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Old 10-27-2017, 01:50 AM
Al C.risafulli's Avatar
Al C.risafulli Al C.risafulli is offline
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Default Love of the Game Auctions New Closing Method

Hi all:

With our Fall auction just around the corner, I thought I'd take a sec just to draw your attention to the fact that LOTG will be adopting a new auction closing method beginning with this auction. We're calling it the "Double Overtime" closing method.

You can read the long version here: https://lotgauctions.wordpress.com/2...losing-update/

The short version:

After about two years of analysis, we are making some changes to our closing method that we hope will permit the overwhelming majority of our bidders to go to sleep, while permitting active bidders to continue bidding on active lots. It works like this:

1) The auction goes into Extended Bidding ("Overtime") at 9PM eastern, same as always, with the 15-minute rule for the entire auction. If, by some crazy fluke, the auction closes on its own before 2AM, then the auction is over.

2) At 2:00 AM Eastern, any lot that has not received a bid since 1:00 AM or earlier will close. Bidding on those lots will be over, the high bidders will be declared the winners, and that's that.

3) All the remaining lots will go into "Double Overtime," meaning the 15-minute rule applies to the entire auction (or what's left of it). To give you an idea what this means, in our last auction, there were 34 lots that received bids after 2AM. Those 34 would remain open until the 15 minute rule shut them down.

4) In the event that I send out a Fair Warning email during Double Overtime, the auction will close in the next 15 minutes, no exceptions.

I think this method accomplishes a few things:

First, it ends the bidding on the items where bidding is, for all practical purposes, over. I fully expect that more than 80% of the auction will be closed by 2, and those people can go to sleep.

Second, it allows people who legitimately bid late at night to continue to do so, without infuriating the 2500 other bidders who are finished bidding and want to go to sleep.

Third, it dramatically reduces the number of lots that will be open past 2AM, which increases the likelihood that the rest of the auction won't remain open much later, since there will be far fewer items for people to bid on and keep the auction open.

That's that.

I'm committed to this method for my next auction, but reserve the right to continue to tweak it as I see how - or if - it impacts bidding patterns.

I'm posting it here, because the next auction goes live in just a couple of weeks, and it's a brand new method of closing auctions, so I want to communicate it as many places as possible.

Thanks to everyone who's been so loyal and understanding, and thanks to the many people who gave us feedback and opinions as we developed this new method.

-Al
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  #2  
Old 10-27-2017, 07:33 AM
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Marc S.
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What a welcome change!

Thanks, Al - for leading the hobby on this. Have to admit, I'm cautiously optimistic that this change will be a significantly better outcome for most bidders (and consignors)

Also very much appreciate sharing your thought process with all of us - all quite sensible.
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Old 10-27-2017, 08:51 AM
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Sounds tremendous. For stuff where the bidding is essentially over at a reasonable hour we can shut the computer off.
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Old 10-27-2017, 09:20 AM
iowadoc77 iowadoc77 is offline
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Great idea! Have always loathed the all nighters ever since college days of studying or maybe an occasional party
Especially if you aren’t chasing one of the more popular items
Thanks Al
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Old 10-27-2017, 09:25 AM
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Thumbs up
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Old 10-27-2017, 10:45 AM
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Derek Granger
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excellent idea! Will it be obvious to bidders as we approach 2am whether there has been a bid between 1 and 2am on a lot? Will the clock literally count down to zero from 1:45 to 2am for specific lots that haven't had bids between 1 and 2? And will reset in 15 minute intervals for those that have? That would be good so that it's transparent to those that are still awake.

I do like that you will send out a fair warning and will manually stop the auction at a certain point. This gives bidders the opportunity to provide their "best and final" as the auction nears its end.

Hopefully this method works for your next auction and isn't too confusing to bidders. You may have some unhappy people who don't read the rules and think that they can continue bidding after 2am when the clock has ended for the specific lot in question.
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Old 10-27-2017, 10:52 AM
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And so begins the era of the 1:59 AM bidders, to prolong a lot and bump it into 2OT!
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  #8  
Old 10-27-2017, 12:39 PM
Yankees1964 Yankees1964 is offline
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Al, this is pure genius. Us old guys thank you!!!!
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