I am bidding at auction on a pop 3 none finer coin with a CAC sticker as this is being written. I doubt the coin will go for less than $4,000. Yet it took TWENTY bids for the coin to reach $100. I’ve written elsewhere about this phenomenon. I try to be respectful of the ways of other collectors but this is something I simply can’t get my head around.
Does this strategy succeed? Are people really buying $4k coins for $3? I guess it is possible. If you bid on 400 coins a week maybe you get lucky occasionally? I’ve noticed most serious bidders come into online auctions late in the game. Bidders 1-4, who bid shortly after the coin was posted, all dropped out when the price passed $100. Now that the coin is above $1,000 the bids are going up in $200-$400 increments. Eighteen bidders are tracking this coin.
I really would like to hear from someone who follows this low bid strategy. Does it really work given enough time and bids? It seems to me one option if pursuing this strategy would be monitoring coins that are closing shortly with few bids and few followers?