Experience with Heritage Auctions?

[TPring]

I found a coin on Heritage Auctions that I would like to bid on but, I am not a member or very familiar with the site.

Anybody have any experience bidding on the site [and will share some of the positives and negatives of bidding]?

One negative that I see right off the bat is a 20% buyers' fee on a winning bid but, as long as I am aware of that, I can work with it (since 20% is going to be >$100).


Thanks for any assistance you can provide.

[WaterSport]

Many folks shy away from Heritage because of the fees. But I feel its one of the best auctions for many reasons. First - don't let the fees scare you. I often get the impression there are a lot fewer bidders so the completion on most coins is simply not as high as Great collections, Ebay, etc. Sure the fees are high, but most folks simply bid up to the coins value minus the fees. In other words, on a $100 coin, most folks are only going to bid $80. All you have to do is watch the final bids on enough coins to see that this is often the case. So if you really want the coin - bid the full value. And probably the most important reason I bid there often is the sense that most coins are sold at a true market value and not run up with a tinkle contest like on Ebay or people who just bid - for the sake of biding with no information on a coins worth like Great Collections has become. Now one other sticker shock will be the shipping cost are higher than expected and they will sometimes be a tad slow shipping, but I can live with that. This is not a site to try to bid at the last second. I try to bid 10-20 min before it closes as the speed of data is always going to screw you up as they are taking bids by phone, mail, internet, etc. You may have to wait till you find out if you one. Likewise an invoice will come along but you can pay with PayPal so that is easy but read the invoice instructions slowly to avoid confusion and if you screw up, no worries, Customer service has always been great for me. Best of luck on your first bid and keep us posted.

WS

[TPring]

Thanks for the information about HA/Invaluable. I think what I will do is make a couple of small bids on items to get the feel/flow of the auction.

Not sure I understand [at this point] about the bidding in the last 20 minutes. Is that 20 minutes before it goes to live auction? It looks like someone can bid at any time in the days leading up to the live auction and then actually participate in the live auction up until the time it sells.

In my short perusal of some of the auction final prices, it appears that most have sold below the 'expected value' range given for the auction. I see that HA is a conduit for auctions held by others -- It seems so much more 'official' than ebay.

I am going to do some homework on this 'new-to-me' way of bidding and give it a go.


Thanks once again for your help.

[WaterSport]

My point is to bid way before the auction goes live or for that matter ends. because tracking it live is a crap shoot as far as up dating bids, etc. Just give it your best bid up front.

WS

[TPring]

If I have the only/high bid of $500 before it goes live and nobody bids during the live portion then I am obligated to pay the $500 or does the price get ratcheted up to the $500?

[WaterSport]

Its incremental so you will not pay the $500, only the next (I think its $20 increments ??) over the last bid.

WS

[jfines69]

Beyond me