auction question

[toneddollars]

While I was at the FUN show on Thursday , I wandered up the the Heritage auction. I was interested in the SLQ 27-d NGC 67. By the time it came up for auction, the opening number was $11000. The coin had wonderful toning, but I was a little worried how the colors were the same as they rose and fell over the wings. Most toning changes color as the elevation of the devices on the coin changes. But to get to my question, as soon as the coin opened the heritage woman sitting to the left of the auctioneer called out $16000. Why did this number just go this high without working thru the bid increments. Was this the Internet bidders max., and they just jumped to it? If you place a larger number from the Internet does your bid automatically just go to it?

 

[kryptonitecomics]

Interesting Jack...I wouldn't think an internet bid would go higher than the next bid increment?

[toneddollars]

Shane, great to see you again. i think it had been about five years since we last hooked up at this show. Kind of like two ships in the night.

[illini420]

During Heritage Live bidding, but before the actual lot comes up, all Heritage Live bidders can bid on any lot they wish to bid on during that session by placing a Live Proxy bid. If multiple bidders place such proxy bids on the same lot, those are likely executed just as the lot comes live and the auctioneer probably opens the item at one increment above the 2nd highest proxy bid.

[MarkFeld]

I am very familiar with that coin. It is one of the most wildly and beautifully toned SLQ's I have ever seen. The color looked original to me.

 

At my suggestion, a client of mine bid crazy money on it from the floor - $15,000 hammer. But alas,he was outbid. It is an irreplaceable coin, in my opinion.

[toneddollars]

Mark, I sat in at the auction and there were no floor bids as I too was going to bid. That $16000.00 bid came immediately after the auctioneer opened at $11000.00. No one on the floor bid at all as I recall it.

[MarkFeld]

Mark, I sat in at the auction and there were no floor bids as I too was going to bid. That $16000.00 bid came immediately after the auctioneer opened at $11000.00. No one on the floor bid at all as I recall it.

 

My apologies for apparently misstating the facts. My client typically bids from the floor during Platinum Night and on-line for other sessions, so he must have bid on line. If the bidding jumped straight to $16,000, that would be explained by his $15,000 bid and another higher bid from another internet bidder. Under those circumstances, the bid would rightfully and necessarily be jumped to above the second highest bid.

 

I like your taste in SLQ's!

[grip]

No picture?

[toneddollars]

Mark, I sat in at the auction and there were no floor bids as I too was going to bid. That $16000.00 bid came immediately after the auctioneer opened at $11000.00. No one on the floor bid at all as I recall it.

 

My apologies for apparently misstating the facts. My client typically bids from the floor during Platinum Night and on-line for other sessions, so he must have bid on line. If the bidding jumped straight to $16,000, that would be explained by his $15,000 bid and another higher bid from another internet bidder. Under those circumstances, the bid would rightfully and necessarily be jumped to above the second highest bid.

 

I like your taste in SLQ's!

 

It was easily the nicest SLQ I have seen for color in my time. Your client has good taste and deeper pockets than I do.

[FishyOne]

I'm not a SLQ guy but this is one I'd like to own!

 

Old NGC Fattie holder, CAC Green bean, $18,800 w/juice. Here is it.

 

Heritage Link

 

[mtnstyne]

WOW, I would love to see one this nice someday in hand. Definately have to make time for one of these shows.

[James_OldeTowne]

I looked at the coin in person (actually, I looked at all the SLQs in the auction). The toning was beautiful, but I prefer a different look for my SLQs and had no interest in that example.

 

As to the bidding situation, it's less mysterious than one might think, and routinely happens in our auctions. The usual reason is that, as an example, the highest online bid might be $10,000. However, an auction representative might have multiple bids on the coin, let's say $14,500 and $15,000. In this case, he MUST bid $15,000 (let's assume $500 increments), because obviously, his stronger client is going to beat out everybody else.

 

We get many absentee bids at our sale, executed by two or three representatives, and you'll see them blurt out a higher jump than the increments whenever this scenario occurs.

[MJ]

That SLQ is unbelievably beautiful. MJ