[meteorite-list] Lang proxy bid?

From: Mike Bandli <fuzzfoot_at_meteoritecentral.com>
Date: Thu, 8 Feb 2007 10:46:54 -0800
Message-ID: <20070208184715.0ED711054B_at_mailwash5.pair.com>

First, let me state that I am not trying to throw more coal on this fire... I have a question for the people at the auction. I purchased Lixna Lot 70 for $500. I know for fact that the other bidder was absentee bidder Peter Marmet and his max bid was $450.

In Lang's auction terms it states: "The auctioneer will act as proxy for absentee bidders. Your bids will be increased only a needed to surpass the next-highest bid or the reserve up to your maximum stated amount. For example: The reserve on Lot XX is $1,000. You are bidder #1 and have placed an absentee bid in the amount of $2,000. Bidder #2 has entered a maximum bid of $1,100. As your proxy, the auctioneer will enter a bid of $1,125 (only increasing the amount as required to best the next-highest bid), and you become the high bidder."

For bid increments it states: "Up to $999, bidding will increase in $10 increments."

So if the next highest bid was $450 and my bid was $500... I should have paid $460 correct? I didn't even think about it at the time because I was so happy to win this piece.

Is this much to do about nothing and should I just be happy I got it? Or should I request a $40 refund? Not sure what to do...

Mike
Received on Thu 08 Feb 2007 01:46:54 PM PST