Way to go REA!!

[RedsFan1941]

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]

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]

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]

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]

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]

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.

[Aquarian Sports Cards]

Originally Posted by ruth-gehrig

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.

Can't speak for other auctions but there are a number of reasons. First liveauctioneers is on someone else's platform which isn't attractive to those of us who have nightmare situations on similar software. You are giving up control of the process to a corporation that may or may not get back to you in an emergency, solve problems quickly etc.

2nd 3000+ lots even at only 2 minutes per item would be more than 4 days. I'd be terrified of people losing interest, missing items they wanted etc.

I do live auctions as well, and I'm a big fan of them as a buyer too, but there's a reason that most sports auction houses run variations on the same theme. It has worked, and appears to be the best way to get the most possible bids. You will continue to see tweaks, and maybe someone with little to lose may attempt a paradigm shift, but it would be very odd to see a massively successful company scrap a system that is working.

[ruth-gehrig]

Originally Posted by Aquarian Sports Cards

Can't speak for other auctions but there are a number of reasons. First liveauctioneers is on someone else's platform which isn't attractive to those of us who have nightmare situations on similar software. You are giving up control of the process to a corporation that may or may not get back to you in an emergency, solve problems quickly etc.

2nd 3000+ lots even at only 2 minutes per item would be more than 4 days. I'd be terrified of people losing interest, missing items they wanted etc.

I do live auctions as well, and I'm a big fan of them as a buyer too, but there's a reason that most sports auction houses run variations on the same theme. It has worked, and appears to be the best way to get the most possible bids. You will continue to see tweaks, and maybe someone with little to lose may attempt a paradigm shift, but it would be very odd to see a massively successful company scrap a system that is working.

Points well taken however...
5000 auctioneers trust liveauctioneers alone. I'm not saying an auction company needs to use it just saying I like the format. Auctions on liveauctioneers typically get through about 60-100 lots an hour so 2 minutes per lot average isnt happening. My other primary collecting interest of automobilia almost exclusively uses this format, some with a live auction attendance as an option. I can live with both formats to cover my interests.

[iowadoc77]

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.

[Ronnie73]

With all of this auction talk, I'd be interested in knowing what everyone would think if ebay added a 15 minute clock after a bid even after the auction ended? So once the auction ends and there are no more bids for 15 minutes, it then ends and goes to the highest bidder.

[hcv123]

Originally Posted by Ronnie73

With all of this auction talk, I'd be interested in knowing what everyone would think if ebay added a 15 minute clock after a bid even after the auction ended? So once the auction ends and there are no more bids for 15 minutes, it then ends and goes to the highest bidder.

Good for sellers - not so much for snipers

[robertsmithnocure]

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.