Goldin Auctions

benjulmag · #1 02-16-2025, 03:01 PM

An auction that ends at a set time with no opportunity for a losing bidder to raise his/her bid by definition cannot achieve the highest price for the consignor. The reason I say "by definition" is because it is a human trait not to know how high we will bid until we are faced with the realization that we will not win the item unless we raise our bid. I can't tell you how many times I ended up placing a bid much higher than I originally intended when my "can't lose bid" had been topped.

I will add that not only is an auction that ends at a set time not in the best interest of the consignor, IMO it is not in the best interest of the bidder. I for one would like the satisfaction of knowing that if I am to end up losing the lot, it was at least via a bidding format that afforded me one last shot to top a bid or know I would not win it.

oldjudge · #2 02-16-2025, 03:10 PM

I agree with Corey. I want the opportunity to do something really stupid that I will undoubtedly question the next day, but may be happy about several years down the road. What I don’t like about the Goldin format is that I find it very difficult to find results after a lot closes. Why not just do what REA does and leave all the lots up for everyone to see.
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calvindog · #3 02-16-2025, 07:41 PM

Quote:

Originally Posted by oldjudge

I agree with Corey. I want the opportunity to do something really stupid that I will undoubtedly question the next day, but may be happy about several years down the road. What I don�t like about the Goldin format is that I find it very difficult to find results after a lot closes. Why not just do what REA does and leave all the lots up for everyone to see.
.

I agree with all of this, especially the end. Just too complicated to deal with at midnight after 5000 bids have been placed during extended bidding.

Vintage Vern · #4 02-16-2025, 05:15 PM

Quote:

Originally Posted by benjulmag

An auction that ends at a set time with no opportunity for a losing bidder to raise his/her bid by definition cannot achieve the highest price for the consignor. The reason I say "by definition" is because it is a human trait not to know how high we will bid until we are faced with the realization that we will not win the item unless we raise our bid. I can't tell you how many times I ended up placing a bid much higher than I originally intended when my "can't lose bid" had been topped.

I will add that not only is an auction that ends at a set time not in the best interest of the consignor, IMO it is not in the best interest of the bidder. I for one would like the satisfaction of knowing that if I am to end up losing the lot, it was at least via a bidding format that afforded me one last shot to top a bid or know I would not win it.

That's on you. You have all the time in the world to bid higher before the auction ends. Maybe because you know you have a safety net you just hope to lowball a card in hopes you get it that way. People that truly want something, and know they only have 1 shot will bid their max, and call it a day. If most auctions had the same type format as Ebay you could bid high as you feel comfortable with and still not hit your max bid. I made a bid once and knew I had to do something at the end of auction time, and was glad I had that option. I won even though it went much higher then I expected, but was happy I won with my eary max bid.

doug.goodman · #5 02-16-2025, 05:50 PM

Quote:

Originally Posted by Vintage Vern

That's on you. You have all the time in the world to bid higher before the auction ends. Maybe because you know you have a safety net you just hope to lowball a card in hopes you get it that way. People that truly want something, and know they only have 1 shot will bid their max, and call it a day. If most auctions had the same type format as Ebay you could bid high as you feel comfortable with and still not hit your max bid. I made a bid once and knew I had to do something at the end of auction time, and was glad I had that option. I won even though it went much higher then I expected, but was happy I won with my eary max bid.

I always bid an amount higher than I want to pay so that I won't be disappointed if I lose.

And, in ebay style auctions I bid with a few seconds left (no software for me) so there is minimal time for anybody to bid again if they see that I have outbid them.

Casey2296 · #6 02-16-2025, 07:02 PM

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Goldin is not my cup o tea so I don't bid in his auctions, I do enjoy Heritage, REA, LOTG, and the smaller auction house closing procedures and the West Coast bias that comes with late night/early morning hammers.

Y'all get the National and we get to stay up 3 hours later than you, bathroom breaks not included.
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