Heritage Auctions - How is this possible?

[tth2]

Why bother with internet bidding at all when the live bids have the final say?

Good question. In a perfectly rational world, no one would bother with internet bidding and no one would bid until the last second of the live auction. But the fact is people DO bid via the internet, even though they know there will be a live floor auction.

 

But then how often do live bids trump the internet bid? How many people bid live versus the internet?

 

I think the live bidding may be fairly inconsequential compared to internet bidding.

Actually, you can look at the archives and at least for auctions for the last couple of years, you can see what type of bid won (internet, floor, mail, fax, etc.). My personal experience is that live bidding or other types of bids that are only opened up at the time of the floor auction (mail, fax) are extremely influential. A lot of the books that I sold in late 2006 and early 2007 were won after the internet bidding (for Legacy and non-Legacy) was over.

 

It amazes me that in 2007 people still bid by mail or fax, but apparently they do.

[tth2]

Also, to encourage bidding, they start every auction at $1.00. Then, 5 days before the end of the auction, they reveal the reserve on the book if there is one. That's not a huge problem.

 

The problem that I found is in that same time period (5 days before the end of the auction), they also bid up all of the reserve books to just under the reserve, so that the next bid will meet reserve.

 

It's kind of a sneaky way to encourage bidding and basically shill bid under the reserve price.

 

 

This might sound odd. But I appreciate this practice. They place an asterisk next to the item's price if the "next bid meets reserve".

 

This lets me know:

#1 That if I bid on this item I will not lose it to a hidden reserve.

#2 The asterisk let's me know that there is no actual bid just below the reserve so there is no phantom pressure from an underbidder.

#3 I can still place bids early, and by doing so I get a daily email with my bidding status so that I can see how many people are bidding and watching the item I am bidding on on a daily basis, even if a low ball marker bid is outbid immediately I still get that daily update.

#4 It's is made crystal clear that they are not "shilling the auction" by the use of the asterisk and their terms of sale.....it saves me the time and effort and bidding on a book that has a hidden reserve only to find out after the bidding is over that I fell short of the reserve.

 

This has been the most helpful innovation they have instituted.

 

C

(thumbs u Well said.

[MutantKeys]

people still bid by mail or fax, but apparently they do.

[Sal]

Why bother with internet bidding at all when the live bids have the final say?

Good question. In a perfectly rational world, no one would bother with internet bidding and no one would bid until the last second of the live auction. But the fact is people DO bid via the internet, even though they know there will be a live floor auction.

 

But then how often do live bids trump the internet bid? How many people bid live versus the internet?

 

I think the live bidding may be fairly inconsequential compared to internet bidding.

Actually, you can look at the archives and at least for auctions for the last couple of years, you can see what type of bid won (internet, floor, mail, fax, etc.). My personal experience is that live bidding or other types of bids that are only opened up at the time of the floor auction (mail, fax) are extremely influential. A lot of the books that I sold in late 2006 and early 2007 were won after the internet bidding (for Legacy and non-Legacy) was over.

 

It amazes me that in 2007 people still bid by mail or fax, but apparently they do.

 

hell, some auctions are still done by mail! but there you have it

[tth2]

Yet another reason to dislike Heritage. Throw it on the pile.

Yes, giving your bigger customers additional benefits is such a unique, evil thing to do. I can't imagine any other company in the world does that.

 

Actually, you're right and all the other companies who engage in that behavior suck just as bad.Just because favoritism and cronyism is common, does not make it less ugly.

I think you're at the wrong website. The "Capitalism Sucks/Dreams of a New Socialist Utopia" website is over thataway.

[tth2]

Well, despite all the feverish conspiracy theories of our resident members of the tinfoil-hat brigade, THIS legacy member (aka President of the Heritage Apologists Society) has been completely shut out.

 

Really strong prices for a lot of books, particularly JLAs (which seem to be the hot SA DC title du jour).

[TeddieMercede]

I think it was after I had spent $10k

 

More importantly - what did you win?

 

Ive spent in the 25K area in a single Signature auction and upwards of 40K in a year and still havent been invited to be a Legacy Customer. So either the amount is a heck of a lot higher or Im just not buying the right books.

 

And for books that you really want it would be a good idea to bid early especially if you think its going to get into the 5 figure or more range. Very important is that if there are 2 tie breaking bids, the first bidder gets the right for the bid. When you start talking about 1 bid increment being a couple thousand dollars due to how Heritage structures their increments this is a big deal. That is assuming you dont think anything nefarious is going on with how their auctions are bid on, which after dealing with them for a while havent found any evidence of contrary to popular opinion.

[The Black Hand ®]

Yet another reason to dislike Heritage. Throw it on the pile.

Yes, giving your bigger customers additional benefits is such a unique, evil thing to do. I can't imagine any other company in the world does that.

 

Actually, you're right and all the other companies who engage in that behavior suck just as bad.Just because favoritism and cronyism is common, does not make it less ugly.

I think you're at the wrong website. The "Capitalism Sucks/Dreams of a New Socialist Utopia" website is over thataway.

 

I thought the hammer and sickle was starting to look a lot like the superman insignia, combined with the flash lightning bolt. Time for new reading glasses. Oh...and capitalism doesn't suck...just those who squeeze every last drop of integrity out of the system....comrade.

[tth2]

Ive spent in the 25K area in a single Signature auction and upwards of 40K in a year and still havent been invited to be a Legacy Customer. So either the amount is a heck of a lot higher or Im just not buying the right books.

Just shoot Ed J an email.

[Rich_Henn]

I just don't see how it happened, that's all. I guess one can bid by phone or email - I just assumed those people would be waiting until the live floor bidding began - it's odd that a bid was emailed or phoned in at midnight on a work night for a insignificant book.

 

I guess when you're bidding against the house, anything's possible.

A legacy client can continue to bid on the internet, just like you did, until the deadline for legacy internet bidding expires. When your remaining time says "10 hours", his might say "1 day 10 hours". So no phone, email or conspiracies.

 

This sort of Bull is why I avoid Heritage

 

So then the question is...whom is the better auction to bid with and know you're getting good service?

 

Ebay?

Heritage?

Comiclink?

 

I personally find that if it's CGC, Ebay is good for quick, down and dirty. You don't have to deal with phone bids or a month to get your stuff (usually).

[frankiecastle]

Well, despite all the feverish conspiracy theories of our resident members of the tinfoil-hat brigade, THIS legacy member (aka President of the Heritage Apologists Society) has been completely shut out.

 

Really strong prices for a lot of books, particularly JLAs (which seem to be the hot SA DC title du jour).

 

rang the register on 4 books- 2 w/in a dollar of my max bid

1x guide for the two 9.2's- i've got no complaints.

[tth2]

2 w/in a dollar of my max bid

You KNOW it's the minions at Heritage shilling you up!

[THE_BEYONDER]

2 w/in a dollar of my max bid

You KNOW it's the minions at Heritage shilling you up!

 

[skybolt]

I believe after today I have eclipsed the $10,000 mark. Myself, I bid on 8 books, but was forced to pass on several of them to go after three main priorities:

 

1) Phantom Lady #22 CGC 7.5;

 

2) Phantom Lady #15 CGC 9.0;

 

3) Planet Comics #53 CGC 9.6.

 

I bid an insane amount of $ (at least for me) on the Planet, but was forced to stop at the next bid, which would have been over $3,000. If I would have had more time to think, I still don't think I could purchase for that much.

 

However, I managed to pick up two of my grails (paid more than I was hoping, but still quite happy):

 

 

 

 

Excellent pick-ups.

[pennynike1]

Thanks much Sky! Did you do some damage too?

[jkrk]

Here's my take on this thread:

 

1) If you are truly interested in a book become a telephone bidder. Legacy bidders

 

are a step above non legacy bidders but is there truly much of a difference?

 

2)The story goes: Heritage has Shill bidding, Employee bdding., reserves identified by asterisks -Who cares?

 

My question is:

 

Why am I having problems buying books from most other auction houses at lower prices than Heritage?

 

My other question is:

 

Why am I having problems finding resubmits from Heritage while I can find them from other houses?

 

 

 

 

 

 

 

 

[pennynike1]

Here's my take on this thread:

 

1) If you are truly interested in a book become a telephone bidder. Legacy bidders

 

are a step above non legacy bidders but is there truly much of a difference?

 

 

In the end, probably not much. It is just the principle that some are favored more than others.

 

 

 

 

2)The story goes: Heritage has Shill bidding, Employee bdding., reserves identified by asterisks -Who cares?

 

 

If it efects my pocket book, . Still love the selection of their Sig Auyctions though.

 

 

 

 

 

 

 

 

 

 

 

[peewee22]

The only book I've purchased from Heritage is a FF1 back in August. From start to finish, I'd rate the experience a 9 out of 10...from my first bid to final delivery.

 

- Brannon

 

 

[skybolt]

Thanks much Sky! Did you do some damage too?

 

I was the under bidder on the Rulah #20 CGC 8.0 copy. I was a little surprised that it sold for almost 2X guide!

[lou_fine]

But in the future if I were to bid on one of those books, I think I'd get into the floor auctions and not even bother with the early bidding.

 

I'm watching them now. They seem to fly by pretty fast (under 10 seconds if there aren't any live bids).

 

What is the difference between Bid Placed (HALive) and Bid Placed (Book)?

 

I'm watching it as well. That Heritage Live! software is pretty slick to say the least - huge red button ready to clean out your wallet!

 

Yes, the HALive RED button works really well! (thumbs u

 

When you press it, the signal appears to be instantaneously picked up by Heritage and goes right through even when the Fair Warning message is flashing.

 

I remember when they had it on eBay Live that it was pretty impossible to win anything as the feed was deadly slow. I remember pressing the button only to find out that the lot had already closed. Of course, I did win one auction for something like $1,500 when I pressed the button at the $700 mark.

 

HALive is so much better than eBay Live! (thumbs u