Goldin Auctions - Today is Final Day of Internet Bidding for Session 1

[kengoldin]

Hello All
1. The way the software is set up is that if you run a 2 session auction, session 1 final results are not posted until session 2 is closed. With a company like legendary that runs 2 day auctions and closes session 2 the next day, this normally isn't an issue; but since we have set session 2 to close 6 days later, there is a bit of a lag. All final results from session 1 will show as soon as session 2 closes Friday .

2. Since the Babe Ruth auction officially closes Friday July 18th, we are offering most lots that did not get a bid or hit reserve online thru that time. This will allow our over 10,000 registered bidders the chance to bid on them thru the total end of the Ruth auction, and do our best possible job for our consignors. Not everyone was reachable by phone Saturday or happened to be by a pc to bid (or at the live event) . Since we have the auction running thru Friday the 18th, we simply moved them to session 2.

[oldjudge]

Ken--so are the cards that didn't meet their reserves opening at the reserves, or at one increment over the second high actual bid?

[kengoldin]

Originally Posted by oldjudge

Ken--so are the cards that didn't meet their reserves opening at the reserves, or at one increment over the second high actual bid?

They are at the bid increment one notch below the reserve so that the next bid will hit the reserve, as stated in the email that went out last Friday. Next bid on any of those lots prior to 126 hits reserve.

[wonkaticket]

Ken, sounds good again great auction. Was there a reason the reserves didn't post till almost the last or the last day?

[kengoldin]

Originally Posted by wonkaticket

Ken, sounds good again great auction. Was there a reason the reserves didn't post till almost the last or the last day?

It was our first live auction. I know heritage runs successful live auctions, and I know people online have complained about the way hunt does them (not announcing a reserve and then just passes if it doesn't hit). I also believe that heritage doesn't post it right away and does it 72 hours prior to the live event. So we stated we would post up to 72 hours prior, and we ended up posting 48 hours before the live event. Its a learning experience and we will improve the next time. One thing is to fight harder NOT to have reserves, if possible.

[oldjudge]

Ken--Thanks for getting back. So the current "bid" level is not a real bid, just an artificial level set to trigger the reserve, that you have set, if it is topped.

[kengoldin]

Jay we do not do hidden reserves
we had the following stated in the live rules, online and in the published catalog
"For Live auction, any item with a reserve will state the reserve and have the bidding adjusted so that the next bid will hit the reserve up to 72 prior to the live sale"

If an item had already passed the reserve, nothing was done, and if an item was already at that level (one bid below the reserve), nothing was done.

Our internet only items for this auction are as they have always been, stating 'reserve not met' before a bid was even placed so people see its a reserve item

[Leon]

Originally Posted by oldjudge

Ken--Thanks for getting back. So the current "bid" level is not a real bid, just an artificial level set to trigger the reserve, that you have set, if it is topped.

I will defer to what Ken said since what I stated was incorrect >( ....