Still Going Strong - MEARS December 2010 Auction

[MEARSAUCTIONS]

MEARS auctions utilizes the 15 minute rule per lot. Meaning, if there is one bid on any lot, the auction clock resets and starts over. For anybody crazy enough to care, that means you can still bid!!!!

The number of new registrations, total bidders, and total bids is a new record for our auction houses. Additionally, total sales have set a new company record.

Thank you to all of those that have supported us, and our apologies for making all of our bidder stay up so late.

The Staff of MEARS

[ibuysportsephemera]

To Mears: Congrats on your success.

HOWEVER:

As the high bidder on 10 of the lots in your current auctions, I have had enough. None of the lots have been bid on since the wee hours of the morning. Why do I now run the risk of losing out on what I perceive to be good deals because the auction keeps getting extended by maybe a handful of bidders. I know that the 15 minute rule is great for the auction house, but can't there be some default whereby an auction that has not activity for a reasonable time is ended? I can tell you that I am not going to be happy if I lose out now that people (who did not stay up all night) are waking up and realizing that the auction is still going on.

How do the rest of the Net54 members feel about the 15 minute rule in auctions?

[sayhey24]

I can't believe that I just woke up and this auction is still going on. In all my years of collecting, I don't ever remember this happening.

What's cool about this auction, is that even with all the activity and some big ticket items, there are still bargains to be found (I'm getting ready to hit a few right now -- morning bidding -- who ever heard of such a thing?!)

Greg

[Jay Wolt]

I don't mind that the extended bidding is approaching 12 hours.
What I don't like is that anyone can bid on any lot at any time.
So someone who hasn't bid at all can wake up and bid on anything.
It seems all other auction houses makes you bid prior to the standard
auction closing & then you are entitled to participate in the extended
bidding session.
I have been the only bidder on several lots for over a week & now I
can be topped by anyone.

[thekingofclout]

Originally Posted by Jay Wolt

I don't mind that the extended bidding is approaching 12 hours.
What I don't like is that anyone can bid on any lot at any time.
So someone who hasn't bid at all can wake up and bid on anything.
It seems all other auction houses makes you bid prior to the standard
auction closing & then you are entitled to participate in the extended
bidding session.
I have been the only bidder on several lots for over a week & now I
can be topped by anyone.

I concur with Jay. If Legendary did this, they'd be blasted!

[bobbyw8469]

I have never been a fan of this type of format. I like Hunt Auctions in how their auctions end. Either **** or get off the pot!

[Ladder7]

Originally Posted by thekingofclout

I concur with Jay. If Legendary did this, they'd be blasted!

And rightly so.

But, I still love ya Jimmy. Happy New Years! Steve

[Bugsy]

Originally Posted by Jay Wolt

What I don't like is that anyone can bid on any lot at any time.

I completely agree!

Chris

[GrayGhost]

IMO, that is a bad format. Why should an inactive lot get "Reopened", just because there is a bid on ANY other lot?

[bcbgcbrcb]

Unless I am wrong, Jay, doesn't B & L Auctions have the same policy?

[Rob D.]

Originally Posted by MEARSauctions

and our apologies for making all of our bidder stay up so late.

The Staff of MEARS

Spare us. Please.

[bcbgcbrcb]

Maybe next time MEARS can start the 15-minute rule from the opening minute of the opening day of bidding. From there, any vacant 15-minute period will automatically end the entire auction. I bet it would be over in less than 24 hours that way.................