NonSports Forum

Net54baseball.com
Welcome to Net54baseball.com. These forums are devoted to both Pre- and Post- war baseball cards and vintage memorabilia, as well as other sports. There is a separate section for Buying, Selling and Trading - the B/S/T area!! If you give an opinion of a person or company your full name needs to be in your post. Contact the moderator at leon@net54baseball.com should you have any questions or concerns. Enjoy!
Net54baseball.com
Net54baseball.com
ebay GSB
Shop Ebay Promotions
Vintage Memorabilia
Pre WWII-(Pre 1942) Baseball
Post WWII (1942-1980) Baseball
Modern (1980-present) Baseball

Go Back   Net54baseball.com Forums > Net54baseball Main Forum - WWII & Older Baseball Cards > Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions

Reply
 
Thread Tools Display Modes
  #1  
Old 10-24-2015, 12:09 PM
Stonepony's Avatar
Stonepony Stonepony is offline
Dave_Berg
Member
 
Join Date: Jun 2013
Location: STL
Posts: 1,558
Default Lot by Lot auctions closings-I leave $ on table

It may just be poor strategy or preparation on my part, but I tend to leave money on the table when auction houses close lot by lot with a 30 minute rule. I feel rushed and discombobulated right after the extended bidding opens, not knowing if my watched lots will last another 30 minutes or 6 hours. I'm not always a loser, but the problem is a relatively fixed amount of $ to spend and multiple lots to choose from. Here's an example of how it often plays out. I have my eye on 6 lots i want, 2 of which I REALLY want. I cannot by any means afford them all.
My cash to spend is just say 10,000. Extended bidding begins:
Lot 1 REALLY want is at 5,000 ( i'll go 10,000)
Lot 2 REALLY want is at 6,000 ( I'll go 10,000)
Lot 3 at 1500 ( I,ll go 2500)
Lot 4 at 2000 ( I'll go 4000)
Lot 5 at 3500 ( Ill go 40 00)
Lot 6 at 1800 ( Ill go 3000)

After 30 min. Lot 5 closed at its 3500. I didn't even notice.
After 2 hrs Lot 6 went for 2400
Lot 1 is at 7000
Lot 2 is at 8000
Lot 3 is at 3000 so Ive lost interest
Lot 4 is at 3000
After 5 hrs Lot 1 is at 8250 ( my bid)
Lot 2 is at 7500...Im excited Im focused on lot 1 and 2
lot 4 closes at 3500
After 6 hrs Lot 1 still at my 8500
Lot 2 is at 8000 ( not my bid, I can't afford Lot 1 AND 2)
After 7 hours Lot 1 is at my bid of 9000
Lot 2 closed at 8000
After 8 hrs Lot 1 closed at 11500


Im out on LOT 1....and there's nowhere for my money to go. I would have bid more for several lots, and perhaps won more than one. They were, however, closed. This is how The Luckey Collection ( Hi Leon) played out for me. I was in on and/ or following some high dollar items. When they closed beyond my reach, the other lots I'd have gone back to had already closed. It was very disappointing and I left a lot of money in my bank account that was earmarked for Leon.
Bottom line , I much prefer the auctions that all lots close at once. Less stressful for me and there's always somewhere for my money too turn. Any helpful hints? Heritage is around the corner.
Reply With Quote
  #2  
Old 10-24-2015, 02:18 PM
Leon's Avatar
Leon Leon is online now
Leon
peasant/forum owner
 
Join Date: Mar 2009
Location: near Dallas
Posts: 26,600
Default

Quote:
Originally Posted by Stonepony View Post
It may just be poor strategy or preparation on my part, but I tend to leave money on the table when auction houses close lot by lot with a 30 minute rule. I feel rushed and discombobulated right after the extended bidding opens, not knowing if my watched lots will last another 30 minutes or 6 hours. I'm not always a loser, but the problem is a relatively fixed amount of $ to spend and multiple lots to choose from. Here's an example of how it often plays out. I have my eye on 6 lots i want, 2 of which I REALLY want. I cannot by any means afford them all.
My cash to spend is just say 10,000. Extended bidding begins:
Lot 1 REALLY want is at 5,000 ( i'll go 10,000)
Lot 2 REALLY want is at 6,000 ( I'll go 10,000)
Lot 3 at 1500 ( I,ll go 2500)
Lot 4 at 2000 ( I'll go 4000)
Lot 5 at 3500 ( Ill go 40 00)
Lot 6 at 1800 ( Ill go 3000)

After 30 min. Lot 5 closed at its 3500. I didn't even notice.
After 2 hrs Lot 6 went for 2400
Lot 1 is at 7000
Lot 2 is at 8000
Lot 3 is at 3000 so Ive lost interest
Lot 4 is at 3000
After 5 hrs Lot 1 is at 8250 ( my bid)
Lot 2 is at 7500...Im excited Im focused on lot 1 and 2
lot 4 closes at 3500
After 6 hrs Lot 1 still at my 8500
Lot 2 is at 8000 ( not my bid, I can't afford Lot 1 AND 2)
After 7 hours Lot 1 is at my bid of 9000
Lot 2 closed at 8000
After 8 hrs Lot 1 closed at 11500


Im out on LOT 1....and there's nowhere for my money to go. I would have bid more for several lots, and perhaps won more than one. They were, however, closed. This is how The Luckey Collection ( Hi Leon) played out for me. I was in on and/ or following some high dollar items. When they closed beyond my reach, the other lots I'd have gone back to had already closed. It was very disappointing and I left a lot of money in my bank account that was earmarked for Leon.
Bottom line , I much prefer the auctions that all lots close at once. Less stressful for me and there's always somewhere for my money too turn. Any helpful hints? Heritage is around the corner.
There is no perfect solution. Sorry you lost out. That is also why their "buying on time" program made sense too. For my collection it was being offered with no interest financing since I would have been financing it. It was offered to another member this exact way at the National. In my mind, There was no reason someone who wanted something, and had the money to get it now or some months later, should have lost out. I still prefer lot by lot endinngs. It keeps more people interested. I can't say how many times I have fallen asleep on the all-nighters. Once again, sorry you lost out on some great cards. Some of them are resurfacing so maybe you will get some in the future. Had it ended at 430am there would have been a slew of other opinions.

ps..the hint is the extended payment program. Check the specifics but I think it is generally 25%'ish down and 1 percent interest per month.......I have used that program a few times when cash was lean
__________________
Leon Luckey

Last edited by Leon; 10-24-2015 at 02:20 PM.
Reply With Quote
  #3  
Old 10-24-2015, 02:28 PM
Stonepony's Avatar
Stonepony Stonepony is offline
Dave_Berg
Member
 
Join Date: Jun 2013
Location: STL
Posts: 1,558
Default

I may look into that idea! Thanks
Reply With Quote
  #4  
Old 10-24-2015, 10:01 PM
BeanTown's Avatar
BeanTown BeanTown is offline
Jay Cee
Member
 
Join Date: Jan 2010
Posts: 1,118
Default

Without a doubt I agree with Leon on that auctions should end on a per lot basis. This allows a bidding war on each lot and a known time when to login in and bid to win. Such a clear advantage to Westcoast bidders on auctions that stay open past 1AM. I wish every auction would follow Heritage, Hunt, and Huggins and Scott (that come to mind) that close on a per lot basis. Im thankfull that auctions use computors now compared to the ole chalkboards where you had to phone in your bid and they would update the "big board".
Reply With Quote
  #5  
Old 10-24-2015, 11:11 PM
bobfreedman bobfreedman is offline
Member
 
Join Date: May 2009
Posts: 948
Default

Quote:
Originally Posted by BeanTown View Post
Without a doubt I agree with Leon on that auctions should end on a per lot basis. This allows a bidding war on each lot and a known time when to login in and bid to win. Such a clear advantage to Westcoast bidders on auctions that stay open past 1AM. I wish every auction would follow Heritage, Hunt, and Huggins and Scott (that come to mind) that close on a per lot basis. Im thankfull that auctions use computors now compared to the ole chalkboards where you had to phone in your bid and they would update the "big board".
JC, if you do not mind me asking, if you were consigning, how would you want the auction to end?
Reply With Quote
  #6  
Old 10-24-2015, 11:33 PM
BeanTown's Avatar
BeanTown BeanTown is offline
Jay Cee
Member
 
Join Date: Jan 2010
Posts: 1,118
Default

Quote:
Originally Posted by bobfreedman View Post
JC, if you do not mind me asking, if you were consigning, how would you want the auction to end?

Without a doubt the way I mentioned above. Each lot closes when no bids come in on "that" lot for 15,20, or 30 minutes.

I think Dave did an excellent job explaining the drawback too for auctions ending on a per lot basis. However, I think Leon benefited from it overall as it allowed bidding wars on 100s of lots as it forced people to bid or lose out. I will also add that I lost out on the Pinkerton Cobb cabinet as I thought it would be bid upon at least once in the extra time which it was not. I didnt want to commit to 20k that early. However, by that format I was able to win more lots I believe and place more bids. Fell a little short as the under bidder on the Shapiro Cobb, but had fun bidding on it and then it turned my interest to a couple other lots.

Ebay used to be popular for auctions and the main reason was it had a firm end time and bidders knew when to come in and bid (mainly snipers). Id rather have three interested bidders fighting for a lot than one bidder who stayed up till 4am to be. Rewarded with his choice of the auction.

Last edited by BeanTown; 10-24-2015 at 11:47 PM. Reason: Added more
Reply With Quote
  #7  
Old 10-24-2015, 11:50 PM
RCMcKenzie's Avatar
RCMcKenzie RCMcKenzie is offline
Member
 
Join Date: Jul 2009
Posts: 1,178
Default auction format

Quote:
Originally Posted by bobfreedman View Post
JC, if you do not mind me asking, if you were consigning, how would you want the auction to end?
Mine would be REA's mailing list and Saco River's traditional auction format.
Reply With Quote
  #8  
Old 10-24-2015, 11:56 PM
BeanTown's Avatar
BeanTown BeanTown is offline
Jay Cee
Member
 
Join Date: Jan 2010
Posts: 1,118
Default

Quote:
Originally Posted by RCMcKenzie View Post
Mine would be REA's mailing list and Saco River's traditional auction format.

I don't know how Saco River closes?? Never bid with them. Ive been told that most auction houses have pretty close to the same mailing list (within a small percentage). Heritage might have the best mailing list with all the cross overs from coins, artwork, stamps, comics, antiques, etc.. REA seems to have some great consignments of years past.
Reply With Quote
  #9  
Old 10-25-2015, 12:08 AM
RCMcKenzie's Avatar
RCMcKenzie RCMcKenzie is offline
Member
 
Join Date: Jul 2009
Posts: 1,178
Default

JC, Saco River closes like Heritage's art auctions where each item goes to the block 1 at a time. I said "REA" b/c they say they send a catalog to anyone who has ever bid in their auctions. I am a fan of REA and Heritage.
Reply With Quote
  #10  
Old 10-25-2015, 08:04 AM
buymycards's Avatar
buymycards buymycards is online now
Rick McQuillan
Member
 
Join Date: May 2009
Location: Wisconsin
Posts: 2,348
Default auctions

I was involved in an online/live sports auction yesterday. There were about 650 lots. You could bid through the website several days before the live auction started and there was plenty of time to look at each lot before the auction began.

Then, when the live auction started, the lots came up 1 at a time. I had early online bids on 27 lots and spent a large portion of the day on my computer waiting for my lots to come up so I could increase my bids if I wanted to. The bidding was quick and easy and the auction moved quickly.

The nice thing is that I wasn't tied to the auction all day. I could estimate when my next lot was coming up, run an errand or two, or list a couple of things on eBay. I ended up listing over 50 items on ebay during the course of the auction.

The other nice thing is that I didn't have to stay up late. The live auction started at 10:30 am central and ended at around 430 pm.

This was my favorite out of all of the auction formats. The auction company wouldn't even need to have a "live" auction with bidders on site. It could be an internet only auction with live computer bidding with lots coming up one at a time.

Rick
__________________
Rick McQuillan


T213-2 123 down 62 to go.

Last edited by buymycards; 10-25-2015 at 08:08 AM.
Reply With Quote
Reply



Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Leave it to Beaver 1880nonsports Autograph Forum- Primarily Sports 0 10-08-2014 01:26 PM
Need Opinions: To Add or Leave As Is mschwade Autograph Forum- Primarily Sports 11 05-26-2013 10:25 PM
To leave or not to leave aloondilana Watercooler Talk- ALL sports talk 5 03-14-2013 06:02 PM
Why would someone Leave a non deserving Low DSR? Buythatcard Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions 19 11-25-2012 06:01 PM
Poll on Auction Closings barrysloate Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions 34 05-02-2010 04:00 AM


All times are GMT -5. The time now is 09:05 AM.


ebay GSB