REA is open

CuriousGeorge · #1 08-19-2019, 12:55 PM

Interesting perspective Mark and that makes sense too. I just think a lot of what you are suggesting could go against you just as easily if the lots close all at once. For example, you�re winning your favorite lot and at 11:59 40 seconds you get sniped. If they all close at once you are pretty much finished. If they close lot by lot you can still potentially bid on something else. So I�m not sure ending them all at once necessarily solves that problem and it becomes just luck either way if you get outbid whether they all close at once or lot by lot.

To me closing them individually gives you a truer picture of interest and willing expenditure on an item. And if you lose an item you can then look at the rest that are open.

Perhaps there is no perfect system, but as I�m sitting by a computer at midnight last night and saying wtf just happened, I think a positive feeling becomes negative very quickly. At least in Heritage I have 30 minutes to regroup and decide if I want to bid on.

Peter_Spaeth · #2 08-19-2019, 12:59 PM

Different people give the exact same reason for disliking both methods. This is what I meant before -- there's just no consensus and no possibility of a consensus.

benjulmag · #3 08-19-2019, 01:10 PM

Quote:

Originally Posted by Peter_Spaeth

Different people give the exact same reason for disliking both methods. This is what I meant before -- there's just no consensus and no possibility of a consensus.

Why doesn't the method suggested in post #69 offer the best of both worlds? With a steadily declining time interval after which the entire auction closes, the auction would both end at a reasonable hour and at the same time give bidders the option to switch to other lots if outbid on another lot. Sniping would not exist, and a bidder would know that if he got outbid on a lot, it was because he/she made the conscious choice not to go higher.

To my knowledge, this method has not been tried and if the software, as Barry says, exists, why not give it a shot? The only down side I suppose is that it will force bidders to literally sit by their computers/devices at the very end. But at least by doing so they will have full control over what happens.

barrysloate · #4 08-19-2019, 01:15 PM

Quote:

Originally Posted by benjulmag

Why doesn't the method suggested in post #69 offer the best of both worlds? With a steadily declining time interval after which the entire auction closes, the auction would both end at a reasonable hour and at the same time give bidders the option to switch to other lots if outbid on another lot. Sniping would not exist, and a bidder would know that if he got outbid on a lot, it was because he/she made the conscious choice not to go higher.

To my knowledge, this method has not been tried and if the software, as Barry says, exists, why not give it a shot? The only down side I suppose is that it will force bidders to literally sit by their computers/devices at the very end. But at least by doing so they will have full control over what happens.

It has been tried, I used it. And it worked very well.

CuriousGeorge · #5 08-19-2019, 01:22 PM

Brian is one of the very honorable guys in an industry I am understanding more and more to be a little more corrupt than one would like. I would be very surprised if he did not carefully think through all of these various issues and come up with a more equitable solution going forward. And whatever that may be, I would like to think that the winner of the auction will be determined by the person willing to pay the most at the time that particular lot is closing and not by someone sniping at the last second.

Peter_Spaeth · #6 08-19-2019, 01:40 PM

Quote:

Originally Posted by CuriousGeorge

Brian is one of the very honorable guys in an industry I am understanding more and more to be a little more corrupt than one would like. I would be very surprised if he did not carefully think through all of these various issues and come up with a more equitable solution going forward. And whatever that may be, I would like to think that the winner of the auction will be determined by the person willing to pay the most at the time that particular lot is closing and not by someone sniping at the last second.

How many auctions are really won by last second snipes?

CuriousGeorge · #7 08-19-2019, 01:44 PM

Plenty last night.

Quote:

Originally Posted by Peter_Spaeth

How many auctions are really won by last second snipes?

Rhotchkiss · #8 08-19-2019, 02:13 PM

Quote:

Originally Posted by Peter_Spaeth

How many auctions are really won by last second snipes?

Last night.... a number of them were.

Cory, the 3:45am thing is different than the 12am thing in two ways (i) in the 3:45 one, the auction house does not give warning that its going to end and it ends at a firm time -- they tell you its almost over at some point and eventually they let the last 15 minutes run and don't restart -- in other words, the auction ends without true warning, so people have their bids in earlier out of caution and can't snipe, and (ii) by 3:45am, almost everyone has put in their best bid and gone to bed, so there would be very little last minute-sniping, even if sniping were possible.

bounce · #9 08-19-2019, 02:13 PM

Quote:

Originally Posted by CuriousGeorge

I would like to think that the winner of the auction will be determined by the person willing to pay the most at the time that particular lot is closing and not by someone sniping at the last second.

You have the option of setting a higher bid so you don't get sniped. If you didn't do that, isn't it on you? Why aren't we just calling that "lazy" instead of a problem? The snipe WAS the highest bid at closing time.

I don't necessarily love the hard stop the way it happened, but I knew it was possible and even likely. As a matter of fact, I was about to bid on two other items because I'd gotten outbid on the most expensive item I was chasing around 11:40P. But I got lazy, hit bid about 8 seconds too late. Oh well.

And, NO I do not think the auction house has responsibility to get the highest price for every item - that's a totally false premise that they can't control. The "market" is much larger than the bidder IDs at REA - frequently the person willing to pay the most isn't even bidding in some of these auctions. Time, resources, awareness, all of those things factor in. REA got good exposure, they normally do solid but not overly flowerly write-ups and they run a fair auction process. I think they did their job.

CuriousGeorge · #10 08-19-2019, 02:27 PM

Because if I have say 10 items I�m looking at and put high ceiling bids on each of them, what�s to say I don�t get run up on all of them and then I have 10 items at the max I was willing to spend on each, not thinking I could end up with all of them? I wouldn�t call not doing that lazy, but actually financially prudent.

Quote:

Originally Posted by bounce

You have the option of setting a higher bid so you don't get sniped. If you didn't do that, isn't it on you? Why aren't we just calling that "lazy" instead of a problem? The snipe WAS the highest bid at closing time.

I don't necessarily love the hard stop the way it happened, but I knew it was possible and even likely. As a matter of fact, I was about to bid on two other items because I'd gotten outbid on the most expensive item I was chasing around 11:40P. But I got lazy, hit bid about 8 seconds too late. Oh well.

And, NO I do not think the auction house has responsibility to get the highest price for every item - that's a totally false premise that they can't control. The "market" is much larger than the bidder IDs at REA - frequently the person willing to pay the most isn't even bidding in some of these auctions. Time, resources, awareness, all of those things factor in. REA got good exposure, they normally do solid but not overly flowerly write-ups and they run a fair auction process. I think they did their job.

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