REA is open

[barrysloate]

Originally Posted by benjulmag

So true.

With the sharp midnight closing, there likely was money left on the table. On one of the lots I was bidding on, after I was topped at the 11:59 (and therefore faced with the reality, not the hypothetical, of being topped), I tried to get in one more bid, but lost out by two or three seconds.

There have been countless discussions how to have the best of all worlds -- to get maximum dollar for the consignor yet at the same time allow bidders to keep bidding on ALL their lots until the entire the auction closes, yet to do it in a way where one can get to sleep at a reasonable hour.

I've often wondered why the following method hasn't been tried (unless the software doesn't exist):

1. Start extended bidding at the earliest reasonable hour (REA's is 6 pm, which is earlier than other AHs do);
2. With each succeeding constant time interval, say, one hour, to reduce the period after which if a bid is not received, the auction closes. So if the time interval is 15 minutes at the start of extended bidding, to reduce it by, say, 3 minutes every hour. Then, when it is down to 3 minutes, to reduce it by one minute each hour. When the interval has been reduced to one minute, all remaining bidders will need to be glued to their computers/devices as if the bidding is live, and I suspect the auction will end very quickly.
3. Accompanying this would a redesign of the list of a bidder's items so as to always show on the top and in a different font/color those items that have been topped. This will address the difficulty that bidders who are watching many lots have in noticing which lots have been topped, a concern especially relevant as the bidding interval gets down to one minute.

Needles to say, there are an infinite number of ways to implement the above concept in terms of when extended bidding begins, time period after which bidding intervals decreases, how much to decrease the interval, etc. But my point is that while there may never be a closing method that satisfies all, I'm not persuaded the hobby has yet to hit the ideal method.

Corey,
I used the descending clock in my auctions, and although mine were pretty small with only a couple of hundred lots, I know the software is out there and felt it was a good system.

Having done auctions and seeing how they work on the inside, I feel it is best to have a procedure where bidders are forced to sit at their computers, pay attention, and get all their bids in. All the dead time when bidders feel it's too early to bid, and as such do nothing, doesn't benefit anyone.

But no system is perfect, or liked by everyone.

[Snapolit1]

Yeah, there is no perfect system. In a perfect world I'd like auction closes at 9 pm EST and then closes lot by lot when no bid has been placed in 15 minutes. I think a few use that now.

The idea that I have thousands burning a hole in my pocket and if I get passed on an item at 3 am, and won't go higher, damm it I'm hell bent on deploying this money somewhere and will immediately rush elsewhere to buy something is just so freakin absurd. Like we are all out of control crackheads on the floor looking for something, anything . . .

[benjulmag]

Originally Posted by Snapolit1

Yeah, there is no perfect system. In a perfect world I'd like auction closes at 9 pm EST and then closes lot by lot when no bid has been placed in 15 minutes. I think a few use that now.

The idea that I have thousands burning a hole in my pocket and if I get passed on an item at 3 am, and won't go higher, damm it I'm hell bent on deploying this money somewhere and will immediately rush elsewhere to buy something is just so freakin absurd. Like we are all out of control crackheads on the floor looking for something, anything . . .

Steve,

Respectfully while perhaps this is something you would not do, others, including myself, look at it differently. Almost all collectors have limited budgets, and many/most of them cannot afford to buy everything in a particular auction they have an interest in. So they prioritize, and if possible would like the ability to shift to item B if item A becomes too pricey. I'm not sure I understand the absurdity behind that concept.

I vividly remember an auction where there was one item I wanted more than anything, even if it meant spending all my available funds on that one item. So in the wee hours of the morning the price of that item became unaffordable. I then shifted my available funds to other items that I still had a strong interest in, and won a number of them. So while I didn't get exactly what I wanted, I still felt I had a good night, consignors got more money, and the auction was more profitable for the AH.

Yes, I get it that other bidders who did not stay up got shut out of the lots I won. And one can reasonably argue the fairness of that because they refused to stay up to some crazy hour. So that is why I introduced for discussion another closing method so as to better address the concerns of all.

[bbcard1]

Consigned one item which in the context of thing was a very minor one. Was pleased with the process and came out fine on it.

[Snapolit1]

Hey, I totally understand. Different collectors, different strategies, different ways to manage things.

Just seems to that other than the rare black swan kind of thing you'll see the same stuff again and again in future auctions, so why beat yourself up to get something. But to each his own.


QUOTE=benjulmag;1909636]Steve,

Respectfully while perhaps this is something you would not do, others, including myself, look at it differently. Almost all collectors have limited budgets, and many/most of them cannot afford to buy everything in a particular auction they have an interest in. So they prioritize, and if possible would like the ability to shift to item B if item A becomes too pricey. I'm not sure I understand the absurdity behind that concept.

I vividly remember an auction where there was one item I wanted more than anything, even if it meant spending all my available funds on that one item. So in the wee hours of the morning the price of that item became unaffordable. I then shifted my available funds to other items that I still had a strong interest in, and won a number of them. So while I didn't get exactly what I wanted, I still felt I had a good night, consignors got more money, and the auction was more profitable for the AH.

Yes, I get it that other bidders who did not stay up got shut out of the lots I won. And one can reasonably argue the fairness of that because they refused to stay up to some crazy hour. So that is why I introduced for discussion another closing method so as to better address the concerns of all.[/QUOTE]

[CuriousGeorge]

It becomes extremely difficult to put in numerous high ceiling bids and then have to worry they all hit and you’re left with a tab outside your budget. An item should be won by the person who is willing to pay the most for the item and not the person who can snipe it better. After all isn’t there a responsibility by the auction house owner to ensure his consignor gets the most for their items? I know with certainty that did not happen last night. For me, there is no question I would never give REA any items of mine until they change their format. As I was fighting to stay awake this weekend bidding on Heritage, at least I felt I was in control over whether I would win an item or not and bid until I had enough. That’s how it should be. Maybe 30 minutes is too long but 5-10 minutes is not unreasonable.

Originally Posted by benjulmag

Steve,

Respectfully while perhaps this is something you would not do, others, including myself, look at it differently. Almost all collectors have limited budgets, and many/most of them cannot afford to buy everything in a particular auction they have an interest in. So they prioritize, and if possible would like the ability to shift to item B if item A becomes too pricey. I'm not sure I understand the absurdity behind that concept.

I vividly remember an auction where there was one item I wanted more than anything, even if it meant spending all my available funds on that one item. So in the wee hours of the morning the price of that item became unaffordable. I then shifted my available funds to other items that I still had a strong interest in, and won a number of them. So while I didn't get exactly what I wanted, I still felt I had a good night, consignors got more money, and the auction was more profitable for the AH.

Yes, I get it that other bidders who did not stay up got shut out of the lots I won. And one can reasonably argue the fairness of that because they refused to stay up to some crazy hour. So that is why I introduced for discussion another closing method so as to better address the concerns of all.