Robert Edwards End Time

[margoaepi]

I just noticed that the end time for this year's auction is 4pm on a saturday. I haven't gone back through prior catalogs to check, but I remember prior auctions ending in the evening, and very late at that. Anyone know the rationale behind this?

[Leon]

Originally Posted by margoaepi

I just noticed that the end time for this year's auction is 4pm on a saturday. I haven't gone back through prior catalogs to check, but I remember prior auctions ending in the evening, and very late at that. Anyone know the rationale behind this?

Probably to get a head start on the very late bidding that will be happening. There really isn't a perfect way to end an auction. With most of them nowadays (including REA), the only thing stopping anyone from winning an auction is themselves. I think that is the goal.

[cubsguy1969]

I believe that's to place initial bids, right?

[Leon]

Originally Posted by cubsguy1969

I believe that's to place initial bids, right?

Yes, without even going back and reading the rules, I am sure that is the case.

[z28jd]

I think it is just to try to stop the auction from going until 3am. Start the 15 min clock earlier. It still won't end until midnight or later, so it may not even help cut time off the clock. I guess we will find out about 1am early Sunday morning...I also noticed on their rules, they messed up and said that it won't go past 3am(technically May 18th morning) which I'm sure they meant May 19th

[margoaepi]

Thanks. I get that the 4pm is the end time for initial bids, just shocked that it wasn't between 8-10pm. 4pm is better for me, but I bet that this will still last an awfully long time.

[MattyC]

Can't we all just agree to go balls out with our bids now, and that way it'll end early? This suspense on certain lots is killing me. Man how I hate this false hope that comes as the clock winds down, when deep down I know I'm gonna get crushed in OT.

[cubsguy1969]

Think maybe more people will get involved because of the earlier "end" time and prices will go even higher? (He says hopefully because he has an item consigned )

maybe people will throw their hats in early because they're afraid they'll forget. and once you're in . . .

I don't have the means to bid in an REA auction (well, maybe some of the lesser items, but my wife would probably strangle me if I did try to bid), so not sure of the strategies involved.

[cyseymour]

I went to bed early last year, but if memory serves me correctly, in the years prior to that, it remained open past 4AM EST.

[Leon]

Originally Posted by cyseymour

I went to bed early last year, but if memory serves me correctly, in the years prior to that, it remained open past 4AM EST.

If Rob says it will end by 3am then I think it will be close to that time. Just bid like there is no tomorrow and don't look back!!! (except for you, Adrian )

[spacktrack]

The 4 PM EST time is the cutoff time to place initial bids that will qualify you to be active on a given lot during extended bidding. All lots in the auction will remain open, and close at one time, likely until the early morning of Sunday, May 19 as in previous years the auction has continued until roughly 3 AM EST.

Here's a detailed explanation of the auction closing procedure:

A quick review on how the auction closes on the final day of bidding (May 18, 2013):

Bidding will continue on all lots after 4:00 PM EDT, but only for those bidders who have previously bid on that very lot. All lots close simultaneously. The auction will remain open for bids until approximately fifteen minutes pass without a bid on any lot in the auction. As as a practical matter, the auction always continues for many hours after 4:00 PM EDT. If the auction continues to as late as 11:00 P.M. EDT (which has always been the case in the past), Robert Edward Auctions reserves the right to close the auction, at its sole discretion, at any time. After 11:00 PM EDT, we may close the auction without reference to the fifteen minute rule. We recommend bidders leave maximum left bids utilizing Robert Edward Auctions’ “Honest Auto-Bid” system to avoid disappointment.

There will be no warning to exactly when we will close the auction should bidding continue past 11:00 P.M. While in past years the auction has always remained open past 2:00 A.M. EDT (technically the morning of May 19, 2013), we cannot make any guarantees. The auction could close earlier or later. Last year the auction closed a little after 3:30 A.M. After 11:00 PM there is an uncertainty. If you are planning to place a bid after 11:00 PM but choose to wait until a later time to place your bid, you are incurring the risk that the auction may close before you place your bid. This closing system is designed to reward bidders, and eliminate strategies which intentionally encourage the auction to remain open endlessly for the express purpose of giving an advantage to bidders who have the ability to stay up the latest. (Some bidders, if given the opportunity, would repeatedly bid on the smallest value items just to extend the auction, in the hopes that competitors on very significant lots will fall asleep. This closing system takes the power away from bidders who attempt to use this strategy.) The auction goes late enough as is.

Remember: we are closing all 1826 lots in one night. This is far greater number of lots than other auctions utilizing different closing procedures. This system works. It is fair to bidders and fair to consignors. There are only two reasons acceptable to us for a bidder not to win any lot of interest in this auction: 1) You don’t want it; or 2) It went too high. When the auction is over, callers will be greeted with a message informing them that the auction is over, and a message will also appear on our website stating that all bidding is closed. All lots remain open for bidding until the close of the entire auction. We won’t close the auction until the bidding slows to a virtual halt and all callbacks have been made. All lots are closed simultaneously.

The new “recent bids” feature may give bidders a feel for when the auction is winding down. If you have not seen this page, take a look. It is located on the menu to the left on the REA bidding site that provides several viewing choices (”Images,” “Gallery View,” “Price Grid,” etc). It is entitled “Recent Bids”. Here’s a direct link:

http://bid.robertedwardauctions.com/recentbids.aspx

This page allows you to see in chronological order the following details regarding the last one-hundred bids that have been placed: Lot #, Lot Title, Current Bid, and the exact time of the bid to the second. If you are wondering what the pace of the auction is at any given time, this page will allow you to see the one-hundred lots that have most recently been bid on, what has been bid, and when. We designed this because we thought it would be a particularly exciting feature for those following the auction closely, especially on the final day of bidding.

[pawpawdiv9]

Went ahead and placed my max bids, what happens does for a reason.

[oldjudge]

LOL--I say the auction stays open past 3:30-------any bets?

[cyseymour]

Originally Posted by Leon

If Rob says it will end by 3am then I think it will be close to that time. Just bid like there is no tomorrow and don't look back!!! (except for you, Adrian )

I wouldn't want people to get the wrong impression that it is going to end at 4am and then miss out on getting a bid in, so I will agree... thanks.

[Leon]

Originally Posted by cyseymour

I wouldn't want people to get the wrong impression that it is going to end at 4am and then miss out on getting a bid in, so I will agree... thanks.

I would go with what Brian posted right above here.

[bcbgcbrcb]

The 4pm afternoon time to place initial bids makes no difference, the auction will still go on past 3am..............

[the 'stache]

How often do they do auctions, guys? I'm new to this whole thing. I've got the most recent catalog, and I'm going to start saving to put some bids in on the next auction.

[e107collector]

Originally Posted by oldjudge

LOL--I say the auction stays open past 3:30-------any bets?

Based on prior auctions, I think you are 100% correct!

[calvindog]

I don't think the past five auctions have ended before 3:40 AM; 4:15 may have been the latest.

[CW]

Originally Posted by the 'stache

How often do they do auctions, guys? I'm new to this whole thing. I've got the most recent catalog, and I'm going to start saving to put some bids in on the next auction.

REA used to be once a year, now I think it's twice. They aren't the only game in town, of course, as you have Love of the Game, Joe's Vintage, Goodwin, Legendary, Heritage, Huggins and Scott, Brockelman and Luckey, Sterling Sports, etc....

Oh, here's a good reference site:

http://www.auctionreport.com/