AUCTION ADVICE posted by Eagles-R-it

[CSJournals-migration]

HERTITAGE; SOME DO'S AND DON'TS

 

I am looking at a coin that is coming up in a Heritage auction. Because I have never participated in a coin auction online, other than Ebay, I would like some help on what to do and not do. Or anything else I need to know like buyers fees? shipping insurance, etc. Or if someone would be willing to act as a surrogate on my behalf let me know. I guess I would entertain any help in this endeavor. Also I went to register through Heritage and they said I was already approved. Only thing is, it is my wife who is registered, and she doesn't know anything about it. How could they get her credentials?

As usual thanks every one.

 

See more journals by Eagles-R-it

[MarkFeld]

I work at Heritage.

 

We wouldn't/couldn't have registered your wife or you on our own - one of you must have done so at one time.

 

You can call client services at 800 872-6467 and someone here should be able to help you change the registration information or open an additional account. They can also answer questions about bidding, etc.

[Electric Peak]

I get most of my coins from Heritage.

 

The buyer's premium (BP) is currently 17.5%, $14 minimum, I think. Keep that in mind when you bid. The Heritage website does not try to hide it, though. Both your bid and the bid plus BP total are always displayed, before and after the bid is actually placed.

 

The shipping fees are available on the website, but not in an obvious way. Here's the link:

https://coins.ha.com/c/contact-us.zx?ref=&topicId=21#answer

 

The Heritage website is a wonderful resource. I make use of their past auction archive "all the time" to research things when considering purchases (whether from Heritage or not). Explore it!

 

My only real complaint about the website is that they change the look and feel from time to time. But that's more annoyance than anything else. I get used to each new flavor.

 

Alan

[CBC]

Mark and Alan have some good advice in their responses. I'll add a few things from my experience.

 

I have made many purchases from Heritage auctions over the last 20 years. As with any auction service with a set ending time, there will be "snipers" waiting until the last second to to throw in a higher bid. I place my maximum bid early and if someone wants it more than I do, so be it. It's not as bad as eBay but it happens.

 

Some Heritage auctions have an on-line component followed by a live session, so even if you have the highest on-line bid you can lose out later. You have the option of participating in the live portion on-line but have to plan your schedule around it.

 

When you win an item in one of the major Heritage auctions like the ANA, you may have a wait of a week or two before it is shipped. The smaller, weekly auction items usually are shipped in a day or two.

[Six Mile Rick]

WOW!! You have never done a Heritage auction --- You are going to LOVE IT!!

 

Like Mark said ; Just log in and change all the account info so your wife doesn't get charged ( or wind of the final bid price).

 

Heed the warning that CBC gave on putting a nice bid in --- I usually play the bids up the last few days and then put my top bid in on the coin around the 4 to 6 hr.s till final.

Keep your finger on the raise bid in the last second if you are worried of losing the coin or raise the bid 1 minute before final. A coin bid can double and even triple in the final 4 seconds from snipers so be ready.

 

Heritage is a great place to bid as there biding clock shows every second till the end. The adrenalin rush you get on the last half minute is great!!

 

ENJOY and GOOD LUCK

 

Rick

[erwindoc]

They are great! Found lots of my stuff there. Great to work with if you call and have questions about a coin and after the sale the service is good as well.

[Mohawk]

I've never won a Heritage Auction, but I agree that they are great!! It's harder for me to find stuff on Heritage, but that's only because of my collecting interests. For you US guys, they have amazing stuff! I'd definitely give them a try. Auctions can be a lot of fun!

[centinel]

After collecting for a good number of years, I recently did business with one of the major auction houses, in this case Stacks Bowers. In my case I was a seller. I had a rare Assay Commission medal (NGC certified of course) and consigned it to them. Since it was my first time in the big leagues, I had questions, but they answered them all. Everything was above the table and spelled out in the consigner agreement, and in the end I was very satisified once the hammer fell. I almost went to Heritage, but I was simply more familiar with Stacks/Bowers, and they got back to me very quickly. Either way, Heritage and Stacks/Bowers are considered the best in the business, and I'd feel comfortable with doing business with either. Definitely a change from eBay, but you can't (and shouldn't) sell or buy everything on eBay.

[Mohawk]

Ouch!! Another Ebay slam! There's some of us on there that sell good coins at fair prices. However, there are a lot of sketchy sellers on there. I just hate that they create these types of perceptions on Ebay as a whole.

[Kaiser14]

Any time you contemplate buying a big-money coin at auction, you definitely should have an auction representative who's experienced and trustworthy look at it in hand. If he or she approves the coin, have him/her do the bidding for you. You just can't make informed judgments on photos and it's always better to have someone dispassionate (who wants your repeat business and won't get auction fever) doing the bidding. Moreover, numismatics isn't my profession. A skilled numismatist will see things in a coin that even a veteran collector might miss which could and most often will mean the difference between a home run and a whiff. The 4-5% you pay as a commission if you win is well worth it. You may not save money when you buy, it's what you save when you don't buy. As for e-Bay, there's some good stuff on ebay on the low end of the cost scale. You just have to be able to find it. There are some trustworthy sellers on eBay too. Nevertheless, I don't usually buy anything there over $500,

[Fiddlehead]

I've sold some really nice coins on Ebay. I describe them well and the purchasers seem to like them. I usually accept returns on vintage stuff, but I've had very few returns. I have an over 800 positive feedback rating - 100% Many of the coins I've sold on Ebay are in the $3,000 to $4,000 range. So, I have to take some exception to the Ebay blame game. I'm not a dealer, I'm a collector and selling on Ebay allows me to sell at a fair price and gives me moment to moment control of the situation - even some ability to negotiate.

 

I have bought good stuff on Ebay and Heritage. I've never sold anything on Heritage - but I can guarantee that unless you have a special arrangement with Heritage, the item you sell is going to have at least 7% higher sales overhead that someone is going to pay. That might be worth it, but I'm not sure. When you have an Ebay store it costs about 10% to sell a coin - paypal fees included! versus 17% on Heritage - and there's always a shipping fee. It also takes a week to two weeks to get your item(s).

 

I like Heritage - I love their archives - but remember - there are no returns, you have to pay a shipping fee and there's a limit on credit card/paypal purchases. Above a certain amount you have to send a check or do a bank transfer. With Ebay there are returns and you can use paypal or credit cards for way larger purchases. So, I think folks should stop dumping on Ebay. If you find something you like on Ebay and the seller has a good reputation, check their feedback and contact them if you have questions - then you should ok. With Heritage you may need to have someone to represent you in the live auction - and in that case you need to add another 5%. It really depends on how well you know what you're buying and how much it costs, i.e., what level of risk you're taking - and if you're willing to accept a strict no return policy.

[Fiddlehead]

Oh, one other thing - You'll notice that the bidding increments are higher in Heritage auctions than on Ebay. That has an impact on bidding strategy - As an item crosses the $2000 range and the bidding increment goes to $200 (if I remember correctly) it can become "whoever gets to the reasonable price first" kind of thing. Bidders in the live component can make one half-bid, which changes the dynamic some. So this is important to know if you're interested in items in the $2,000 plus range. The bidding increments get higher as the bid gets higher - as they do on Ebay, but I believe the increments are smaller on Ebay across the board.

 

DUK

[Six Mile Rick]

DUK,

 

What is your e-bay ID ?

I would like to see what's for sale.

 

Rick

[Fiddlehead]

Thanks for asking. "swingfiddle", but nothing for sale this month - I open my Ebay store now and then and sell things in bunches. I usually sell things when my collection changes direction, or my priorities change. No bunches right now but I did sell quite a few things the last few months. My collecting interests are Type One Double Eagles, gold coins from the year 1840 and sometimes Carson City Gold.

 

I also collect and sell antique pocket knives and musical instruments. I don't know why, but with pocket knives there's less incentive to open a store on Ebay because the final value fee is only discounted 1% (9% instead of 10%) whereas the final value fee for coins through a store account is only 6%. Why the difference, I don't know? Doesn't make any sense to me. But it is what it is.

 

 

DUK

[jpcienkus]

Lots of great advice already. I'm a big Heritage fan as well.

 

It's been mentioned, but factor the 17.5% BP into your bid. The calculator is right there, so before you confirm the bid, you know the "all in" price.

 

If you really want the item, then make sure you enable "live auction alerts". You'll be texted 35 lots before yours is up in the live auction. That way, you won't miss it. You may also want to download their app.

 

Let us know if you have any specific questions too.