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? about auction etiquette

17 posts in this topic

Hello everybody. If you are viewing an auction and you find a coin that you want to bid on, would you if you knew who the high bidder was? Is it considered proper etiquette to let the coin go? Is it considered offensive to bid against someone you converse with on the forums? confused.gif Thanks for your responses.

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I would not bid against a person I knew just as a frivolous bid, but public auctions are just that. If you want a coin, bid what you think is a reasonable amount for it and don't worry too much about other bidders. If you attend a public auction, you may be bidding against people that you know. This is really no different.

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Thanks OT3, I really value your opinion. I don't mean frivolous bidding just because, I mean a situation where you see a coin, the price is right, you start to bid and it pops out at you. 893whatthe.gif Hoot is the high bidder. ( I am just using Hoot as an example). I talk to Hoot often on the forums. I like Hoot. I don't want him to come back and see that I stole a coin from him. Is that how it would be viewed as or would it be laughed away like oh well Melanie got it. Everyone is so kind and generous with their knowledge that I just wanted to see what the proper etiquette was. Thanks again.

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I wouldn't mind if another forum member outbid me on a coin. If I really want it I am bidding the absolute max I am willing to pay and if you get it more power to you. In fact, there is some advantage to you buying it as it's "still in the family" so I could send you a "if you ever get tired of it let me know..." PM.

 

The only exception would be if it happens all the time and seems like someone is jsut trying to max out my bids but this hasn't happened to me.

 

On the other hand, if I'm only marginally interested I may step aside for someone else.

 

-JamminJ

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Thanks JamminJ, that makes me feel better. I would never consistently bid against anyone because that is just rude. I only look at auctions that belong to forum members or that our "family" has said was a good seller. That limits where I can shop, here and the b/s/t threads. One day when I trust my judgement I will be able to shop ebay the way I use to. But not until I know alot more. lol.

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Hi Melanie - Thank you for the hypothetically kind words! wink.gif

 

I recently did not bid on a couple of lots since I knew a bidder who was going to bid or had bid on those lots. (Turns out he won one and lost two others.) I'm very glad he won and that I did not compete with him.

 

On the other hand, if I had been in a true competition for the coins, for one reason or another, I might have told the fellow that I was going to bid hard, no matter what. That, to me, would just be fair notice.

 

It's awkward out there. I know enough bidders by their handle on eBay to sometimes quell my enthusiasm for a coin, but I don't let it stop me. They win some (most, actually) and I win some.

 

I'm often quite happy knowing that a particular coin is in the hands of a true aficionado. I gain all kinds of vicarious pleasure. Is that perverse? I sure hope so. 893whatthe.gif

 

insane.gif Hoot

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I agree with Michael 100%. Think of it this way, the consignor is your friend, the other bidder is your friend Wouldn't you want to do right by both.

 

 

 

 

TRUTH

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I think the advice so far has been excellent. However, there are times I have seen coins up for auction online that I have discussed via pms with other members who are also friends and I have not bid on a coin because of the others desire to own it. The same courteous has been extended to me. I guess I rationalize it this way, these auctions are held at large coin shows where the buying public including dealers has the option to top my reserve so I believe the cosignor was treated fairly. Quite honestly coins that end up going for stupid money like the 69K Franklin because two bidders were bound and determined to out do each other is more problematic to the hobby.

 

What would you if someone pointed out to you a coin that they were bidding on and it was also one you had been wanting?

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Hi Melanie,

 

There is nothing wrong with bidding against someone you know if you really want the coin, just bid your max and if you win you won fair and square.

 

The one thing I wound never do is nickel and dime another bidder. What I mean by that is that if I were bidding on a coin against someone I knew I would not up my bids a little bit at a time trying to outbid the other person. To do so looks childish at best and may make the other bidder think you were just trying to drive his bids up. If I want a coin badly enough I’ll bid strong on it, and if outbid, so be it.

 

Most of us, on these boards anyway, have been around the coin game long enough that being outbid on a coin by someone you know is inevitable and if you got mad and held a grudge against everyone who ever bid against you on a coin, you would soon have no friends left! 893whatthe.gif

 

Happy bidding! thumbsup2.gif

 

John

 

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I think you should always bid your maximum bid, whether or not your best friend is bidding against you. After all, that is what makes an auction fair. In a sense, if you refrain from bidding just because your best friend is bidding too, that could be construed as collusion.

 

For that matter, if a bitter enemy is bidding, then bidding just to drive him up would be poor etiquette.

 

James

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Here's a quick and funny story. A few years ago when Dennis and I were business partners in Jade Rare Coin, we would do live auctions together. One time, a large batch of early material was up, and we were bidding against stiff competition, and to avoid giving away any advantage, were keeping our heads down and hidden behind some Coin Prices magazines. We were usually losing to the competitor(s). At one point, a common coin was up, and the bidding was getting ridiculously high, but I kept raising my hand while remaining hidden behind my magazine, just to spite the other bidder. After the bids had gotten to about three times grey-sheet, I was just about disgusted, and looked up with the intent to glare a dirty look at the other bidder - only to discover that I was bidding against DENNIS seated right next to me!

 

We learned a valuable lesson that day - do not bid against your own business partner.

 

James

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You can always send the forum member a PM and ask how much they are interested in the coin. It might be a "watcher" bid. It might just be a friendly bump bid since the forum member knows the seller. It might be for resale and they have no real interest in the coin. Or them might be in love with it.

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Hi Mel,

I don`t see any problem with bidding against someone you know. All is fair in love , war , and the pursuit of numismatic happiness or something like that ! Bidding at auction is only an offer to buy at a price your willing to pay. I`m quite sure the seller wouldn`t have a problem with your casting your bid. Consider that your the one with the high bid and the person you let have the coin previously has just outbid you on this new one. If you have some sort of guilt complex over the ordeal, you can always offer the coin to that person at a later date should you lose interest or decide to upgrade as a gesture of good will. So my advice is go for it !

I personally don`t have a problem with being outbid. I have a maximum price that I am willing to pay and that`s it. If I win , great! If not, well there are always more to choose from . There are so many sources from which to purchase almost any coin you desire. Why worry over any one particular specimen. 893crossfingers-thumb.gif

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Mel: James' story is amusing, but I'm sure all of us have overbid at some time during the heat of an auction. I got carried away in a B&M gold auction several years ago and bought several lots over retail pricing. I have been waiting all this time and finally prices are catching up with what I paid for these coins. Such is life. We are all emotional beings.

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