Collect auction issue?!

[hcv123]

So a lot was sitting at $1355 in extended bidding, stating the next bid is 1491 (a 10% bump - no problem). I bid 1491. The system accepts my bid. Then I get an email stating that I have been outbid and the lot is currently at ......... drum roll please....1491!? What the heck is that?

[RedsFan1941]

the auction house might have an answer for you

[hcv123]

I'll try them tomorrow - me and my $$ are going to sleep.

[oldjudge]

The high bidder had a $1491 up to. His up to was the next increment thereby forcing you to bump two levels if you want the lot. Some auctions don’t allow this, others do.

[Aquarian Sports Cards]

what Jay said. Annoying but not nefarious. It's a strategy employed by a lot of bidders.

[Bram99]

Many auctions have a policy of the first person to bid a given price is the winner. Thinking it like a tiebreaker.

[GeoPoto]

Imagine that you are the other bidder -- he puts a max up at $1491 and then you bid max $1491. Are you thinking he should lose? This is the way every AH does it, that takes advance max bids. There is no other way to do it.

[hcv123]

Thank you for the clarification. While I believe you are all correct and nothing nefarious, not every auction house does it this way - I believe at least with one other house your top bid has to be spaced by a bid - ie. . you can't place a top bid of 1 bid increment over your last bid - a top bid needs to be 2 increments over your last bid (and in increments of 2 increments) in order to allow a guy like me to place a bid in between! Haven't run into the situation too frequently so not sure how most houses do it. The policy is bad for consignors.

Raised in a separate thread Collects "undisclosed reserve" policy:

"RESERVES: This auction contains property belonging to third persons known as consignors and lots submitted by consignors may include a reserve. A reserve is a confidential price agreed to by the consignor and Collect Auctions LLC, below which a lot will not sell. Collect Auctions LLC may place bids on behalf of the consignor for such lots up to the reserve. Max bids placed for those lots with reserves will be automatically bid up to but not above the reserve, or up to the max bid if the reserve exceeds the max bid."

What is the difference between the above and "shilling" up to the "reserve"? I appreciate that their policy is at least clearly stated and respect my right not to bid where not comfortable (which held me to bidding on only 2 items). I like houses that disclose - "reserve not met" or similar for items where there is a reserve.

Your thoughts?

[buymycards]

It also could have been the hidden reserve kicking in, with the house bidding for the consignor. See the other thread:

Well, according to collect auction rules:

"RESERVES: This auction contains property belonging to third persons known as consignors and lots submitted by consignors may include a reserve. A reserve is a confidential price agreed to by the consignor and Collect Auctions LLC, below which a lot will not sell. Collect Auctions LLC may place bids on behalf of the consignor for such lots up to the reserve. Max bids placed for those lots with reserves will be automatically bid up to but not above the reserve, or up to the max bid if the reserve exceeds the max bid."

"Make of that what you will."

"I would love an explanation of the difference between an undisclosed reserve that an auction house can place bids up to and shilling?"

[buymycards]

Howard, I'm not sure which item you bid on, but I see that lot # 174 closed at $1491. At the top of the auction page, it states that all final prices shown include the BP. So, if this lot closed at $1491, it didn't add the BP in the final price that is shown, which leads me to believe that the house may have bid on this lot.

Just speculating.

# Bids: 26
Min Bid: $100
Current Bid: $1,491
End Date: Lot Ended

Rick

[hcv123]

Originally Posted by buymycards

Howard, I'm not sure which item you bid on, but I see that lot # 174 closed at $1491. At the top of the auction page, it states that all final prices shown include the BP. So, if this lot closed at $1491, it didn't add the BP in the final price that is shown, which leads me to believe that the house may have bid on this lot.

Just speculating.

# Bids: 26
Min Bid: $100
Current Bid: $1,491
End Date: Lot Ended

Rick

That was the lot I was bidding on. When I just went to look it shows final price "1789.00". When you looked this morning it only showed 1491.00?

[bobbyw8469]

Originally Posted by RedsFan1941

the auction house might have an answer for you

Are you always this dour?? Might I suggest a walk in a park.

[hcv123]

I expressed my concern about "shenanigans". He assured me NO SHENANIGANS.

I inquired about the lot in question. He was a bit confused himself looking at the timeline. He explained that another bidder placed a straight bid for 1491. according to the system 20 minutes earlier than my bid for 1491 while he was the high bidder at 1355. When I placed my bid for 1491 the system advanced the other bidders bid to the 1491. Both of us confused as both of our understanding of a "straight bid" is just that - it registers immediately at whatever the bid is.
All of that said he said the other bidder placed another bid and had room above the 1491 - which was as high as I was going to bid anyway. I feel better that I didn't have a shot at the 1491 - I hate being the 1st under bidder!!

Thanks all for your input.

Howard

[hcv123]

Originally Posted by bobbyw8469

Are you always this dour?? Might I suggest a walk in a park.

I don't lose sleep over it and plan a bike ride somewhere as soon as the weather clears.

I am a bit vigilant in light of the FBI investigation, class action lawsuit and being in the hobby long enough to have my name in a couple of places on the Mastro shilled bidders list.

Ps. I am a big Hulk fan and love the Avatar.

[buymycards]

Originally Posted by hcv123

That was the lot I was bidding on. When I just went to look it shows final price "1789.00". When you looked this morning it only showed 1491.00?

Yes, I copied and pasted the info from their site this morning at around 8:40 am Central time.