Can someone explain how Saco River live auctions work?

[GregMitch34]

There's one today and I've never been able to quite figure out how they work from the online "help." I guess you can place a bid in advance (which does not show up) and then at 5 p.m. ET it goes "live" and...what happens? All of the lots are open and you can see bids rise in real time until...what? Can you bid on anything when it's live? Thanks for any explanation....

[t206blogcom]

Yes, you can leave bids in advance. It shows you the number of bids that have been placed, but not how your bid stands against other bids.

When auction is live, you can place real time bids, one lot at a time.

[GregMitch34]

You mean any lot even if you have not bid? And at what point do they close a lot?

[Harford20]

When the auction is live, they start bidding at either the minimum bid or the previous bid done on-line prior. For example (fictitious), if you are bidding on at SGC 1 T206 Cobb Red, with an opening bid of $200, placed your own ceiling bid of $400, the live-auction will start with the price to whereever your $200 bid has been bumped by other bidders, lets say to $300. Then when the live auction starts, it opens at $300, and when that lot # is ready, ANYONE can bid during the live time (it goes lot by lot, just like a regular auction). The auction close is also just like a regular auction, you get a "going once", "going twice" and "sold" and that lot closes and they move to the next lot. Most auctions at Saco seem to be won by people standing in the auction room rather than online, but if you bid high enough, everyone has a chance, even prior to the live auction (say you really wanted this Cobb and put your early ceiling in at $900, it may never get outbid even live).

Dave

[pawpawdiv9]

Agree. I use LiveAuctioneers for the Saco auctions. Most of the time, i place early pre-auction bids. The guys are correct, its just like a 'live' auction or a Barrett Car auction to name one. Once the hammer hits, its done and moves to the next one.
I had only 1 issue in the past, where somewhere else had placed a bid, tho mine was a pre-bid and never fully understood why i didnt win it, even with their kind response.
If your looking at their T206's they can go for good money, i think the group/lots can find a deal hidden or one of those hard to find commons.

[pawpawdiv9]

ANY WINNINGS???
I logged in around lot 30-ish, so i missed what some early lots went for. I had 2 bids in.
I did watch the WAJO portrait go for like 2,500. And then the Cobb batt/off, for those that knew, it had like 1/3 paper loss on the Piedmont back. Depsite the tobacco dots on the front, it still went for like 425?? i think.
I gave up after that.
I guess i wait and see if i did win anything in the early lots. GOOD LUCK for those still watching/bidding