Rea

[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.

[Republicaninmass]

"Pre bidding " has ended


The "auction" is today

[Snapolit1]

Whatever. . . everyone has an opinion. I just don't understand the basic premise that most buyers have some number to spend, say it's $2000, and if they get squeezed on some item at 11pm or 3 am then rush hysterically to deploy their money elsewhere, because it's literally burning a hole in their pocket and they'll be crushed if they don't get rid of it somehow. I hope that's not the way you guys act at restaurants. "Let's have another round of desserts and sambuca . . .no one is leaving this place until I get rid of every dollar in my wallet."

[hcv123]

Originally Posted by Snapolit1

Whatever. . . everyone has an opinion. I just don't understand the basic premise that most buyers have some number to spend, say it's $2000, and if they get squeezed on some item at 11pm or 3 am then rush hysterically to deploy their money elsewhere, because it's literally burning a hole in their pocket and they'll be crushed if they don't get rid of it somehow.

+!000

I bid on what I want - till it goes beyond what I'm willing to spend. If I don't win, I have more money for the next thing I want when it comes around (not necessarily in the same auction)! There was 1 time I would have bid on an item based on the sale of a consignment (which didn't sell) - so I didn't bid.

[Vintageclout]

Originally Posted by Snapolit1

Whatever. . . everyone has an opinion. I just don't understand the basic premise that most buyers have some number to spend, say it's $2000, and if they get squeezed on some item at 11pm or 3 am then rush hysterically to deploy their money elsewhere, because it's literally burning a hole in their pocket and they'll be crushed if they don't get rid of it somehow. I hope that's not the way you guys act at restaurants. "Let's have another round of desserts and sambuca . . .no one is leaving this place until I get rid of every dollar in my wallet."

Maybe for the first time in your life you should concern yourself with YOUR bidding habits, and not worry about others. To each his own....it’s what makes the world go round!

[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.

[Vintageclout]

Scott - sound reasoning but remember one minor fact. Who’s to say if cards are AT or NEAR retail, someone won’t place another bid? I’m sure both you and I have surpsssrd retail cost many times to capture a lot we really wanted. Thus, more bids/$$$$ for the Consignor and an opportunity to win another lot.

[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.

[mechanicalman]

Originally Posted by RedsFan1941

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

Yeah, but I’m not sure the fine art world has chatboards on which you can complain about auction rules and shipping speed.

[ullmandds]

Originally Posted by mechanicalman

Yeah, but I’m not sure the fine art world has chatboards on which you can complain about auction rules and shipping speed.

"I can't believe that buyers premium and shipping charges on that giacometti...reeeeee-diculous!"

[Snapolit1]

Originally Posted by mechanicalman

Yeah, but I’m not sure the fine art world has chatboards on which you can complain about auction rules and shipping speed.

I’m sure they do.

[RedsFan1941]

Originally Posted by Snapolit1

I’m sure they do.

if there are, guaranteed you’d find them to complain how you missed a noon auction because you were stuck on the subway. stupid art auctions.

also, I’m sure you know this because you seem so familiar with Christies and the like, but for those who don’t, in your apples to oranges comparison of $500 million art auctions to REA and others, most of the bidders hire agents to do their bidding, paying them one or two percent of what they spend to handle their bidding. so the time of the auctions are pretty much irrelevant in terms of convenience for the buyers.

[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