Heritage Auctions - any first time bidder tips?

[skyjackers]

I've found something I've been chasing for a long time on Heritage and want to bid on it. I've never used Heritage before because it seemed over complicated but I don't want to miss out on this one.

So I wondered if there were any tips for using their site / bidding strategies?

Any advice greatly appreciated!

[Harry Caul]

It’s easy. As with most auction houses, just make sure to factor in the buyers premium when determining your max bid. I use gavelsnipe to schedule my HA bids. But keep in mind it’s different from sniping on eBay — other bidders will still have the opportunity to counter.

Good luck!

[jayn_j]

As Matt said, be aware of the finer details of the buyer's premium.  Also, if there is a live session for your item, be sure and register for live bidding.  This occurs after proxy bidding has completed and is more like a traditional auction.  However, 3 times out of 4, the proxy bid is sufficient unless your item is one of those highly sought after ones.

I don't bother with gavelsnipe.  The only advantage is that your bid gets put in late.

[okiehawker]

As Matt said, be aware of the finer details of the buyer's premium.  Also, if there is a live session for your item, be sure and register for live bidding.  This occurs after proxy bidding has completed and is more like a traditional auction.  However, 3 times out of 4, the proxy bid is sufficient unless your item is one of those highly sought after ones.

I don't bother with gavelsnipe.  The only advantage is that your bid gets put in late.

Check condition closely, and buy what you really like. Which is exactly what you are doing it sounds like, eh?  Okie

[skyjackers]

Thank you all for the tips!

I'd forgotten you could use Gavelsnipe for Heritage, but as it's my first time, I may wait until as late as possible and enter my bid manually before I go to bed. Being in the UK the timing isn't great and I'm still a bit wary of the 'live' auction environment. I'll either over bid or miss out on bidding completely!

[jedgerley]

Good luck and hope you win that paper!

[skyjackers]

Thanks!

Quick question about bidding. If an auction is at $1 with a bid on it already and I bid a max $10, does that mean it automatically increases to $10 or is it like eBay where it increases to say $6 is the other bid is at $5?

I was also confused by the 'Bid Protection' option. Do I need to use this if I put on a bid in an hour, got to bed and hope for the best?

[jedgerley]

Pretty sure it will do incremental bids and not automatically go to your max.
As far as the “Bid Protection” I can’t speak on this.

[Simes]

I might be speaking entirely out of turn here, so please bear this in mind.

A couple of times, I placed proxy bids on something and on the times I won, the end bid was a couple of bucks Under that which was my proxy.  This would be Before the Live Bidding period started on the Sunday evening (US time)

Not an issue when completely blown out of the water by other bids but as a consequence, I do now do all my serious bidding in the Live Bidding period.

Might be purely coincidence but one man's coincidence is another man's conspiracy theory, is another man's experience.

[skyjackers]

Interesting. I’m slightly concerned with the ‘live’ element of bidding. I pressume you watch the auction unfold on the internet and bid at the appropriate time, no?

I was thinking it might be safer to bid in the last moments of the proxy bidding time and cross my fingers, before the live session begins.

[Harry Caul]

Don’t stress. It’s pretty self explanatory. You can actually do both — first put in a proxy bid just in case you get busy or forget about the live auction. If you will be around, set up a text alert for 15 lots before yours. Watch the auction unfold Live and if it goes over your proxy, just start mashing the big red BID button   

[skyjackers]

Thanks, that’s good advice. It’s starting to make sense to me now. Just watching the timer tick down waiting for it to start...

[eatbrie]

And don't overbid.  I had a whole list of things I wanted today, but everything so far is going way above its value.  It's crazy what people are willing to pay on sub-par items.  Know your limits, not in terms of what you can pay, but in terms of what something is actually worth.  Don't get in a bidding war.  Pressing the red button is too easy.

T

[skyjackers]

Thanks for all the advice. I won my lot and managed to keep away from the red button. More luck than judgement as my iPad ran out of juice just before the live bidding started.

Hope anyone else who was bidding got what they needed 

[Simes]

Know your limits, not in terms of what you can pay, but in terms of what something is actually worth.  Don't get in a bidding war.  Pressing the red button is too easy.

T

Which is fine for something that may be up in an auction somewhere in the world in the next week or so.  But not if homework has been done to suggest there isn't likely to be another option any time soon.

At which point, the definition for 'worth' goes out the window.  I would submit..

[cabmangray]

Or "worth" goes out the window and becomes "obsession", because something deep and primal is driving you on to acquire this object. "I just HAVE TO win this auction!" And all reason flies out the same window, too. Along with, no doubt, a sizeable pile of dough.

It's a sickness, I tell ya. A bleeding damn ailment . But we love it so, don't we?

[erik1925]

Or "worth" goes out the window and becomes "obsession", because something deep and primal is driving you on to acquire this object. "I just HAVE TO win this auction!" And all reason flies out the same window, too. Along with, no doubt, a sizeable pile of dough.

It's a sickness, I tell ya. A bleeding damn ailment . But we love it so, don't we?

The terms "worth" and "value" can also be very subjective in this or any collecting hobby. 2 people can look at the same poster (or other collectible) with person A saying or thinking that the item has a value of 100.00 and person B might say that same item has a value/worth of 10.00

And that 'need' can be where that primal desire to "have it" kicks in, too.

[eatbrie]

One tip. 

When I bid at the Signature Auction, I turn off the sound, because the last thing I want to hear is the auctioneer desperately enticing people into bidding again.  It is annoying.  Just shut up and move on! 

T