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HA Auctions

Started by JadeGiant,

24 posts in this topic

JadeGiant

JadeGiant

Posted
Posted

Does HA capture and make available the bid increments and who bidded (not the person but the source - live, internet, phone, etc.)? I am curious if I am able to see how the bidding played out on an item I won.

 

Sorry if this is an obvious question - newbie here on HA experience.

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chromium

chromium

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Posted
No, just what type of bid won.

 

Thanks, that is what I was starting to think as I could not find anything online.

 

Does HA have the ability to bid on their own auctions?

 

I believe they do, it's even written in the small print somewhere that Heritage employees are allowed to bid on auctions.

 

They used to use a bidder called "NP Gresham"

 

James Halperin, one of the owners of the auction house, testified under oath that N.P Gresham does not exist, but is in fact "Heritage or partnerships involving Heritage or independent contractors that worked for Heritage."

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Bronty

Bronty

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Posted
No, just what type of bid won.

 

Thanks, that is what I was starting to think as I could not find anything online.

 

Does HA have the ability to bid on their own auctions?

 

I believe they do, it's even written in the small print somewhere that Heritage employees are allowed to bid on auctions.

 

They used to use a bidder called "NP Gresham"

 

James Halperin, one of the owners of the auction house, testified under oath that N.P Gresham does not exist, but is in fact "Heritage or partnerships involving Heritage or independent contractors that worked for Heritage."

 

They are allowed to bid but only up to the reserve. My understanding is its legal in Texas up to the reserve and illegal after that (although I'm not a lawyer).

 

In other words, you'll never truly be bidding against them.

 

As a result, I have no outrage for this personally (shrug)

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tth2

tth2

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Posted
Ugh, this is what I thought might be the case which has me wondering if I should have tried to snipe bid the item in the live section as opposed to placing my top bid before the session went live.

No, they don't use "inside information" on your internet bid to walk up your bid.

 

To the extent Heritage does bid, it would be more like they believe that a piece should go for $X, therefore they're going to bid up to $X, and your bid, whether live or via internet, needs to be higher than $X if you want to win the piece.

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comix4fun

comix4fun

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can they bid past reserve Tim?

 

 

Your avatar is making people PM me asking me if I changed my screen name.

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Crowzilla

Crowzilla

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To the extent Heritage does bid, it would be more like they believe that a piece should go for $X, therefore they're going to bid up to $X, and your bid, whether live or via internet, needs to be higher than $X if you want to win the piece.

 

Exactly. Employees are also allowed to bid, but must leave absentee bids and can not bid during the live part of the auction.

 

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Bronty

Bronty

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can they bid past reserve Tim?

 

 

Your avatar is making people PM me asking me if I changed my screen name.

 

You would have had to register three months earlier to have this screen name, whippersnapper :preach:

 

I'll change it back later. Went to do it tonight and my pc crapped out

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JadeGiant

JadeGiant

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Ugh, this is what I thought might be the case which has me wondering if I should have tried to snipe bid the item in the live section as opposed to placing my top bid before the session went live.

 

No, they don't use "inside information" on your internet bid to walk up your bid.

 

To the extent Heritage does bid, it would be more like they believe that a piece should go for $X, therefore they're going to bid up to $X, and your bid, whether live or via internet, needs to be higher than $X if you want to win the piece.

 

 

They don’t or they aren’t supposed to?

 

I think your scenario sounds “more likely” as you say and I would think is probable but I am still curious as to what is possible or even permissible.

 

And when the term “they” is being used makes me wonder who is allowed to bid on auctions. All employees? Most employees? If so, surely a number of them would also have access to bid information.

 

I am not a conspiracy theory kind of guy and I am not looking to stir a hornet’s nest but I am new to HA and would like to get a good lay of the land as I look to possibly buy more in the future. If there is an overlap between those that work at HA with both access to bid info and ability to bid that is a risk in my eyes, especially if that is a wide number of people.

 

In the end, I got a piece I liked for a price that I was willing to play but the way the bid came so late had me wondering about how early I should place my bids in the future.

 

 

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vodou

vodou

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I am not a conspiracy theory kind of guy and I am not looking to stir a hornet’s nest but I am new to HA and would like to get a good lay of the land as I look to possibly buy more in the future. If there is an overlap between those that work at HA with both access to bid info and ability to bid that is a risk in my eyes, especially if that is a wide number of people.

The Company (basically employees acting on behalf of HA, in that capacity) can/will bid on auctions as described by myself and others. This is allowed under Texas law, and is described in HA auction terms (iirc) too. Further employees can bid on their own behalf (for their own collections, or to flip) separately. Some/all of those bidders may have access and -probably immorally- use "inside" information they "see" on the job to know where other bidders have their "stops" (if you will). The possibility exists, but there's no telling whether it actually happens or not.

 

This is a pretty big grey area, people have their suspicions (and there are the usual whispers and grumblings from some ex-employees?) but that's it.

 

Let's instead say the most prudent of bidders (myself included) don't place any real, meant to win bids, until the actual live session, during the live auction of the specific item. This is just prudence. Perhaps overcautious? Who knows...it's your money :)

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JadeGiant

JadeGiant

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I am not a conspiracy theory kind of guy and I am not looking to stir a hornet’s nest but I am new to HA and would like to get a good lay of the land as I look to possibly buy more in the future. If there is an overlap between those that work at HA with both access to bid info and ability to bid that is a risk in my eyes, especially if that is a wide number of people.

The Company (basically employees acting on behalf of HA, in that capacity) can/will bid on auctions as described by myself and others. This is allowed under Texas law, and is described in HA auction terms (iirc) too. Further employees can bid on their own behalf (for their own collections, or to flip) separately. Some/all of those bidders may have access and -probably immorally- use "inside" information they "see" on the job to know where other bidders have their "stops" (if you will). The possibility exists, but there's no telling whether it actually happens or not.

 

This is a pretty big grey area, people have their suspicions (and there are the usual whispers and grumblings from some ex-employees?) but that's it.

 

Let's instead say the most prudent of bidders (myself included) don't place any real, meant to win bids, until the actual live session, during the live auction of the specific item. This is just prudence. Perhaps overcautious? Who knows...it's your money :)

 

Thanks Vodou, this is exactly what I was looking for and I would definitely consider myself among the most prudent of bidders so I will definitely adopt the personal policy of bidding live during my targeted auction(s). I had assumed (badly as I am learning) that there would be tighter controls on the auctions so I will chalk up my recent auctions as a learning experience.

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cloud cloddie

cloud cloddie

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Since heritage went to live only a year or two back, I feel like I've actually won stuff for cheaper than before. I bid live every time, and I think there's less insane max bid snipes going on because of the live. Regardless if heritage employees have inside info, I'm not seeing it result in higher prices overall. As others said, just bid live.

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JadeGiant

JadeGiant

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Since heritage went to live only a year or two back, I feel like I've actually won stuff for cheaper than before. I bid live every time, and I think there's less insane max bid snipes going on because of the live. Regardless if heritage employees have inside info, I'm not seeing it result in higher prices overall. As others said, just bid live.

 

Good to hear. I have won items at the last 2 HA events and the experience felt a little different when I was bidding live vs waiting/watching which I am still inclined to think was legit but caused enough questions in my mind to post here and subsequently go the live outré from now forward. Overall, I am a fan of HA and know I will participate again in the future.

 

 

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