Non-Ebay Auction Strategy

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Posted By: leon

Many times I want a certain "spot" in the bidding chronology and am willing to place a max bid to take that spot. Again, this would generally be the most I am willing pay for the lot. My most memorable time doing this was several years ago in one of Lipset's auctions. It was the first day of the auction (I am pretty sure)....There was the lot of 8 E94 overprints....I believe they were from his personal collection and are the same ones shown in his encyclopedia. I knew the most I wanted to pay for them, which at the time was a record price for each one (but as a lot). I think there was either 0 or 1 bid already.....I called Lew and asked if I could place any amount of a bid, as a straight bid, over the current bid. He said, sure, why not? So the lot was like $1000 or something. I said "Put me in a straight bid of $8000"....He said "what?".....I said yes, I want to go straight to $8000......He said fine.....That bid held and I got the lot for $8800 after buyers premium....I love that story....and the cards even more...btw, not a bad investment I don't think? ....best regards (I can never see these too often)