Rea

Snapolit1 · #1 05-04-2018, 09:07 AM

They are trying and I give them great credit for that. And they are a top notch operation through and through. But if 98% of your intended audience is awake at 9pm and only 70% are awake at midnight [just pulling numbers out of my . .pocket . . . for argument's sake], I still don't understand the logic. Yes, there is a max bid etc., but if you did a hard stop at 9pm EST seems to me there would be a feeding frenzy in the last hour with a lot more potential bidders (who are wide awake).

x2drich2000 · #2 05-04-2018, 09:17 AM

Quote:

Originally Posted by Snapolit1

They are trying and I give them great credit for that. And they are a top notch operation through and through. But if 98% of your intended audience is awake at 9pm and only 70% are awake at midnight [just pulling numbers out of my . .pocket . . . for argument's sake], I still don't understand the logic. Yes, there is a max bid etc., but if you did a hard stop at 9pm EST seems to me there would be a feeding frenzy in the last hour with a lot more potential bidders (who are wide awake).

Except your west coast bidders are all out eating dinner/enjoying time with their families at 6pm local time (9pm EST) on a Sunday evening.

seinbigd · #3 05-04-2018, 09:24 AM

Maybe I'm missing something but the best solution in my opinion is to let each lot independently close if no bid is received after 10 minutes.

darwinbulldog · #4 05-04-2018, 09:48 AM

Future developments in neuroscience will allow the auction houses to determine how much each bidder is willing to pay for each lot and automatically award the cards to the appropriate "bidders" without the need for actually running the auction. It's possible there are some drawbacks to this future, but I for one welcome the end of the how-best-to-end-an-auction discussion.

Snapolit1 · #5 05-04-2018, 09:51 AM

Quote:

Originally Posted by darwinbulldog

Future developments in neuroscience will allow the auction houses to determine how much each bidder is willing to pay for each lot and automatically award the cards to the appropriate "bidders" without the need for actually running the auction. It's possible there are some drawbacks to this future, but I for one welcome the end of the how-best-to-end-an-auction discussion.

I find these discussions fascinating. Truly. I should have studied economics. I wish Harvard Business School did a study on it. 100% serious. Maybe it's a puzzle with no great answer.

I'm sick of the same threads about how terrible certain eBay sellers are. if you hate a seller don't do business with them.

Huysmans · #6 05-04-2018, 11:08 AM

Quote:

Originally Posted by Snapolit1

I'm sick of the same threads about how terrible certain eBay sellers are. if you hate a seller don't do business with them.

Maybe you should take your own advice....
If you have a problem with the auction closing process of any particular auction company, don't bid.
Done and done.
It's simple...

spacktrack · #7 05-04-2018, 11:10 AM

Trust me, no one has analyzed our intended market more than us. We are comfortable the way the auction currently ends, and we're glad that it's effected positive change by bringing at least five other auction houses to change their timings with the goal of eliminating 4 AM and 5 AM closings. When we switched the ending method in 2016, it was a revolutionary move, and it had to be done in a way that accomplished what we wanted (more bidders awake) and what the bidders wanted (a reasonable hour).

Last year's Super Bowl ended at 10:14 PM EST. Last year's World Series Game 7 ended at 11:58 PM EST. We view REA as the Super Bowl or Game 7 of auctions, and I know a lot of collectors feel the same way. Many people are happy to stay up to watch these events to their conclusion, and those that aren't just read about them in the morning. If there's a "have-to-have" item, we offer numerous options to ensure that a bidder does not need to be glued to his computer or even awake to pursue it. The auction can be accessed from almost anywhere thanks to modern technology. There's no need to plug into a landline or boot up a PC just to place a bid.

I see Heritage cited a lot--the earliest you can win an item in their catalog auctions is 11:30 PM EST--and that's if there are no bids during extended bidding. If there's competition dragging out the 30 minute clock, it could go several hours.

In last fall auction, we processed more than 800 bids in the final 30 minutes...that's more than 26 bids a minute, or an average of one bid every two seconds approximately.

To date in this auction, we've processed 25,589 bids in the three weeks we've been open. That's about 51 bids an hour, day and night, all day, every day, for three weeks. Those are real, concrete, not made up "frenzy" statistics.

There are other auction houses dragging auctions out until 4 AM with bids coming in every 13 minutes. Those are the auctions that should be looked at and made to consider serious change to modernize things.

This auction we have collectors from the US, Canada, Australia, UK, France, Spain, Saudi Arabia, UAE, Hong Kong, South Korea, China, Malaysia, and Singapore involved in the bidding. That's a lot of time zones, each of which presents a different perceived advantage or disadvantage. We have farmers who are up at 3 AM and prefer the old method better, and we have factory workers who will getting off the line at 10 PM and love the new method. There will never be a perfect time for everyone.

I want to be sure that there is no misinformation spread or misunderstandings about how this auction will close. It is the same way that all of our auctions since October 2016 have closed.

The deadline for initial bids is Noon EST Sunday.

The auction will continue for several hours beyond that. We utilize a 15 minute rule, but the truth is that it never even gets remotely close to running out on our auction.

After 6 PM EST, we can close it at any time.

There will be at least one Fair Warning email sent out in advance of the close with specific timing information based on the activity we are monitoring. Beyond that, there will be no notice.

The auctions utilizing this method have closed between 11:30 PM EST and 11:58 PM EST. There is no guarantee this will be the case this auction but those are data points to consider.

In the event that we cannot or do not shut it down manually, the auction will close automatically at Midnight EST. That has never happened.

Good luck to everyone participating this weekend, whether you're awake at the end or not.

Brian

calvindog · #8 05-04-2018, 09:50 AM

Quote:

Originally Posted by seinbigd

Maybe I'm missing something but the best solution in my opinion is to let each lot independently close if no bid is received after 10 minutes.

Or even three minutes as Christie's does.

By the way is REA a hard close at Sunday midnight?

Leon · #9 05-04-2018, 10:00 AM

Quote:

Originally Posted by calvindog

Or even three minutes as Christie's does.

By the way is REA a hard close at Sunday midnight?

"The auction will not continue past 12:00 AM Midnight EDT (technically the
morning of Monday, May 7, 2018) under any circumstances except for a complete service disruption or act of God."

Touch'EmAll · #10 05-04-2018, 10:09 AM

I have my reasonable bids in for 3 items. Probably overbid on one - oh, well, its REA, lets fork out little extra dough. Going to bed regular time, get a good night sleep, wake up and see how it played out. However, I am not looking to fill that long time hole in my collection with a card that comes along once every few years. Good luck to all !

OldOriole · #11 05-04-2018, 09:58 AM

Quote:

Originally Posted by seinbigd

Maybe I'm missing something but the best solution in my opinion is to let each lot independently close if no bid is received after 10 minutes.

As a buyer, I like the individual lot closing format. However, I believe that for the auction houses that use a closing for the entire auction at once there is logic behind it. If you have two whales competing at the end of the auction and one taps out, this closing format would give him an opportunity to bid on several more lots (assuming he put in an initial bid) whereas if they closed individually it would already be over.

Rhotchkiss · #12 05-04-2018, 10:21 AM

Quote:

Originally Posted by Snapolit1

but if you did a hard stop at 9pm EST seems to me there would be a feeding frenzy in the last hour with a lot more potential bidders (who are wide awake).

REA closes twice a year, and their auctions are beast. I think those truly interested in REA auctions can stay up until midnight. Sure as hell beats trying to stay up to 5am (I too am on the East Coast). Although having a hard stop (at midnight, or otherwise), kinda make it like Ebay, no? Put in your snipe....

Personally, as a buyer, I think Heritage's per-lot extended bidding is great/best, although I think it probably is not ideal for sellers.

Regardless, Sunday will be very very fun (and most definitely frustrating)

Snapolit1 · #13 05-04-2018, 10:25 AM

Seems to me that in last couple of years most auction houses see light to moderate action in the weeks leading up to the close and then many people who wait to the last 48 hours to get serious. If that holds true with REA prices will be sky high and consignors will be mighty pleased.