Heritage question

[The Question?]

 

 

Heritage? hmmmmmmmmmm....

 

 

[blink]

I learned an important factoid watching the Meechum(sp) auto auctions this past week. They informed me that the AH has the right to bid up to meet the reserve. I never knew this little piece so it may help others.

[DKeeneman]

I learned an important factoid watching the Meechum(sp) auto auctions this past week. They informed me that the AH has the right to bid up to meet the reserve. I never knew this little piece so it may help others.

 

What is legal at an auction is defined on a state-by-state basis, with many states allowing auction companies to establish by their conditions of sale what is or is not allowed.

 

In Kentucky (where I am, so this is the law I am most familiar with), for example, bidding by auction companies and their emloyees, or by owners of items for sale is allowed so long as this is disclosed as possible in the auction's conditions of sale (it is not allowed absent disclosure that this may occur). With these rules, auction companies routinely disclose and then bid up to reserve prices (a pschological game where they act like they are spotting live bids, when there are none or only one live bidder up to the reserve price). Alternatively, even auctions "without reserve," allow owners or their agents to bid on items they are selling and thereby set a sort of secret reserve.

 

Whether these practices are moral or whether allowing them is a good business practice are different issues, I'm just talking legalities.

 

When in doubt, consult the auction's conditions of sale and the law of the state where the auction is held.

[Monkeyman]

I noticed that Mound City did not accept bids within the bidding increment. I put in a max bid of $125 on a book and the winning bid ended up being $120. My bid wasn't used because the next increment was $130. I thought that was kind of strange.

 

Mike

[VintageComics]

I have given up on Heritage. Won one auction in the last year and every other time Ive gotten sniped by just a little bit.

 

I find it hard to believe that on each of those occasions I was the closest underbidder to the winning bid. I call shenanigans.

 

No more... screw the auction houses.

 

Why are you blaming the auction houses when someone else is outbidding you? I don't get it.

 

[Shootydog]

I have given up on Heritage. Won one auction in the last year and every other time Ive gotten sniped by just a little bit.

 

I find it hard to believe that on each of those occasions I was the closest underbidder to the winning bid. I call shenanigans.

 

No more... screw the auction houses.

 

Why are you blaming the auction houses when someone else is outbidding you? I don't get it.

 

 

Sour grapes?

 

Perhaps my tone was harsh.

 

I have better luck getting the books I want from private dealers, collectors and the boards. In almost all instances of using an auction service (2 instances alone being the exception) I have been outbid at the last moment by a single increment.

 

It is more likely that I do not like the online auction model that does not provide additional time for me to be able to overbid someone at the last second. Live auctions will allow additional time for all interested parties. Not so in online auctions where the ending time is set. The auction can be sniped far too easily by just bidding at the very last second...leaving me no chance to bid any higher.

 

Arguing that I should bid higher initially doesn't help. Everyone would likely agree that during a live auction you may just bid a little higher to get that item you want. You are given that opportunity in a live auction. In an online auction you better have bid the highest or be sitting at your computer ready to click the button and hope your broadband connection is fast enough to register your bid first.

 

I guess I just dont like or trust online auctions simply because there is too much room for problems or downright corruption. I am not saying they arent legit but I am saying that I need a bit more convincing before I will try them out again.

 

 

[VintageComics]

I guess my confusion stems around your use of the word shenanigans which might imply that something unethical was being done on the part of the auction house, when in fact the winning bidders were simply being more aggressive than you.

 

If there were shenanigans you would have likely been shill bid up to just below your limit on most of those 50 auctions (or something along those lines).

 

Just wanted to make that distinction.

 

There are some auction houses (like Pedigree Comics and Comic Connect) that do allow extended internet bidding on their auctions. A bid will prolong the auction by a minute, or three or whatever it is. At least they used to. Don't know if they still do.

 

R.

 

[gregreece]

Vouching for Heritage auction being above board. They aren't the cheapest to deal with (shipping, buyers premium, etc) but they shoot straight

[short_box-migration]

Vouching for Heritage auction being above board. They aren't the cheapest to deal with (shipping, buyers premium, etc) but they shoot straight

 

Oh, okay, we'll take your word for it

[comix4fun]

Vouching for Heritage auction being above board. They aren't the cheapest to deal with (shipping, buyers premium, etc) but they shoot straight

 

Oh, okay, we'll take your word for it

 

 

That's his opinion based on his own personal experience.

 

He is entitled to it and it's exactly what the OP was requesting.

 

How is that any less valuable, or pertinent, than your opinion?

[short_box-migration]

Vouching for Heritage auction being above board. They aren't the cheapest to deal with (shipping, buyers premium, etc) but they shoot straight

 

Oh, okay, we'll take your word for it

 

 

That's his opinion based on his own personal experience.

 

He is entitled to it and it's exactly what the OP was requesting.

 

How is that any less valuable, or pertinent, than your opinion?

 

Sorry Dad

[MoundCityAuctions]

I noticed that Mound City did not accept bids within the bidding increment. I put in a max bid of $125 on a book and the winning bid ended up being $120. My bid wasn't used because the next increment was $130. I thought that was kind of strange.

 

Mike

Mike,

The auctions took over 8 hours as it was, if I started taking off increment bids I would have still been there. If you go to any auction where the bidding is called live you will see that the Auctioneer sets the bar for what bids they will take. To let your bidders set the level will cause the Auctioneer to loose control. I will not allow that to happen, my seller makes more money when I am in control. By the way, I think we did pretty well in the end for our seller, wouldn't you agree?

[MoundCityAuctions]

I learned an important factoid watching the Meechum(sp) auto auctions this past week. They informed me that the AH has the right to bid up to meet the reserve. I never knew this little piece so it may help others.

 

What is legal at an auction is defined on a state-by-state basis, with many states allowing auction companies to establish by their conditions of sale what is or is not allowed.

 

In Kentucky (where I am, so this is the law I am most familiar with), for example, bidding by auction companies and their emloyees, or by owners of items for sale is allowed so long as this is disclosed as possible in the auction's conditions of sale (it is not allowed absent disclosure that this may occur). With these rules, auction companies routinely disclose and then bid up to reserve prices (a pschological game where they act like they are spotting live bids, when there are none or only one live bidder up to the reserve price). Alternatively, even auctions "without reserve," allow owners or their agents to bid on items they are selling and thereby set a sort of secret reserve.

 

Whether these practices are moral or whether allowing them is a good business practice are different issues, I'm just talking legalities.

 

When in doubt, consult the auction's conditions of sale and the law of the state where the auction is held.

 

There is a guy out there that writes articles for Antique Weekly, the Maine Antique Digest and the National Auctioneer's Association who is considered the leading authority on auction law. He is both an Auctioneer and a Lawyer and he writes a great deal about No reserve vrs with reserve auctions. Check out this link

http://www.maineantiquedigest.com/stories/index.html?id=345

In a no reserve auction the seller may not bid legally, nor can the Auctioneer bid as he is the agent of the seller. If you see an Auctioneer bidding in an auction advertised as a No Reserve auction or an Absolute auction I would report them to the state board.

However, read the link, there is a great deal of confusion out there on this issue. In particular according to Proffitt, unless an auction is advertised as Absolute or No Reserve then by law (the Uniform Commercial Code) it is an auction with reserves.

[CheezyWhiz]

Follow up report. I got the scoop from a little birdie in Texas. There was an underbidder at $65 on both books. I sniped $66.67, seconds later he/she sniped $65, and the system upped the current bid to my max since it was higher, but less than a full bid increment.

 

comix4fun nailed it. Mystery solved. :thumbsup:

[comix4fun]

Follow up report. I got the scoop from a little birdie in Texas. There was an underbidder at $65 on both books. I sniped $66.67, seconds later he/she sniped $65, and the system upped the current bid to my max since it was higher, but less than a full bid increment.

comix4fun nailed it. Mystery solved. :thumbsup:

 

 

 

 

Woo!!!!

[tth2]

Follow up report. I got the scoop from a little birdie in Texas. There was an underbidder at $65 on both books. I sniped $66.67, seconds later he/she sniped $65, and the system upped the current bid to my max since it was higher, but less than a full bid increment.

 

comix4fun nailed it. Mystery solved. :thumbsup:

Another conspiracy theory blown to hell by facts!

[CheezyWhiz]

Follow up report. I got the scoop from a little birdie in Texas. There was an underbidder at $65 on both books. I sniped $66.67, seconds later he/she sniped $65, and the system upped the current bid to my max since it was higher, but less than a full bid increment.

 

comix4fun nailed it. Mystery solved. :thumbsup:

Another conspiracy theory blown to hell by facts!

 

Right.. besides, let's not lose sight of what really matters. I beat some chump by $1.67!

 

 

Hope it wasn't a boardie.

[tth2]

Follow up report. I got the scoop from a little birdie in Texas. There was an underbidder at $65 on both books. I sniped $66.67, seconds later he/she sniped $65, and the system upped the current bid to my max since it was higher, but less than a full bid increment.

 

comix4fun nailed it. Mystery solved. :thumbsup:

Another conspiracy theory blown to hell by facts!

 

Right.. besides, let's not lose sight of what really matters. I beat some chump by $1.67!

(thumbs u