REA and other auctions, ridiculous delays

[insidethewrapper]

Does any other auction house just end an auction at anytime they wish ? If the rule is 15 minutes then it should be 15 minutes. It just seems a little fishy that someone can make a bid and then the auction house declares the auction done.

[calvindog]

Originally Posted by insidethewrapper

Does any other auction house just end an auction at anytime they wish ? If the rule is 15 minutes then it should be 15 minutes. It just seems a little fishy that someone can make a bid and then the auction house declares the auction done.

This is a certainly understandable concern. But I don't think Rob would stop the auction if there was a spirited bidding war on a high value card; however, bids going back and forth on a collection of Playboy magazines probably means that the auction had jumped the shark.

[cyseymour]

Originally Posted by calvindog

This is a certainly understandable concern. But I don't think Rob would stop the auction if there was a spirited bidding war on a high value card; however, bids going back and forth on a collection of Playboy magazines probably means that the auction had jumped the shark.

One thing about that lot, it says it is missing the March 1955 issue of Playboy, but in fact that issue never existed.

http://www.behance.net/gallery/The-M...Project/737550

[gnaz01]

Originally Posted by calvindog

however, bids going back and forth on a collection of Playboy magazines probably means that the auction had jumped the shark.

That's AWESOME, Jeff!

FWIW, I put in a bid on an item 3 weeks ago, and won it this morning at $400 less than my Honest Auto Bid! Rob and team run an ethical auction, IMHO.

[insidethewrapper]

I agree, in my opinion, REA is the best, and I would consign to them in a minute.I just don't like the way the auction ends.

[Anthony S.]

Just hire a meth addict to bid for you. They don't sleep.

[Cat]

Originally Posted by Anthony S.

Just hire a meth addict to bid for you. They don't sleep.

I heard one of the board members did this but is now reconsidering the strategy after ending the auction with only a mad stack of playboys.

[drc]

An LSD addict would bid all your money on 1972 Topps.

[esquiresports]

Originally Posted by insidethewrapper

Does any other auction house just end an auction at anytime they wish ? If the rule is 15 minutes then it should be 15 minutes. It just seems a little fishy that someone can make a bid and then the auction house declares the auction done.

I don't think the OP's question or the above were answered, so I will give it a go.

Closing for the REA auction is based on a 15-minute rule applied to the auction as a whole. So for the lot you lost, for example, no one could bid on it for hours so long as bids were being placed on other lots. Some auction houses close lot-by-lot using a 15/20 minute rule, but not REA.

There are other auction houses who can end the auction when the decide. Grey Flannel is one example. It's important to read each auction house's rules prior to bidding so there are no surprises. I do this for every auction because I have a difficult time keeping track of how each auction house handles things.

5 am EDT was pretty brutal, but late last year I got outbid on a lot at Grey Flannel at 7 am EDT after being high bidder for about 9 hours. I'm on the west coast and figured someone may have woken up on the east coast and decided to bid again. That was pretty disappointing.