Would love thoughts when I must have something
 

There is a unique memorabilia item on an auction website that I must have. It is so specific to what I want that I am fine paying what’s necessary.

Here’s my question, the auction will take place during a time that I can’t attend. For the item it is estimated to sell for $1000. We all know how inaccurate the estimates can be. I am tempted to place a maximum bid for $5k or $10k. The only thing that’s stopping me is a fear that the auction site will see my high maximum bid and will run the bidding up close to my maximum. Asked differently, should I trust that the auction site will not violate the supposed rules or am I warranted in not trusting that the secret maximum will be trusted as a secret?

If it's a reputable auction house, you shouldn't worry.

Maybe
 

If it’s a local auction, you may be able to secure representation from a dealer or collector that you trust for a small fee….. and they could attend and bid for you live.

You could always ask a friend to help?

If it’s an online thing, maybe give them your credentials and ask them to bid for you?

Obviously you would really need to trust them. And probably a good idea to change your credentials once the auction is over.

But maybe if it was a parent or sibling, it might not seem so scary?

^^^ This for sure.

Maybe not applicable in this instance, but I also wonder about the psychology of auto bids that are generated by max bids. For instance, if a guy bids against you and your auto bid immediately tops his, does it annoy him enough to prompt another bid right away? Hs's sitting right there online, logged into the auction and looking at the item. Might it be better to wait a few minutes and then outbid him? At minimum, it would make his ability to again outbid you more cumbersome.

From your description it sounds like your item is in a live auction. If you can make yourself available at the approximate time your lot will come up for bidding perhaps you can arrange phone bidding with the auction house. I have very successfully done this in the past with several auction houses. If phone bidding is not an option I would try to arrange a representative to attend the auction on your behalf.
I would not leave an up to bid, but not because I'd be afraid the auction house would run me up. After all, what's your downside--maybe a thousand or so? Is that the end of the world for an item you have to have? No, I wouldn't leave an up to bid because if you can't live without this item perhaps someone else can't either and your up to, high as you think it may be, may still be insufficient. I still kick myself for an item I lost in the Halper Auction when I left an up to bid at 3x what I thought the lot would go for.

I would definitely not place a high max bid. I did that recently on multiple items at a local auction and got run up to my max on every single item! Very annoying (though my bids were nowhere near the amount you are proposing). I like the idea of having a trusted family member/friend do the bidding for you. I suspect it will save you alot of money. Good luck with the auction :)

No, I wouldn't trust an auction site with a case of beer let alone them refraining from shill bidding.

That was my experience too on about eight lots of a Hakes or Heritage Auction some twenty years ago. I put in maximum bids a day before the auction formally opened and every single lot on which I bid opened at my maximum as opposed to their minimum starting bid! When I phoned to strongly complain, they seemed bewildered. What was particularly annoying is that they seemed more bewildered by what prompted me to complain than the glitch in their bidding software/bid entry system that caused such a thing!

:mad:

All helpful comments. I will find a way to have someone I trust sit in for
me. Thx!

I don't know if it's still true but Hibid (used by thousands of general auction companies) allowed auction companies to see max bids. It's one of the reasons we left the platform. Didn't even want to deal with the temptation.

Can't speak for hibid but proxibid auctioneers can choose this and saw the bold statement at the top of an auction page this morning saying this. Auction got ignored by me.

Assuming this item was in the Leland’s auction - can you share what it was? Or will you share when you win it? The suspense is killing me!

Talk about crooked!

:eek:

Hasn’t happened yet and I will share. It is super random and nothing like a grail card.

It is now over and everything good. It was an obscure civil war piece on Swann Auction that had the unit that my wife’s 4th great grandfather served on (it wasn’t even a sports card). I paid less than a thousand dollars but would have spent $20k if I had to.

I had a friend on standby but it turned out that I was able to be on the auction.