Rea

[wolf441]

The one point that no one has brought up is how my wife and mother are both going to hate me because REA decided to host the last day of bidding on MOTHERS DAY!!! Thanks Brian, I'll start prepping the couch now...

[Jay Wolt]

Originally Posted by wolf441

The one point that no one has brought up is how my wife and mother are both going to hate me because REA decided to host the last day of bidding on MOTHERS DAY!!! Thanks Brian, I'll start prepping the couch now...

REA ends on the 6th
Mothers Day is on the 13th

[Fred]

Originally Posted by Jay Wolt

REA ends on the 6th
Mothers Day is on the 13th

Another marriage saved. What would have been funny/sad is if the weekend passed and he didn't look at the auction and found out it closed a week earlier than he thought....

[hcv123]

Originally Posted by Fred

Another marriage saved. What would have been funny/sad is if the weekend passed and he didn't look at the auction and found out it closed a week earlier than he thought....

It was actually a day not a week! I thought it closed on Sunday and it had closed on Saturday - I logged in Sunday to place bids and start doing battle, and was met with " bidding closed" on every lot! It was an auction that had some key items I would have placed strong bids on! It took me weeks to psychologically recover from that!

[Aquarian Sports Cards]

How crazy would it be to run an online auction closing like a live auction? Item 1 is scheduled to "close" at XX:XX but will remain open until there is no bid for 60 seconds, then on to lot 2.

Probably wouldn't work on an auction of 2700 items, but it would most closely mimic a "real" auction.

[dariushou]

Look, i may be a bit slow, but I don't understand why an auction house would NOT specify an end time and/or not allow snipes, other than to maximize price. I get it from a business perspective (on the surface at least), but I think that line of thinking is shortsighted. In my opinion, REA’s auction format will realize less than the maximum prices for certain individual items chased by a few people and in the long run hurt the auction house as a whole.

By not having an end time to an auction, it allows your bid to be shilled. Everyone hates to say it, but it does happen. Some people say just bid what you want to pay and don’t think about it. However, some people, including myself, have disposable income, but do not want to be cheated out of our hard-earned money. The fact that I can be shilled in this format puts a real bad taste in my mouth and I’m having a real tough time with it because there are some items that I hardly ever see, but I just refuse to be taken advantage of (unless I know it). That’s right. I don’t mind overpaying…but being cheated to overpaying…that’s a whole other matter in my opinion. Call it Texas Pride or whatever you call it where you are from. It’s why I don’t bid on a lot of ebay auctions or other auction houses. It sucks, but I’m completely fine with not having that card I always wanted if it means that the price I end up paying was influenced by an unknown and unwanted variable. I waited for years to get a 1980 Topps coin, but I recently was lucky enough to purchase a 1980 Topps coin (one on ebay -- buy it now)…I likely overpaid, but I can live with it because I decided what to pay and not some shill bidder.

Not having snipes is the other thing that I don’t like. At least I don’t know how to snipe the auctions….maybe I can pay someone to write a program…ugh the time and hassle. Why not allow it? I guess I’m fine with not having snipes, but only if the auctions were staggered with real end times. But since they are not, it forces me to face my first issue. Leaving a bid out there that can be shilled.

I’m really struggling with this one as there are a lot of items that I would like to bid on, but finding it hard to put myself out there to be screwed. Anyhow, that’s how I feel and just to be crystal clear, I am in no way saying REA is shilling their auctions or doing anything underhanded. I just happen to think the current format lends itself to abuse and I cannot get comfortable with it. The items in their auction are truly incredible and wish I could partake.

[Leon]

You should focus on card shows to buy. You won't get shilled.

Originally Posted by dariushou

Look, i may be a bit slow, but I don't understand why an auction house would NOT specify an end time and/or not allow snipes, other than to maximize price. I get it from a business perspective (on the surface at least), but I think that line of thinking is shortsighted. In my opinion, REA’s auction format will realize less than the maximum prices for certain individual items chased by a few people and in the long run hurt the auction house as a whole.

By not having an end time to an auction, it allows your bid to be shilled. Everyone hates to say it, but it does happen. Some people say just bid what you want to pay and don’t think about it. However, some people, including myself, have disposable income, but do not want to be cheated out of our hard-earned money. The fact that I can be shilled in this format puts a real bad taste in my mouth and I’m having a real tough time with it because there are some items that I hardly ever see, but I just refuse to be taken advantage of (unless I know it). That’s right. I don’t mind overpaying…but being cheated to overpaying…that’s a whole other matter in my opinion. Call it Texas Pride or whatever you call it where you are from. It’s why I don’t bid on a lot of ebay auctions or other auction houses. It sucks, but I’m completely fine with not having that card I always wanted if it means that the price I end up paying was influenced by an unknown and unwanted variable. I waited for years to get a 1980 Topps coin, but I recently was lucky enough to purchase a 1980 Topps coin (one on ebay -- buy it now)…I likely overpaid, but I can live with it because I decided what to pay and not some shill bidder.

Not having snipes is the other thing that I don’t like. At least I don’t know how to snipe the auctions….maybe I can pay someone to write a program…ugh the time and hassle. Why not allow it? I guess I’m fine with not having snipes, but only if the auctions were staggered with real end times. But since they are not, it forces me to face my first issue. Leaving a bid out there that can be shilled.

I’m really struggling with this one as there are a lot of items that I would like to bid on, but finding it hard to put myself out there to be screwed. Anyhow, that’s how I feel and just to be crystal clear, I am in no way saying REA is shilling their auctions or doing anything underhanded. I just happen to think the current format lends itself to abuse and I cannot get comfortable with it. The items in their auction are truly incredible and wish I could partake.

[hcv123]

Originally Posted by Jay Wolt

REA ends on the 6th
Mothers Day is on the 13th

Not remembering which day is Mother's Day

[wolf441]

Originally Posted by Jay Wolt

REA ends on the 6th
Mothers Day is on the 13th

You just made my weekend!!! I'm not sure why I had this Sunday pegged as Mothers Day, but now I'm off the hook!!!

[tiger8mush]

Originally Posted by wolf441

The one point that no one has brought up is how my wife and mother are both going to hate me because REA decided to host the last day of bidding on MOTHERS DAY!!! Thanks Brian, I'll start prepping the couch now...

I thought it was this weekend too! Until a fellow member set me straight haha. I'm a bad husband/son!

[Paul S]

Originally Posted by tiger8mush

I thought it was this weekend too! Until a fellow member set me straight haha. I'm a bad husband/son!

With the sense of advertising urgency created across all forms of media, who can blame anybody?

[Yoda]

For me it is simple, I always go to bed early, since I don't want to catch late night auction madness and bid more than I am comfortable with. My final bids are locked and loaded, so let the chips fall where they may.

[ls7plus]

Originally Posted by Yoda

For me it is simple, I always go to bed early, since I don't want to catch late night auction madness and bid more than I am comfortable with. My final bids are locked and loaded, so let the chips fall where they may.

+1. Does no one trust the "Honest Autobid" (max bid) function?

Best to all,

Larry

PS: Ok, I got it. You get outbid on one lot, and you have several others you can spend those $$$ on!

[oldjudge]

I think there is a different right answer for different bidders. If you have qualifying bids in on thirty lots but can only afford five, then the “everything closes at once” format works better because you can move the money around. If you have only one or two lots you really want, then the “lot by lot” closing method works better since you can have your war, be done, and go to sleep.

[Rhotchkiss]

Originally Posted by oldjudge

I think there is a different right answer for different bidders. If you have qualifying bids in on thirty lots but can only afford five, then the “everything closes at once” format works better because you can move the money around. If you have only one or two lots you really want, then the “lot by lot” closing method works better since you can have your war, be done, and go to sleep.

This is so true. I generally fall into the latter category, which makes sense that I prefer the lot-by-lot close -- to me, nothing is worse than staying up until 2+pm, sleepily thinking I am in good shape since my bid has held for 3-4 hours of extended bidding, going to bed and then waking up to find out someone outbid me in the wee hours. I guess like someone else said, REA is a happy medium -- its an earlier all close at once.

[T206Collector]

Originally Posted by oldjudge

I think there is a different right answer for different bidders. If you have qualifying bids in on thirty lots but can only afford five, then the “everything closes at once” format works better because you can move the money around. If you have only one or two lots you really want, then the “lot by lot” closing method works better since you can have your war, be done, and go to sleep.

+1

And of course there is only one answer for consignors - keep the auction open for the bidders that want to move the money around.

[Snapolit1]

Every auction house will tell you how great their system is. Yet I can’t think of a another line of business out there that functions in a way where auctions close at midnight or after. Christie’s sells 500M paintings. Silly I guess that they don’t close these sales at modnogjt.

[bigfish]

Originally Posted by Snapolit1

Every auction house will tell you how great their system is. Yet I can’t think of a another line of business out there that functions in a way where auctions close at midnight or after. Christie’s sells 500M paintings. Silly I guess that they don’t close these sales at modnogjt.

We are all alittle nuts about buying this stuff. Steve, if you really want something in the auction i suggest you do this Sunday so you’re ready to bid.

1. Go to church
2. Walk the dog
3. Polish the pewter

Then stay up and win the item you’re interested in. You can sleep in on Monday.

[sb1]

Joe,

Your experience with Heritage is what I was talking about in terms of lots getting to retail quicker than the all-night bidding, the vast majority of those that never got another hit after the 11:00 hour were probably already full priced or the next increment would have placed them over market.

On the one lot that I won in Heritage(two auctions ago), Myself and another bidder began battling at the start of the extended bidding when I came in to place what I would hope would be the winning bid at 10:59 and played ping-pong for nearly an hour, more than doubling the price of the item from when we started, I am sure you can guess what it was

If that would have been a 4-5am auction, I would not have bid until I got the final notice or warning and chances are he was not around to bid as there would not have been one bid since he was the high bid before the extended bidding, thus no reason for him to even think he might get outbid. The premise of an auction and especially a successful one for the consignor is to create a bidding war and that can only be done when all of the qualified and interested bidders are front and center and battling it out. Thus a higher sales price, the more bids the higher the price.

As others have said, there is no 100% answer and you just have to plan each auction around the bidding parameters.

[RedsFan1941]

Originally Posted by Snapolit1

Every auction house will tell you how great their system is. Yet I can’t think of a another line of business out there that functions in a way where auctions close at midnight or after. Christie’s sells 500M paintings. Silly I guess that they don’t close these sales at modnogjt.

maybe you should just collect art, which apparently is easier. talk about worrying about the deck chairs on the titanic.

[Rickyy]

Originally Posted by Yoda

For me it is simple, I always go to bed early, since I don't want to catch late night auction madness and bid more than I am comfortable with. My final bids are locked and loaded, so let the chips fall where they may.

Me 2!

Ricky Y

[Baseball Rarities]

Brian - what are your thoughts on offering a sniping service?

[packs]

Not sure you can set a snipe without a definite ending time.

[Baseball Rarities]

Originally Posted by packs

Not sure you can set a snipe without a definite ending time.

Exactly. Why not just have a hard close with a sniping service?