Way to go REA!!

Golfcollector · #1 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 · #2 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 · #3 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 · #4 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.

Snapolit1 · #5 01-30-2020, 01:18 PM

It's the endless debate and will go and on and on. I think 90% of us agree that auctions closing at 4 or 5 am suck (at least for us east coasters). A number of auction houses have been fine tuning in recent years and trying different things and I commend them for it.

The live Hunts style auction to me is easily the best. I watched their last auction and it was a lot of fun and I jumped in and bought 3 lots I otherwise would have passed on simply because they were under priced. I couldn't do that at 4 am because I would be fast asleep. And the rare item that was must have material I snagged, and didn't lose out to snipers.

I've noticed in recent auctions a meaningful percentage of lots that never attract a single bid. Won't name any particular AH. I would suspect in a live auction format everyone of them or very close to it would sell.

Auctions that close in the middle of the night leave a lot of my and presumably others' money on the table. Can't imagine how their consignors are cool with that.

Aquarian Sports Cards · #6 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 · #7 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...

whiteymet · #8 02-01-2020, 03:44 PM

Quote:

Originally Posted by RCMcKenzie

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...

HEY! You are not supposed to out auctions here! I was going to go for the Paul Serusier at Sotheby's but now that you've outed it I'll never be able to afford it! THANKS!

RCMcKenzie · #9 02-01-2020, 07:54 PM

Quote:

Originally Posted by whiteymet

HEY! You are not supposed to out auctions here! I was going to go for the Paul Serusier at Sotheby's but now that you've outed it I'll never be able to afford it! THANKS!

Fred, I was not the consignor, so I figured it was okay..ha-ha..Rob

Thanks for acknowledging my attempt at humor.

RedsFan1941 · #10 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?

Aquarian Sports Cards · #11 01-30-2020, 03:01 PM

Quote:

Originally Posted by RedsFan1941

why do you think that is?

Lots of reasons, not the least of which is, like I said, I am hardly a big player. My top items are usually in the $2,000 range. While I do get fairly rare items they're not high demand rare items so I don't have 15 guys all hoping to be the last bid in extended bidding and 4 or 5 guys who put in a monster top bid.

Also my ending is about as close to a live auction ending (I was a live auctioneer first so this was intentional) as I could make it. I debated leaving extended bidding open to everyone which would most closely mimic a live auction, but decided that everyone would wait until the last minute to place even an initial bid which might terrify consignors. As a new player to the field I couldn't afford that so I compromised. You have to bid before 10pm eastern closing day on a given item to be eligible to bid on that item after 10pm. Our clock is 15 minutes and lots close individually, which, to me is the most important thing.

Finally most of my auctions have been between 300 and 500 lots which also helps them close early. I am very curious to see how the next one, which is by FAR our largest ever, closes.

BeanTown · #12 01-30-2020, 04:08 PM

The best way for any auction IMO is to get all the bidders ready to bid at onetime. Giving the bidders strategy in an auction is a good thing and allowing them to shift their bidding based on their budget is good to.

1. Must place a bid by extended time.
2. Each lot goes off individually (10-30 minutes AH choice)

Extended time is when the timer starts to count down on each lot.

No hard closes at a default time
No more late night auctions where the entire auction closes at sametime
No more penalties for doing an after hour bid (clean sweep)
No more confusing closes (LOTG and Hakes)
Keep the next bid increments nominal and allow cut bids or any amount over.

All AHs need to use third party insurance and not make shipping or insurance a profit center. Nor, pass on "actual cost" from the carrier like Fed Ex or UPS which basically screws the buyer.

Rhotchkiss · #13 01-31-2020, 04:45 PM

I just had a long conversation with a friend about REA�s new close and I have changed my tune a tad. I fully applaud REA for continuing to improve, and I really was against the all-lots-close-at-midnight, and think the 5-minute, lot-by-lot close is a huge improvement. But 5 minutes may not be enough. Especially, when you are bidding on 8-12 lots; it�s just too hectic in 5 minutes. I think you need more time. I think I am starting to think this would be my ideal auction close:

Extended bidding starts at 11pm eastern. During extended bidding, every lot closes on a lot by lot basis after 15 minutes goes by on that lot without a bid.

Aquarian Sports Cards · #14 01-31-2020, 06:01 PM

Quote:

Originally Posted by Rhotchkiss

I just had a long conversation with a friend about REA�s new close and I have changed my tune a tad. I fully applaud REA for continuing to improve, and I really was against the all-lots-close-at-midnight, and think the 5-minute, lot-by-lot close is a huge improvement. But 5 minutes may not be enough. Especially, when you are bidding on 8-12 lots; it�s just too hectic in 5 minutes. I think you need more time. I think I am starting to think this would be my ideal auction close:

Extended bidding starts at 11pm eastern. During extended bidding, every lot closes on a lot by lot basis after 15 minutes goes by on that lot without a bid.

So close to perfection lol. we start extended bidding at 10pm eastern and do 15 minute clock.

ruth-gehrig · #15 01-31-2020, 06:23 PM

My most favorite online auctions are "live" in the sense that lots are presented and close lot by lot. None of the major sports auctions use liveauctioneers but I believe Hunts Live auctions use invaluable.com which is similar. With liveauctioneers typically auctions with a thousand or more lots will close over a few days. I can track my lots and bids through the app and will get notified when outbid and even the day of the auction to remind me of the start time. Sometimes I can watch the auctions that I'm interested in but if I'm busy or working I dont worry about it. As long as I've thrown a bid on a lot I'm interested in I'll get a phone notification 15 minutes before my lot comes up. Some of these auctions can be attended live. I dont see why some of the big players in the sports auction arena dont take this approach.

iowadoc77 · #16 02-01-2020, 06:28 AM

Quote:

Originally Posted by Rhotchkiss

I just had a long conversation with a friend about REA�s new close and I have changed my tune a tad. I fully applaud REA for continuing to improve, and I really was against the all-lots-close-at-midnight, and think the 5-minute, lot-by-lot close is a huge improvement. But 5 minutes may not be enough. Especially, when you are bidding on 8-12 lots; it�s just too hectic in 5 minutes. I think you need more time. I think I am starting to think this would be my ideal auction close:

Extended bidding starts at 11pm eastern. During extended bidding, every lot closes on a lot by lot basis after 15 minutes goes by on that lot without a bid.

Even though I am usually not bidding on multiple lots at a time, I would vote for this close. I also acknowledge that we will not come to a consensus and there will be critics of every conceivable auction close. Probably will even be critics of the �inconceivable� types of auction closes if anyone catches the reference there.

robertsmithnocure · #17 02-01-2020, 11:43 AM

Quote:

Originally Posted by Rhotchkiss

I just had a long conversation with a friend about REA�s new close and I have changed my tune a tad. I fully applaud REA for continuing to improve, and I really was against the all-lots-close-at-midnight, and think the 5-minute, lot-by-lot close is a huge improvement. But 5 minutes may not be enough. Especially, when you are bidding on 8-12 lots; it�s just too hectic in 5 minutes. I think you need more time. I think I am starting to think this would be my ideal auction close:

Extended bidding starts at 11pm eastern. During extended bidding, every lot closes on a lot by lot basis after 15 minutes goes by on that lot without a bid.

This seems like the most reasonable compromise.