LOTG Auctions closing rules

Golfpro10 · #1 09-30-2024, 08:00 PM

Quote:

Originally Posted by aljurgela

I figured that I would voice my distaste for the method. It just seems odd to me that an item that gets a couple of bid from 9PM to 3AM is still open.

In my case, there is a card that I am leading and then someone bids against my Auto bid at 11PM or so, so that it will not close in the first round and then does not bid again until I am asleep (say 2:30AM).

Now in fairness they did go over my auto-bid, so I probably would not have won, but I am fast asleep at 3AM so even if I want to bid one more increment, I did not.

I also "miss" items on the individual clocks of some auction houses when bidding on many items, but for some reason that bothers me less than the bid against me while I am sleeping.

Anyway, seems like I am in the minority and most seem to like LOTG auction format. I was glad with REA went away from "whole auction at once" and have fully embraced the individual clocks.

Just my take.

btw... Al Jurgela is my full name

I agree with this of course. And thats my push back a little bit with the way the auction ends. People are saying its great for a Cosignor because it stays open longer. I would argue so many people are asleep which probably limits the chance of any bidding wars. As a cosingnor thats your dream situation. FOMO kicks in. Heat of the moment and a bid war breaks out. That is unlikely if you know an item is going to stay open until 4 am. The goal as a bidder in that situation is to wait until 4 am and take out the persons max bid at the last possible second and hope they are asleep and no chance for a bid war. I will say this again. I think Al does a great job. LOTG is gaining market share and deservedly so. I just think he could tweak how it closes a little bit. Just my opinion.

Snapolit1 · #2 09-30-2024, 09:28 PM

I don�t think I could stay up to 3:30 am if Sydney Sweeney was driving over to my house with a bottle of champagne.

Golfpro10 · #3 09-30-2024, 10:49 PM

Quote:

Originally Posted by Snapolit1

I don�t think I could stay up to 3:30 am if Sydney Sweeney was driving over to my house with a bottle of champagne.

Hahahaha 😂😂. I literally laughed out loud. That was great.

Leon · #4 10-01-2024, 06:55 AM

Quote:

Originally Posted by Golfpro10

Hahahaha 😂😂. I literally laughed out loud. That was great.

But you still don't comprehend the rule at the top. So, here is your name..

J0hn C@rzoo

Now you know, thanks!
.

Golfpro10 · #5 10-01-2024, 07:40 AM

Quote:

Originally Posted by Leon

But you still don't comprehend the rule at the top. So, here is your name..

J0hn C@rzoo

Now you know, thanks!
.

Thanks Leon. I was trying to figure out how to attach my name to the bottom of my profile. I thought that's what you wanted me too do and not just my name in a single comment. I have seen lots of other members do this so I know it can't be that hard, but like you said I am a little slow and I couldn't figure it out. My apologies.

Bicem · #6 10-02-2024, 04:47 PM

Quote:

Originally Posted by Snapolit1

I don�t think I could stay up to 3:30 am if Sydney Sweeney was driving over to my house with a bottle of champagne.

I definitely could.

Another reason I don't care for the entire or partial auction closing late night is that even if I'm comfortable using max bids, I personally don't sleep well not knowing if I won an item or not, especially on something rare and/or expensive.

doug.goodman · #7 10-03-2024, 05:23 PM

The main issue seems to be the late night finish, so why not start extended bidding at noon instead of at 9 pm?

Mark17 · #8 10-11-2024, 12:10 AM

Quote:

Originally Posted by doug.goodman

The main issue seems to be the late night finish, so why not start extended bidding at noon instead of at 9 pm?

Right. Or, if the working theory is that the longer the auction stays open, the more bids, why not just close all the lots at a reasonable time but run the auction one day longer?

I disagree that running auctions into the wee hours maximizes bids. High hammer prices result from two or more bidders going toe-to-toe. That doesn't happen when some need to get sleep. With a 20- or 30-minute rule per lot, interested parties have plenty of time to slug it out (and maximize the hammer,) and then go to bed.

I also don't like going to bed uncertain if I've won or lost.

doug.goodman · #9 10-12-2024, 01:33 AM

Quote:

Originally Posted by Mark17

Right. Or, if the working theory is that the longer the auction stays open, the more bids, why not just close all the lots at a reasonable time but run the auction one day longer?

I disagree that running auctions into the wee hours maximizes bids. High hammer prices result from two or more bidders going toe-to-toe. That doesn't happen when some need to get sleep. With a 20- or 30-minute rule per lot, interested parties have plenty of time to slug it out (and maximize the hammer,) and then go to bed.

I also don't like going to bed uncertain if I've won or lost.

It's not specifically about the "wee hours", the wee hours are just a byproduct of the 9 pm (or any after dark) start of extended bidding.

My way to guarantee all possible bids (good for sellers), and a pre-wee hours end (good for buyers) is :

1 - Extended bidding starts at noon Eastern.

2 - Only previous bidders can bid on an item.
2a - items with only one bidder close at noon.

3 - Any lot that goes one hour without a bid closes.
3a - When the entire auction goes 10 minutes without a bid the entire auction closes.

4 - The auction will end before the sun goes down on the west coast.

Mark17 · #10 10-12-2024, 03:49 AM

Quote:

Originally Posted by doug.goodman

3 - Any lot that goes one hour without a bid closes.
3a - When the entire auction goes 10 minutes without a bid the entire auction closes.

I like your ideas, but see 3a as possibly problematic. Bidders (maybe many bidders) who are trying to outlast their competition might wait 50 minutes before increasing their bids, but suddenly, surprise!, the entire auction ends.

I much prefer the simple Heritage rules - if you're bidding on some lots, you have a 30 minute rule on each one. Battle it out within a reasonable timeframe, know if you've won or lost each lot, and get to bed at a decent hour.

I always place my initial bids on all the lots I'm at all interested in on the first or second day, when the amount necessary to bid is much less than what the lots will sell for. That way I can be active on everything I care about in extended bidding, as some of the lots will exceed what I'd want to pay, allowing me to re-focus on the others. And if any of those low initial bids hold up, great, I've gotten a steal.

I also love the Hunt live auctions. For exciting bidding, nothing comes close, and I think the adrenaline, heat of the moment results in high hammers, when that FAIR WARNING message starts flashing.

Snapolit1 · #11 10-03-2024, 06:28 PM

Quote:

Originally Posted by Bicem

I definitely could.

Another reason I don't care for the entire or partial auction closing late night is that even if I'm comfortable using max bids, I personally don't sleep well not knowing if I won an item or not, especially on something rare and/or expensive.

I love the Hunt live auction format.

perezfan · #12 10-03-2024, 06:55 PM

Quote:

Originally Posted by Snapolit1

I love the Hunt live auction format.

It's great, provided you don't have bad cell reception and/or need to work in the middle of the day.

doug.goodman · #13 10-03-2024, 07:12 PM

Quote:

Originally Posted by Snapolit1

I love the Hunt live auction format.

Remind me what it is, please.

Snapolit1 · #14 10-04-2024, 05:57 AM

Quote:

Originally Posted by doug.goodman

Remind me what it is, please.

Live auction. Bid on line. One item at a time. Going, going �� sold. Old school.

the-illini · #15 10-04-2024, 07:10 AM

Quote:

Originally Posted by Snapolit1

Live auction. Bid on line. One item at a time. Going, going �� sold. Old school.

I love that too - it�s a rush to bid on something in that way - but it�s in the middle of the day.

I am much more likely to be free to bid on something at 1:00 AM than I would be at 1:00 PM.

doug.goodman · #16 10-12-2024, 01:39 AM

Quote:

Originally Posted by Snapolit1

Live auction. Bid on line. One item at a time. Going, going �� sold. Old school.

I like that, too.

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