Auctions End Too Late

bxb · #1 11-03-2014, 09:07 AM

Quote:

Originally Posted by jhs5120

I think you're not understanding my point.

We're not talking about the (very) small percentage of bidders who work until 1:00AM or 2:00AM, I myself am at the office until 1:00AM or later some nights. I'm talking about the 99.95% of East Coast bidders who are being excluded from the bidding process.

Agree with this.

Whoever bids last has the advantage, like last ups in the bottom of the 9th.

No obvious way to fix that.

the 'stache · #2 11-03-2014, 09:18 AM

Quote:

Originally Posted by bxb

Agree with this.

Whoever bids last has the advantage, like last ups in the bottom of the 9th.

No obvious way to fix that.

It's not like "last up in the bottom of the 9th" at all. The home team can win it in the bottom of the ninth without the visiting team ever coming to bat again. In an auction, there is nothing preventing the participants from bidding at the very end if they so choose. If they've placed just one bid on that lot, they are entitled to bid after 9pm, right up until the auction closes.

In an auction setting, somebody that stays up late really doesn't have an advantage. For example:

Bidder A put their max bid in at 3pm on auction closing day.
Bidder B is staying up late. They put a bid in before 9pm, and it was immediately outbid by Bidder A.

Now extra time after 9pm starts. For the sake of brevity, we'll say that only Bidder A and Bidder B are left. Bidder B decides what they're willing to pay for the item. Bidder A decided their maximum earlier in the day.

It's very simple. If Bidder B is willing to put in a bid that is higher than Bidder A's maximum bid, they will win the item. If they do not put in a bid exceeding Bidder A's max bid, then Bidder A will win.

What would have changed had Bidder A been there? Nothing if they were honest with themselves, and put in what was truly their highest bid. If they put in $4,000 was the highest they were willing to pay on an item, and Bidder B put in a bid of $4,100, Bidder A isn't going to pay anymore. They told the system the most they were willing to pay.

The system worked.

Bidder B wins the item because they were willing to pay more than Bidder A. That Bidder A was not there to witness Bidder B winning the item is irrelevant.

Leon · #3 11-03-2014, 09:35 AM

Quote:

Originally Posted by the 'stache

I don't get why this is a difficult concept. It's not like "last up in the bottom of the 9th" at all.

Bidder A put their max bid in at 3pm on auction closing day.
Bidder B is staying up late. They put a bid in before 9pm, and it was immediately outbid by Bidder A.

Now extra time after 9pm starts. For the sake of brevity, we'll say that only Bidder A and Bidder B are left. Bidder B decides what they're willing to pay for the item. Bidder A decided their maximum earlier in the day.

It's very simple. If Bidder B is willing to put in a bid that is higher than Bidder A's maximum bid, they will win the item. If they do not put in a bid exceeding Bidder A's max bid, then Bidder A will win.

What would have changed had Bidder A been there? Nothing if they were honest with themselves, and put in what was truly their highest bid. If they put in $4,000 was the highest they were willing to pay on an item, and Bidder B put in a bid of $4,100, Bidder A isn't going to pay anymore. They told the system the most they were willing to pay.

The system worked.

Bidder B wins the item because they were willing to pay more than Bidder A. That Bidder A was not there to witness Bidder B winning the item is irrelevant.

Bidder A would have bid more but he fell asleep at 2am and didn't want to use the max bid feature, no matter how safe it is. From what I have experienced, spirited bidding drives prices up more than being able to stay awake the longest. But what do I know anyway??

RGold · #4 11-03-2014, 09:51 AM

Bidder A or B might have models as girlfriends.

4815162342 · #5 11-03-2014, 10:09 AM

Quote:

Originally Posted by RGold

Bidder A or B might have models as girlfriends.

Ex-girlfriends, Ronald - get it right!

bbcard1 · #6 11-03-2014, 10:09 AM

The college football rankings are also hopelessly flawed.

4815162342 · #7 11-03-2014, 10:10 AM

Quote:

Originally Posted by bbcard1

The college football rankings are also hopelessly flawed.

Hail State!

the 'stache · #8 11-03-2014, 09:55 AM

Quote:

Originally Posted by Leon

Bidder A would have bid more but he fell asleep at 2am and didn't want to use the max bid feature, no matter how safe it is. From what I have experienced, spirited bidding drives prices up more than being able to stay awake the longest. But what do I know anyway??

You know a lot, Leon. But if the bidder didn't feel comfortable doing the maximum bid thing, and they couldn't stay awake, who's to blame here? The Auction House? No. How many more options can a bidder be given? If the auction close is moved back, then you start getting bidders on the west coast, and in Hawaii that are adversely affected.

Peter_Spaeth · #9 11-03-2014, 10:03 AM

Quote:

Originally Posted by the 'stache

You know a lot, Leon. But if the bidder didn't feel comfortable doing the maximum bid thing, and they couldn't stay awake, who's to blame here? The Auction House? No. How many more options can a bidder be given? If the auction close is moved back, then you start getting bidders on the west coast, and in Hawaii that are adversely affected.

Not to mention Guam.

Leon · #10 11-03-2014, 10:06 AM

Quote:

Originally Posted by Peter_Spaeth

Not to mention Guam.

Our Guam and Ethiopian contingencies haven't weighed in yet. Just wait till they see this thread. All hell is going to break loose.

To sum it up, to me, the most level bidding field is the best one. That is making it where staying up the latest isn't an advantage. Why should it be? I am old and need my sleep.

Nuf said.....

3-2-count · #11 11-03-2014, 10:10 AM

Chalk me up as another who thinks the current format of 3 to 4 am bidding is absolutely absurd!

And this coming from a west coaster.

barrysloate · #12 11-03-2014, 01:49 PM

Quote:

Originally Posted by Peter_Spaeth

Not to mention Guam.

I never had a successful auction without the heavy hitters from Guam.

seablaster · #13 11-03-2014, 10:06 AM

Leon, if you are at liberty to comment, which group of bidders is larger in B&L? East coast or west coast bidders?

barrysloate · #14 11-03-2014, 01:51 PM

Quote:

Originally Posted by seablaster

Leon, if you are at liberty to comment, which group of bidders is larger in B&L? East coast or west coast bidders?

To answer your question, the largest number of bidders I had were from California. No other state came close.

GaryPassamonte · #15 11-03-2014, 02:30 PM

Peter- It would shorten the total auction time frame even if the live auction took a few days. Many auctions are on line close to a month with a lot of dead time using current formats.

Jobu · #16 11-03-2014, 10:01 AM

Spirited bidding is good.

Not having auctions end at 5:00 am is also good.

A fixed end time is a bad idea because those who like to bid one increment at a time instead of using a max bid may lose the item to snipers (and the auction house and consigner then lose those extra bids).

I see the solution as being a combination of several of the things mentioned by others:

1) 5-minute extended-bidding intervals because 15-minute intervals draw out the auction too much,

2) the entire auction closes at the same time to allow people to shift limited funds when they reach their absolute limit on an item(s), and

3) following 1-hour of extended bidding, only bids over a set amount ($500? $1000?) will extend the entire auction (bids on ALL items will be allowed as long as the auction remains open but only bids on items over the set amount will cause an extension).

This would make a faster auction that ends earlier, allows back-and-forth bidding thanks to the shorter extended periods, doesn't keep anyone from getting an additional bid in when outbid thanks to a fixed end time, and of course still allows for the use of max bids.

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