Lot by Lot auctions closings-I leave $ on table

[Exhibitman]

Lot by lot endings are great for collectors and lousy for consignors, as are rules restricting late bids to lots you've bid on before. No question about that. I basically bid with my consignment proceeds. I cannot spend 'new' money on cards all the time. I consign a lot with Sterling, which not only has all lots closing at the same time but which allows a bid on any lot after hours regardless of whether you bid on it before as long as you bid on something before the deadline. Many of my consignments have been bid on or bid up after hours, undoubtedly because others have either been knocked out of a lot or have had their own consignments do well and are feeling flush. As a consequence I've on occasion had the scratch via consignor wash to drop a bid on a card I wanted in the auction but had not chased. Had the lots closed individually (1) I'd not have gotten the initial or next bid on my consignment and (2) I'd not have had the consignment funds available to bid and win a card I wanted. The goal is to sell every lot for as much as possible. Period. Anything that favors early bidders, cuts off later bidders, cuts off bidders with budgets, forces triaging of bids, etc., is a disservice to the consignors. And the consignors are the audience for the AH: no stuff, no auction. I definitely consider auction house rules on closing when I consign items. I am less likely to send things to AHs that limit bidding flexibility because my own experience tells me that AH is locking out potential bids.

[Leon]

Originally Posted by Exhibitman

Lot by lot endings are great for collectors and lousy for consignors, as are rules restricting late bids to lots you've bid on before. No question about that. I basically bid with my consignment proceeds. I cannot spend 'new' money on cards all the time. I consign a lot with Sterling, which not only has all lots closing at the same time but which allows a bid on any lot after hours regardless of whether you bid on it before as long as you bid on something before the deadline. Many of my consignments have been bid on or bid up after hours, undoubtedly because others have either been knocked out of a lot or have had their own consignments do well and are feeling flush. As a consequence I've on occasion had the scratch via consignor wash to drop a bid on a card I wanted in the auction but had not chased. Had the lots closed individually (1) I'd not have gotten the initial or next bid on my consignment and (2) I'd not have had the consignment funds available to bid and win a card I wanted. The goal is to sell every lot for as much as possible. Period. Anything that favors early bidders, cuts off later bidders, cuts off bidders with budgets, forces triaging of bids, etc., is a disservice to the consignors. And the consignors are the audience for the AH: no stuff, no auction. I definitely consider auction house rules on closing when I consign items. I am less likely to send things to AHs that limit bidding flexibility because my own experience tells me that AH is locking out potential bids.

Then what about the droves of collectors who won't fight for lots in auctions ending at 3am, and later? I won't stay up until 3am anymore and I don't think a lot of other collectors will either. So those lots that get won will not have garnered my late bids. That is why the well heeled collectors like them ending late. They get to pick the lots off without fighting.

[Stonepony]

Originally Posted by Leon

Then what about the droves of collectors who won't fight for lots in auctions ending at 3am, and later? I won't stay up until 3am anymore and I don't think a lot of other collectors will either. So those lots that get won will not have garnered my late bids. That is why the well heeled collectors like them ending late. They get to pick the lots off without fighting.

Just put in a "MaxBid"...I hear they're all the rage

[glchen]

As mentioned by others, I don't think there's a perfect way to end auctions. And if there's still money left in your wallet at the end, there seems to be major auctions closing every couple of weeks, so more to spend then!