Way to go REA!!

Republicaninmass · #1 01-28-2020, 07:48 PM

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

hcv123 · #2 01-29-2020, 10:16 AM

1 - Most seem to be in favor of the lot by lot close rule - which is not new to the auction world, but a system that REA is now adopting. I agree this is definitely in the best interests of consignors and am a bit sad because I have sniped a number of items quite successfully in the past.

2 - Confusion about why there is an "extended bidding period" between 6PM and 12AM when bidding will no longer end at 12. If you are using a 5 minute lot by lot end, then an "extended bidding period" preceding it is silly. As mentioned earlier in the thread - if bidding will not end at the end of the "extended bidding period", there is no incentive to bid during it. I strongly suspect this will change soon - pick whatever soft closing time you want and then the 5 minute clocks start.

Rhotchkiss · #3 01-30-2020, 07:18 AM

Last night was the first time I seriously participated in an auction by Clean Sweep (won a 1907 Detroit-Cobb PC and a signed Walter Payton helmet). They have an interesting way of closing auctions. It�s a bit confusing, but I think it works as follows:

All bids must be placed by 6pm. Extended bidding starts at 11pm (not sure why the 6pm rule) and all lots stay open until no lot gets a bid for 15 minutes. Pretty standard so far, but here is the catch - the buyers premium increases by 5% for any bid after 1:30am and by 10% for any bid after 2:30pm. The extra BP does not apply to max bids placed before 1:30.

So, they leave the auction open on a wholesale basis, but charge extra for bids placed after certain times. I kind of like that. Thoughts?

hcv123 · #4 01-30-2020, 11:08 AM

Quote:

Originally Posted by Rhotchkiss

Last night was the first time I seriously participated in an auction by Clean Sweep (won a 1907 Detroit-Cobb PC and a signed Walter Payton helmet). They have an interesting way of closing auctions. It�s a bit confusing, but I think it works as follows:

All bids must be placed by 6pm. Extended bidding starts at 11pm (not sure why the 6pm rule) and all lots stay open until no lot gets a bid for 15 minutes. Pretty standard so far, but here is the catch - the buyers premium increases by 5% for any bid after 1:30am and by 10% for any bid after 2:30pm. The extra BP does not apply to max bids placed before 1:30.

So, they leave the auction open on a wholesale basis, but charge extra for bids placed after certain times. I kind of like that. Thoughts?

1st thought is it's a money grab for the AH. I understand the idea is to negatively incentivize people to place ceiling bids before 1:30, but I would just strategize differently factoring in the extra % if I was placing later bids accordingly - with the consignor potentially getting less and the AH more.

Golfcollector · #5 01-30-2020, 11:17 AM

Why don't they just start closing them at a more reasonable time like 10:00.....the older I get staying up until midnight plus is not helping out the bidding public IMO

insidethewrapper · #6 01-30-2020, 11:40 AM

Looking for opinions, here's mine: Extending bidding starts at 11pm EST and 8pm on the West Coast. If you haven't placed a bid on an item before this time, you can't bid after this time. The remaining bidders can bid on items they previously bid on. All items closing individually if a bid is not received on that item for 5 mins. Some items would close at 11:05pm EST and others would last until a bid is not received for 5 minutes. Isn't this easy ?

Rhotchkiss · #7 01-30-2020, 12:11 PM

That�s basically what REA is doing except (1) it starts at midnight eastern (not 11pm), (2) you must place your bids by like 3pm the final day to be able to continue bidding later that day.

robertsmithnocure · #8 01-30-2020, 01:09 PM

Quote:

Originally Posted by insidethewrapper

Looking for opinions, here's mine: Extending bidding starts at 11pm EST and 8pm on the West Coast. If you haven't placed a bid on an item before this time, you can't bid after this time. The remaining bidders can bid on items they previously bid on. All items closing individually if a bid is not received on that item for 5 mins. Some items would close at 11:05pm EST and others would last until a bid is not received for 5 minutes. Isn't this easy ?

This seems like a great way to do it.

What is the purpose of having g an extended bidding session between 6 PM and 12 AM? I must be overlooking something.

Aquarian Sports Cards · #9 01-30-2020, 12:26 PM

Quote:

Originally Posted by Golfcollector

Why don't they just start closing them at a more reasonable time like 10:00.....the older I get staying up until midnight plus is not helping out the bidding public IMO

Our extended bidding starts at 10pm. Haven't had an auction get to midnight yet.

Obviously I'm not REA or Heritage but we'll see what happens with my upcoming memorabilia auction as it is well over 1,000 lots which is a first for us.

RCMcKenzie · #10 01-30-2020, 01:07 PM

I like this new format by REA. They have to accommodate the West Coast, and don't want to close during dinner hours.

I prefer the "live", traditional format used by the art houses, but most of their auctions have fewer than 200 lots. Hunt's and Saco River employ the live format on smaller auctions, and I think it works well if you have 300 lots or less.

Sotheby's has this Paul Serusier coming to the block on Feb. 5 in London, estimated at 170,000 English Pounds, just a bit more than a PSA 10 Jeter rookie...

RedsFan1941 · #11 01-30-2020, 01:51 PM

Quote:

Originally Posted by Aquarian Sports Cards

Our extended bidding starts at 10pm. Haven't had an auction get to midnight yet.

why do you think that is?