Bidding on line in auctions - the advantages/disadvantages bidding early/late?

[MarkFeld]

For those of you who bid on line in auctions - do you prefer to bid early or late, and what do you see as the advantages and disadvantages of each option? Thanks.

[jackson64]

I guess I'll answer first...I usually enter a small first bid so that the coin stays on my watch list (and get email bid updates daily too) and I don't forget about it. I wait until about 15-20 seconds are left and then place my max bid. Waiting until the end keeps me from "chasing"--adding "just" $20 more (often 3 or 4 times)...

[MBA101]

Depends on if it matters how much you spend. I would bid early if you have a drop dead max number that you are willing to spend. If you get it, you get it. Hopefully, your number will be the match for whatever anyone else will spend and no one will go higher. And I would base it on quality and past auctions. If it does not matter how much you spend, wait till the last day and just bid higher than whatever the current bid is. At least that is my philosophy when it comes to chasing coins that I truly want to take a shot at...

[rbrown4]

With the exception of only a couple of times, I wait till the end of an auction on line and enter a pre-determined Max amount. Based on my experiences, I find it best to let others do last minute battling on bids and to not let on to others my interest in the item. A lost a couple of bids by bidding with just minutes left and was unable to enter a final Max at the end. So I now always wait till the end and bid my Max.

 

Rey

[physics-fan3.14]

I know it is bad, but I usually inch my bid up at the end. I have a "max" that I want to pay, and it doesn't really matter when I place that bid. But at the end, there is the real "max" that I am willing to pay, and if I have to I keep incrementing up, in bidder war fashion, until that real max is reached.

[MunkyMan95]

Normally, I'll wait to the last second to bid (especially on eBay). But, if I'm on a tight budget, I'll put in the max I can pay in the beginning, and if I don't win, then it just wasn't meant to be.

[rbrown4]

Case in point. I just won a medal on ebay that up until an hour or so only had a few bids between two bidders. It went from around 15 dollars up to 42 dollars during that time. With 20 seconds left I entered my Max and watched the other two scramble a dollar or two at a time never reaching my Max. I won it for 47 dollars and am pleased. Less agrivation and less time spent on my part.

 

Rey

[leeg]

I usually wait till just before the end of the auction then place my max bid. My reasoning for this is that if I bid early, that drives the price up. If I'm the high bidder, I'll watch the auction "Live" to see how things go.

[CHABSENTIA]

I always bid toward the end so as not to drive the price up. If it is more than I want to pay toward the end then I ignore it.I never get in a bidding war at the end.I always bid the maximum I am willing to pay. If I am beat then I am best.Several times I have won and a few times I have lost.One time I won and two of us had the same bid.If there is the same maximum bid then the one with the earliest wins.

 

Apparently others have the same thought because many times people taht haven't bid before are there suddenly.I never bid more than my maximum and never more than a BIN for the same coin if it exists.

 

I never resell but still want a Margin.People that pal to resell and get in a biddong war are going to have problems reselling.

[Dcoin]

I like to bid a bit under the- fair price/price I'm willing to pay- nice and early method. If I get outbid then I have a little wiggle room to snipe at the end. I think this technique scares off the bottom feeders looking for a quick cheap score. If you leave them hanging round till the end you get a couple who might decide to extend themselves and compete in the final seconds.

 

This strategy works for me because the coins I buy are usually available and are not true rarities. I have found over the years that eventually I get my coin at my price. It may take several auctions but it usually comes through after a while.

 

I think if I were bidding on a true ‘once in long while coin’ my strategy would have to change.

 

[Conder101]

I think it makes a big difference whether you are talking about an on-line auction with a fixed ending point such as ebay or a "live auction" such as those the major houses hold.

 

For the ebay type a snipe bid in the last seconds is the smartest strategy. An early bid o a fixed amount can be good for placing the auction on your want list, but an early placed max bid opens the opportunity that you can be inchwormed up and either lose the lot or have to pay significantly more for it than you might have been able to get it for with a last moment snipe. Yes a high early max bid will often win you the coin, but frequently for more than you would have had to pay.

 

A disadvantage of the ebay type auction is you are buying a "pig in a poke" because you don't REALLY know what they coin looks like until it arrives. And since there are no "standard" rules you have to be very cautious reading the terms of each auction lot.

 

For a "live auction" internet bidding has only one advantage, it lets you bid in a sale you can't attend in person and have no one who can act on your behalf. Other than that I think internet bidding in those auctions is a foolish endeavor. You can't actually see what the coins really look like and if the house choses to stick to the terms of sale, for all practical purpose you have no right to return the coins. The live feeds are often slow, or jammed, which can permit lots of interest to be sold without you ever having a chance at them. Internets bids frequently are delayed and not executed in a timely manner or missed completely. If at all possible a "live auction" should alway be bid at in person or through a trusted representative.

[CHABSENTIA]

I was referring to the E Bay auction and in this case it is better to bid at the last minute.I have tried bidding earlier adn each time I would bid a higher bid there would be another higher one within the next 30 minutes.

 

The problem I have here is the bidding. I have seen cases where there has been a BIN for the same exact date and the same type of coin and people will bid higher than they could get it on the Bin.I have also noticed that there have been BINS that have been priced way over the actual Numismedia price of the coin and people will approach that Bin so could this be a ploy to up the bidding price?

 

To avoid this then on E BAY it is almost necessary to bid at the last few minutes and hope that you have the maximum bid otherwise if the price is bid up earlier then you still have people coming in at the last minute and biddding u it up even further.

 

The bidding seems to be more sophisicated on say the other auctions. They supply a trend in most cases for the last four auctions for that coin and if people for whatever reason can't look up a value from some source then they still have some indication.I have seen a few rare instances where a coin has been bid really higher then that value but they are rare.

 

If the Auction charges a minimum buying premium then you just have to figure it on your bidding. I like the situation where the increments are mandatory of $10.00 after $100.00There is none of this $1.00 stuff like on E Bay. If I put in a Maximum bid of say $180.00 and someone else has been say $170.. and has to bid more then they have to go to $190.00

 

[MikeInFL]

I prefer to plan early and bid late.

 

I see no advantage to bidding early, other than not to have to worry about it (edited to add: and winning in the case you match a bid). Bidding late has the advantage of not allowing others to see your bid and possibly outbid you.

 

Sniping (i.e. bidding late), where possible, is the best solution to me...Mike

[CHABSENTIA]

That is my scenario exactly for E Bay. I like the bidding on Teletrade.If I give a maximum bid of say $180.00 and somebody gets up to $170,00 then the next bid has to be $190.00. If you are the guy that bids $160.00 you have to think of a $30.00 jump and if you are the guy that bid $170.00 then you have to think abut the $20.00 jump .

 

At any rate, I always decide a Price I am willing to pay. If it is there at the last minute on Ebay then I don't bid.If it gets that high on Teletrade then I walk away.