Way to go REA!!

hcv123 · #1 01-27-2020, 09:15 PM

Quote:

Originally Posted by oldjudge

Does this change guarantee that the auction will extend until at least midnight, or might it close earlier?

is the 5 minute clock STARTS at midnight! Trying to sell it as "their pioneered closing method", but some variation on this has been used before (see Scotts post above for 1 example). So in theory, certain lots could close at 5AM!

oldjudge · #2 01-27-2020, 09:26 PM

What is the incentive on the last day to bid before midnight if you already have a bid on the lot?

Aquarian Sports Cards · #3 01-27-2020, 09:28 PM

There really isn't any. That's the one part that confused me. Why bother calling anything extended bidding until you get to the 5 minute close deadline. All you're doing is shutting people out earlier. Not sure what the upside of that is.

robertsmithnocure · #4 01-27-2020, 09:42 PM

Quote:

Originally Posted by Aquarian Sports Cards

There really isn't any. That's the one part that confused me. Why bother calling anything extended bidding until you get to the 5 minute close deadline. All you're doing is shutting people out earlier. Not sure what the upside of that is.

I do not understand what the purpose of the extended bidding period is either. I kind of like the way that Heritage does it. No extended bidding. The auction just goes straight into the 30 minute rule for each individual lot. I do not see why REA does not go straight to the 5 minute rule.

jerrys · #5 01-27-2020, 09:49 PM

Why not have an auction that is done by professional auctioneers such as Invaluable.com? Lots auctioned off in order throughout the day. All eyes together that wish to see any lot being auctioned or want to bid may do so during that same minute. No anxiety. The best.

PhillyFan1883 · #6 01-27-2020, 11:57 PM

I like this change. I did not care for REA�s other method for closing-there were too many unknowns and problematic scenarios that were presented. I applaud REA and Brian for making the adjustment, and also for listening to feedback.

Leon · #7 02-05-2020, 08:38 AM

+1 I like it too

Quote:

Originally Posted by PhillyFan1883

I like this change. I did not care for REA�s other method for closing-there were too many unknowns and problematic scenarios that were presented. I applaud REA and Brian for making the adjustment, and also for listening to feedback.

Bicem · #8 01-27-2020, 11:58 PM

Quote:

Originally Posted by jerrys

Why not have an auction that is done by professional auctioneers such as Invaluable.com? Lots auctioned off in order throughout the day. All eyes together that wish to see any lot being auctioned or want to bid may do so during that same minute. No anxiety. The best.

Agreed, definitely the most exciting way to close for bidders. I enjoy these auctions the most. Just make sure it's a weekend for optimal consignor results.

Snapolit1 · #9 01-30-2020, 08:17 AM

Quote:

Originally Posted by Bicem

Agreed, definitely the most exciting way to close for bidders. I enjoy these auctions the most. Just make sure it's a weekend for optimal consignor results.

Agreed. If these crazy ways of closing auctions in the middle of the night made sense Christies would be using them for art work worth hundreds of millions of dollars. Their consignors would be demanding it.

Just have a freaking live auction.

Aquarian Sports Cards · #10 01-28-2020, 12:08 AM

Quote:

Originally Posted by jerrys

Why not have an auction that is done by professional auctioneers such as Invaluable.com? Lots auctioned off in order throughout the day. All eyes together that wish to see any lot being auctioned or want to bid may do so during that same minute. No anxiety. The best.

I am a licensed and bonded auctioneer. A member of my state's auctioneers association who also teaches at one of the three accredited auctioneer programs in the state. Is that professional enough for you?

Invaluable is one tool, used often for live simulcast auctions and completely unfeasible for large auctions. When I do live auctions I am fairly fast and do a little over 100 lots an hour. To do even 1000 lots in simulcast (which is slower than live only) would take at LEAST 10 hours with no way of perfectly predicting when any given lot would come up. Now imagine a 3000 or 4000 lot auction?

Many "professional" auctioneers use services like Proxibid or HiBid which, with some small differences, run similarly to the major auction houses independent sites.

iowadoc77 · #11 01-28-2020, 06:36 AM

I really like the live format. But it sucks during the week for those who have a rigid work schedule and can�t follow along. And a great point that it would take a LONG time for 3000 lots to be auctioned live. Probably not practical.
The hard close at midnight is brutal. I have gotten sniped as many have I am sure with 3 seconds left and no more chances.
I applaud REA for trying to switch things up.

Snapolit1 · #12 01-28-2020, 08:20 AM

Quote:

Originally Posted by robertsmithnocure

I do not understand what the purpose of the extended bidding period is either. I kind of like the way that Heritage does it. No extended bidding. The auction just goes straight into the 30 minute rule for each individual lot. I do not see why REA does not go straight to the 5 minute rule.

I like how Hunts closes. Live auction going one twice etc. If you want desperately to win something you will have your shot and no get sniped. Someone bids and a few minutes is reset.

Snapolit1 · #13 01-28-2020, 08:17 AM

Quote:

Originally Posted by hcv123

is the 5 minute clock STARTS at midnight! Trying to sell it as "their pioneered closing method", but some variation on this has been used before (see Scotts post above for 1 example). So in theory, certain lots could close at 5AM!

I have no major beef with hotly contested lots staying open for hours. What's frustrating and infuriating is when there is no action and you are the winning bidder at midnight, one am, two am, three am, four am . . . and then a bid comes in at 5:15 am topping yours, and you have been winning the item for weeks.

(Whatever happened to the term beef being used to denote a complaint or problem. Haven't heard it in years.)

Aquarian Sports Cards · #14 01-28-2020, 10:16 AM

Quote:

Originally Posted by Snapolit1

I have no major beef with hotly contested lots staying open for hours. What's frustrating and infuriating is when there is no action and you are the winning bidder at midnight, one am, two am, three am, four am . . . and then a bid comes in at 5:15 am topping yours, and you have been winning the item for weeks.

(Whatever happened to the term beef being used to denote a complaint or problem. Haven't heard it in years.)

I agree completely and their new system addresses this problem.

perezfan · #15 01-28-2020, 12:36 PM

Quote:

Originally Posted by Snapolit1

I have no major beef with hotly contested lots staying open for hours. What's frustrating and infuriating is when there is no action and you are the winning bidder at midnight, one am, two am, three am, four am . . . and then a bid comes in at 5:15 am topping yours, and you have been winning the item for weeks.

(Whatever happened to the term beef being used to denote a complaint or problem. Haven't heard it in years.)

Yes... Where's the Beef?

A bunch of these everyday sayings are fading into oblivion as we speak. Millennials seem confused and just give you an empty look when you routinely drop one of these sayings. Many of these terms won't be around much longer. I used the term "floosy" to describe a shallow/loose woman the other day and by the response, you'd think I was speaking a foreign language.

BTW, I also like the REA change and think it was necessary. Far better closing method for consignors, especially.

mechanicalman · #16 01-28-2020, 02:07 PM

Quote:

Originally Posted by perezfan

Yes... Where's the Beef?

A bunch of these everyday sayings are fading into oblivion as we speak. Millennials seem confused and just give you an empty look when you routinely drop one of these sayings. Many of these terms won't be around much longer. I used the term "floosy" to describe a shallow/loose woman the other day and by the response, you'd think I was speaking a foreign language.

BTW, I also like the REA change and think it was necessary. Far better closing method for consignors, especially.

Maybe there are some terms that should go away.

Snapolit1 · #17 01-28-2020, 03:49 PM

Quote:

Originally Posted by mechanicalman

Maybe there are some terms that should go away.

You're a real stick in the mud.

perezfan · #18 01-28-2020, 07:35 PM

Steve... You must be no spring chicken, just to know that term.

Republicaninmass · #19 01-28-2020, 07:48 PM

Lots of Sad Sacks here on the board. They should take a hike