every week and I see they always sell all coins at good prices, on top of their high shipping and sales taxes. That makes me wonder is the coin market that strong, which is not the case.
3. Even the most random coin always has a bidder ready to pay a good premium.Say like 2016 silver eagle graded MS69 - sometimes it sells for good $65-$70 + ~$15 shipping! Who are those people buying them at that price, when they can get them at half the price anywhere else?
4. HA also has everything anonymous! We the bidders know nothing about who is bidding and who is winning. Their office people can see everything through, I talk to them about secret bids all the time and they are able to see all of them, including the live proxy bids.
5. This makes me believe that Heritage might use straw bidders just to raise the bids, to make more money - Whats your opinion on that?
6. I am also starting to question why keep everything anonymous? They can at least provide some ambiguity like ebay does to show that those are real bidders, which will make the auctions fair?
7. I am thinking twice before bidding on HA anymore.
I also came to know a lawsuit charging HA.com with racketeering and fraud (RICO) with a pseudo buyer N.P Gresham
What do people here think?
Are Heritage auctions real?
in US, World, and Ancient Coins
Posted
Don't mean to accuse Heritage. But I am feeling that they are not real auctions, where if there is no real demand, you can swoop the the item for a better price. It's a rigged system, where if those coins are not having enough bidders, the house competes with me knowing what my secret / proxy bid is. So, secret bids are not a secret!
I am just saying, its unfair practice, though they have it somewhere when you sign up.
Now, this makes free market theory invalid if we want to track values of the coins, in addition to crack-out re-grade to get a better grace from TPG's!
If they claim to be gold standard in selling coins, I would assume they should not have this unfair advantage.
I do not buy from other coin auctioneers, so, I do not know. But, if everyone does that, the whole coin auction market is rigged! (BTW, I am not the end of the world guy)