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Old 10-15-2018, 02:03 PM
AGuinness AGuinness is offline
Garth Guibord
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Default Bid increments

How do auction houses come up with their bid increments? Last night, I was interested in a card in the Leland's auction, which was at $76 (before juice and shipping). The next increment was $101, and when including the juice, the final price would have been above what I was willing the pay for it. However, at say $89, splitting the difference, I would have placed a bid.
Seems to me the bid increments, in some cases, may dissuade bidders.
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Old 10-15-2018, 07:03 PM
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swarmee swarmee is offline
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Some of Saco Rivers bid increments are awful too. That's why a lot of their bids end at $100. Next increment is $125. I'm not even a fan of 10% bid increments on Heritage or REA. Making those 3-5% would increase the numbers of bids and likely the competitive drive of the bidders to win the item.
Seems to be widespread, however, so there must be some "industry knowledge" or historical document that people believe it works.
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Old 10-15-2018, 07:20 PM
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High opening bids, excessive bid increments particularly at lower levels and not including buyer's premium in the viewable bidding history all seem to work against the auction house and hence the consignor's desire to maximize the number of bidders, and therefore increase competition between bidders to obtain the highest possible selling price.

But what do I know????
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Old 10-15-2018, 07:39 PM
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+ 1, or whatever increment is specified
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Old 10-15-2018, 07:47 PM
RedsFan1941 RedsFan1941 is offline
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Quote:
Originally Posted by swarmee View Post
Some of Saco Rivers bid increments are awful too. That's why a lot of their bids end at $100. Next increment is $125. I'm not even a fan of 10% bid increments on Heritage or REA. Making those 3-5% would increase the numbers of bids and likely the competitive drive of the bidders to win the item.
Seems to be widespread, however, so there must be some "industry knowledge" or historical document that people believe it works.
i just double-checked. neither Heritage or REA have 10 percent increments.
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Last edited by RedsFan1941; 10-15-2018 at 07:50 PM.
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Old 10-15-2018, 09:45 PM
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swarmee swarmee is offline
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Quote:
Originally Posted by RedsFan1941 View Post
i just double-checked. neither Heritage or REA have 10 percent increments.
Ok, was going off the top of my head. Guess they agree with me. ;-) Appreciate the correction.
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Old 10-16-2018, 12:44 AM
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This is copied from the heritage website. I don't see anything I'd change if I were designing bid increments for an auction site.

Current Bid Bid Increment
< $10 $1
$10 - $49 $2
$50 - $99 $5
$100 - $199 $10
$200 - $499 $20
$500 - $999 $50
$1,000 - $1,999 $100
$2,000 - $4,999 $200
$5,000 - $9,999 $500
$10,000 - $19,999 $1,000
$20,000 - $49,999 $2,000
$50,000 - $99,999 $5,000
$100,000 - $199,999 $10,000
$200,000 - $499,999 $20,000
$500,000 - $999,999 $25,000
$1,000,000 - $1,999,999 $50,000
$2,000,000 - $9,999,999 $100,000
>= $10,000,000 $200,000
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  #8  
Old 10-16-2018, 01:36 AM
Beastmode Beastmode is offline
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Quote:
Originally Posted by AGuinness View Post
How do auction houses come up with their bid increments? Last night, I was interested in a card in the Leland's auction, which was at $76 (before juice and shipping). The next increment was $101, and when including the juice, the final price would have been above what I was willing the pay for it. However, at say $89, splitting the difference, I would have placed a bid.
Seems to me the bid increments, in some cases, may dissuade bidders.
100% agree. beyond stupid. Certainly losing me on lots of auctions.

I buy most of my stuff on e-bay, but saw something I liked at one of the big auctions houses. Current bid was $5,000. Bid tab only let me put in $5,500 and select "up-to" bid. i actually wanted to bid at $5,700, but the bid software wouldn't let me. It was either $5,500 or $6,050 becasue of the increments

So I clicked on $5,500, which would force the next bidder to $6,050, and with the 20% buyers fee, would put them over the value of the item. Still with me?

so my bid goes in and the price goes to $5,240 and i'm current high bidder. Good, I've got some room for the shillers. Go back to my day job as I don't have time for the idoitic mulitple closing of the auction. Check in for the final price and it sales for $5,650.00. Wait a minute. WTF? How could another bidder only be 2% over my high bid. I had to put in 10% increments but someone else gets 2%?

I'm done with this BS. You essentially need two accounts to find the sweet spot for bid values. Or get a degree in bid increment analytics. This is a enjoyable hobby for me, not school. Can't wait for most of these AH's to be put to rest by PWCC.
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Old 10-16-2018, 08:15 AM
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bobbyw8469 bobbyw8469 is offline
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Quote:
Originally Posted by Beastmode View Post
100% agree. beyond stupid. Certainly losing me on lots of auctions.

I buy most of my stuff on e-bay, but saw something I liked at one of the big auctions houses. Current bid was $5,000. Bid tab only let me put in $5,500 and select "up-to" bid. i actually wanted to bid at $5,700, but the bid software wouldn't let me. It was either $5,500 or $6,050 becasue of the increments

So I clicked on $5,500, which would force the next bidder to $6,050, and with the 20% buyers fee, would put them over the value of the item. Still with me?

so my bid goes in and the price goes to $5,240 and i'm current high bidder. Good, I've got some room for the shillers. Go back to my day job as I don't have time for the idoitic mulitple closing of the auction. Check in for the final price and it sales for $5,650.00. Wait a minute. WTF? How could another bidder only be 2% over my high bid. I had to put in 10% increments but someone else gets 2%?

I'm done with this BS. You essentially need two accounts to find the sweet spot for bid values. Or get a degree in bid increment analytics. This is a enjoyable hobby for me, not school. Can't wait for most of these AH's to be put to rest by PWCC.
That sounds like Clean Sweep. They topped your ceiling (which was not known at the time). If they do that, the increment can be whatever. If the ceiling is KNOWN, then the next increment is 10%.
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  #10  
Old 10-16-2018, 12:19 PM
AGuinness AGuinness is offline
Garth Guibord
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Quote:
Originally Posted by pokerplyr80 View Post
This is copied from the heritage website. I don't see anything I'd change if I were designing bid increments for an auction site.

Current Bid Bid Increment
< $10 $1
$10 - $49 $2
$50 - $99 $5
$100 - $199 $10
$200 - $499 $20
$500 - $999 $50
$1,000 - $1,999 $100
$2,000 - $4,999 $200
$5,000 - $9,999 $500
$10,000 - $19,999 $1,000
$20,000 - $49,999 $2,000
$50,000 - $99,999 $5,000
$100,000 - $199,999 $10,000
$200,000 - $499,999 $20,000
$500,000 - $999,999 $25,000
$1,000,000 - $1,999,999 $50,000
$2,000,000 - $9,999,999 $100,000
>= $10,000,000 $200,000
This makes sense for increments. I might have landed the card in Leland's if they used this.
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