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Joined: Mar 2011
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GLS Offline
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CZ, the practice of reaching one's "not to exceed" bid is present in auctions other than for guns guns. I have absentee bid on items on the phone, but prefer to have someone I know and trust present to place bids knowing my max. It has worked for me. Gil

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Based on a few previous experiences with auction purchases, i had thought the practice of running bids was common, however one of the purchases I made in the current auction proved me wrong on that. My max bid was higher than opening and I won it for opening.


B.Dudley
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Gil, I buy stuff at auction all the time.
The State, when auctioning off it's surplus stuff, has to allow 5 minutes after the receipt of the last bid, before the hammer. This allows for slow computers, etc. making it fair to online bidders.
Also, to prevent sniping, every additional bid extends the time 5 minutes.
They just want the max price as a fiduciary act, so it's in all our interest to allow the pause.

Gun peddlers that immediately jump the auction price to the maximum pre-submitted bid aren't really conducting an auction. It's a negotiation.

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Bid by phone, it works.


HWK
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Owenjj3 Offline OP
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Holts, the old Julia's, and Gavin Gardiner bid incrementally up to your max bid as a "commission bid" on behalf of the auction house. For example, I bought an engraved .22 rifle at Holts a few months ago. I PDF'd my bid in for 1200 sterling. The Auctioneer bid for me up to 900 sterling when the room bidding ended and I won the rifle for 900 sterling. I followed the same procedure at Morphy's. Immediately my bid, which was $4k above the reserve, showed as "current bid" on the Morphy's website well ahead of the beginning of the auction. One bid from the floor took me out and the bidding was over.

Stan, You should go onto Morphy's website with your connection and launch the Live Bidding page. You can get a sense for the lag time between start of auction and hammer based on your internet connection. They have a firearms auction today and tomorrow. I have a very good internet connection, but sometimes I feel like the auction server causes a lag.

Bill, I'd be interested to hear the explanation you receive.


Owen
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I refuse to bid where my entire bid is posted as my opening bid. I’m bidding against myself until someone else bids. That’s pointless. I accept the on sealed bids at places like Holts sealed bid auction that is the way it works. But why bid your max amount when you might be the only bidder just to make the auction house more money? Problem is that the auction houses want as many bidders as possible but can’t slow down the auction to level the playing field. On site bidders have a clear advantage because they get real time bidding information while off site gets delayed information or forced to over bid upfront.

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CZ, gunbroker has a similar policy with its 15 minute rule.
SxS40, with an honest employee manning the phone it can work. I've also heard examples of the opposite from someone who was there and saw what was happening on some items that kept getting bumped up without activity on the floor. Gil

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Anyone know how Rock Island treats absentee maximum bids? Do they treat them incrementally or post them as opening bids, or use straw buyers to drive prices up to them? Anyone recently obtained an item at a Rock Island auction for less than their maximum bid?

Last edited by vangulil; 10/31/18 10:03 PM.
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Owen—thus far, the only response I’ve received is as follows! The opening bid was $3000, established by me with my pre-auction bid of $5000. I’m told that as the bidding progressed in increments of $250–MOST LIKELY—my online pre bid came in at $4750 and SOMEONE ELSE came in at $5000, which was my maximum bid and they prevailed. I’m not buying it. Here’s how it should have gone with my established maximum bid of $5000. The gun opens at $3000. Goes to $3250–my pre bid raises it to $3500. Goes to $3750–my pre bid kicks it to $4000. Goes to $4250–my pre bid raises it to $4500. Goes to $4750 and my max bid comes in at $5000–which was the winning bid. I’ll never know what really happened, but in the future, I’ll be at the auction or on the phone for an item I’d really like to have. To be clear, I’ve placed bids for years and HAVE won items for less then my maximum, but never at the 2 major auction houses.


nid-28
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Morphy's charge 20% buyers fee vs. 15% that Julia's charged. Guess who eats the extra 5%!If I am a buyer on a gun I value at $10,000.00 I will bid up to $8,000.00. The seller receives the $8,000.00 minus 1% insurance fee and a sellers fee.

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