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June 2023 Heritage Signature Auction #7340
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Started by grapeape,

566 posts in this topic

ExNihilo

ExNihilo

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Posted (edited)
On 6/2/2023 at 3:36 PM, Bronty said:

I think lots of different people bid things up early for lots of different reasons.   Many times it’s likely innocent.    Sometimes it’s likely not.    Ultimately the same holds true for any venue . 

I don't bid on OA that much so take what I have to say with a heavy dose of salt.  With that out of the way, I've participated in open auctions (for comic books) where my bid is known to the rest of the potential bidding pool.  I'll have a rough idea of what I believe market to be and so sometimes I'll just throw down the hammer and bid just below market such that the auction price will jump from $1 to $1000 as opposed to the steady increase of prices that we all know are likely to be outbid.  I think some bidders have a "in for a penny, in for a pound" mentality and so if you creep up in $25/$100/$1000 (whatever) increments, people just think "what's another $25?" or they become more stubborn in wanting to win a particular piece.  So by skipping the small talk "so to speak", I'm hoping to weed out buyers that might otherwise have a competitive bidding mindset.  Obviously the serious bidders will up the amount, but I'd rather reduce the pool of bidders right out the gate.  Obviously, this doesn't apply in silent auctions where the auction price increases incrementally based on everyone's maximum bids.

That all being said, if you all could just ignore the lots that i'm interested in, that'd be greatly appreciated.  :P

Edited by ExNihilo
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Panelfan1

Panelfan1

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On 6/8/2023 at 6:29 PM, Rick2you2 said:

I’m not sure what follows was such a good strategy, but sometimes I used to put in a relatively high bid early-on to discourage potential bidders from joining in the fray. But, the effect may have just been to raise the price at the end, so I stopped.

I don't think it discourages many. It just tells them to raise the valuation.

While I can't prove it empirically, it feels like lately, more and more bidders are waiting for the end to put in their bids in the live auction. Especially for pieces people expect to go high.  Would love to know what others have noticed with respect to bidding trends?  

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Rick2you2

Rick2you2

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On 6/15/2023 at 7:18 PM, Panelfan1 said:

I don't think it discourages many. It just tells them to raise the valuation.

While I can't prove it empirically, it feels like lately, more and more bidders are waiting for the end to put in their bids in the live auction. Especially for pieces people expect to go high.  Would love to know what others have noticed with respect to bidding trends?  

That is what I have been doing.

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Superhero

Superhero

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On 6/15/2023 at 4:18 PM, Panelfan1 said:

I don't think it discourages many. It just tells them to raise the valuation.

While I can't prove it empirically, it feels like lately, more and more bidders are waiting for the end to put in their bids in the live auction. Especially for pieces people expect to go high.  Would love to know what others have noticed with respect to bidding trends?  

I may put in a tracking bid but I generally don’t bid at all until the end. 

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The Voord

The Voord

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On 6/10/2023 at 9:56 PM, Michael Browning said:

I had a collector message me earlier this year. He’d bought at auction a cover he thought I was going after. He kept raising the bids for fun, thinking he was jacking them up on me, but he won it — and I wasn’t even a bidder. So, he came to me asking me to pay his debt to HA - almost $22,000 - and buy it so he didn’t have to. Uh, no.

Not only is that nuts, it's also mean-spirited.  End result for the 'winner':

  :tonofbricks:

. . . and some sleepless nights, I would imagine!  lol

 

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The Voord

The Voord

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On 6/16/2023 at 7:03 AM, Superhero said:

I may put in a tracking bid but I generally don’t bid at all until the end. 

Ditto.

I used to leave my high bid with HA, letting them compete on my behalf  . . . and was finding that all my wins seemed to hover at or near my top price.  hm

I then started placing tracking bids, leaving the real bidding until the final moments of the live auctions participating directly in person . . . and found I was saving money on similar artwork wins when I was just leaving my high bids for HA to act upon.

Make of that what you will . . . but I don't think I'll ever again be going the route of submitting my high-bids for HA to bid on my behalf ever again.

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Bronty

Bronty

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I've won auctions for a small percentage of a proxy bid.    I, for one, don't believe they are bidding people up to their maxes.    I think what happens if that people's maxes are typically right around FMV... ergo, when they win, its right at their max.

That being said I almost always bid live.    Bidding early can get other bidders pushing you up.    I don't believe its the house, but I do believe you can win cheaper if you show less interest.   And I say that because I think there have times I've been that guy, where I get outbid by a proxy and keep coming back to bid more.

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The Voord

The Voord

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On 6/16/2023 at 4:53 PM, Bronty said:

I've won auctions for a small percentage of a proxy bid.    I, for one, don't believe they are bidding people up to their maxes.    I think what happens if that people's maxes are typically right around FMV... ergo, when they win, its right at their max.

That being said I almost always bid live.    Bidding early can get other bidders pushing you up.    I don't believe its the house, but I do believe you can win cheaper if you show less interest.   And I say that because I think there have times I've been that guy, where I get outbid by a proxy and keep coming back to bid more.

Yeah, we've had this discussion before, Dan, lol.

As you may recall, all my bids went on interior panel pages from the same graphic novel.

Averaging around $1,500 a page when I was letting HA bid on my behalf . . . 

Averaging around $500 - 750 a page when I switched to direct participation in the live bidding.

Co-incidence?  Who knows.     

 

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Bronty

Bronty

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On 6/16/2023 at 12:34 PM, The Voord said:

Yeah, we've had this discussion before, Dan, lol.

As you may recall, all my bids went on interior panel pages from the same graphic novel.

Averaging around $1,500 a page when I was letting HA bid on my behalf . . . 

Averaging around $500 - 750 a page when I switched to direct participation in the live bidding.

Co-incidence?  Who knows.     

 

Heheh oops!    I guess your memory is better than mine on this one! 

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Michael Browning

Michael Browning

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On 6/16/2023 at 6:23 AM, The Voord said:

Not only is that nuts, it's also mean-spirited.  End result for the 'winner':

  :tonofbricks:

. . . and some sleepless nights, I would imagine!  lol

 

It was very mean-spirited. When he was trying to get me to buy his cover, he also took a video of a portfolio of art that I'd put on the ORIGINAL COMIC ART Facebook group and offered to sell pieces of my art to other collectors. He would then come back to me and ask how much I'd take for the art and then TOLD me he was offering my art up for sale because he was only looking to make a profit, not to actually keep any of the art.

But, I got my revenge. He later tried to burn a guy who inherited a lot of art and was asking for help with values on Facebook. He told the guy that he would give him $3500 -- but that he couldn't tell anyone and if he got him into a bidding war, he would pull the $3500 offer and he'd have to sell for less. I found out what he was doing and offered my help to the guy who inherited the art. It was an amazing collection of art, worth WAY more than $3500. I hooked the guy up with a friend of mine and he sold five of the 38 pieces for $26,500 and he's currently in the process of selling more. :)

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Bronty

Bronty

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On 6/17/2023 at 12:19 AM, tth2 said:

The reserve has been met on the Frazetta, currently at $6m including BP.

I’m guessing no more bids in the current market.    Would be quite something to see it go for even more but with everything going on ‘reserve barely met’ sounds about right .

Edited by Bronty
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tth2

tth2

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On 6/17/2023 at 6:46 PM, Bronty said:
On 6/17/2023 at 12:19 PM, tth2 said:

The reserve has been met on the Frazetta, currently at $6m including BP.

I’m guessing no more bids in the current market.    Would be quite something to see it go for even more but with everything going on ‘reserve barely met’ sounds about right .

It's bizarre that it's been met so early and not during live bidding or just before live bidding.

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Carlo M

Carlo M

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I am no Frazetta expert, so I would be curious to know how collectors of his work compare Dark Kingdom to Egyptian Queen.  Is it viewed as a superior piece or the market even in today's shaky condition is higher than 2019?

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