I'm getting some extra rest for REA Saturday

[bcbgcbrcb]

This idea might be impossible to implement but how about a sliding buyer's premium scale where the juice percentage starts out lower and subsequently increases on those bids placed later (I remember seeing this concept used somewhere, maybe Fusco Auctions?)

[Leon]

Originally Posted by bcbgcbrcb

This idea might be impossible to implement but how about a sliding buyer's premium scale where the juice percentage starts out lower and subsequently increases on those bids placed later (I remember seeing this concept used somewhere, maybe Fusco Auctions?)

From what I can remember Steve Verkman had a small penalty for bidding late in his auctions, at least at one time. It was a bit more percentage or something along those lines. I don't know if he still has that. Huggins and Scott tried a sliding scale in their auctions, for a few auctions, and the more the hammer was, the less percentage BP was paid. They have since reverted back to a static BP rate. I don't remember any other new concepts except the one that Scott and I do in our auction, which is to allow bidding on any lot, at any time, even if you have not bid before the extended bidding. That strategy has worked well though it could be argued it is a disincentive to early bidders. We have had good success with it and will probably continue. Our auctions are smaller than some others and that might make a difference. regards

[barrysloate]

Phil- that would be extremely complicated and would cost the auction house too much money. What I implemented successfully was a descending clock. There was a 15 minute clock up to say 11:00 PM, then it became a 10 minute clock, and finally a 5 minute one. That lets bidders know they have to get their bids in.

[ethicsprof]

I will say it once again.
I do so every six months or so.
I sure miss Barry Sloate's auctions.

best,
barry

[M's_Fan]

From the REA rules:

4. The final day of bidding for all Lots is Saturday, May 1, 2010. Bids may be placed at any time prior to 4:00 PM EDT, May 1, 2010. The auction is scheduled to close at 4:00 PM EDT on May 1, 2010, HOWEVER, we will continue to accept bids after 4:00 PM EDT on all lots in the auction until approximately 15 minutes pass without either a phone or internet bid. IF YOU HAVE NOT BID ON AN ITEM BEFORE 4:00 PM, YOU CANNOT BID ON IT AFTER 4:00 PM. To ensure that everyone can get through to bid, we will remain open for bids until approximately fifteen minutes pass without a bid. If the line is busy, we are still accepting calls. This system is designed to reward bidders, not the person who can stay up the latest. If the auction continues to as late as 11 P.M. EDT on May 1, 2010, Robert Edward Auctions reserves the right to close the auction, at its sole discretion, at any time. We recommend bidders leave maximum left bids utilizing Robert Edward Auctions’ “Honest Auto-Bid” system to avoid disappointment. There will be no warning as to exactly when we will close the auction should bidding continue past 11:00 P.M. EDT. We do not anticipate the auction to remain open past 2:00 A.M. EDT (technically the morning of May 2, 2010). This closing system is designed to reward bidders, and eliminate all strategies which needlessly encourage the auction to remain open many hours into the following day, potentially giving an advantage to bidders who have the ability to stay up the latest. When the auction is over, callers will be greeted with a message informing them that the auction is over, and a message will also appear on our website stating that all bidding is closed. All lots remain open for bidding until the close of the entire auction. All lots are closed simultaneously.

In my opinion the flaw in this system is what it says in the last two sentences:

lots remain open for bidding until the close of the entire auction. All lots are closed simultaneously.

To avoid the all night bidding, all you would have to do is, after the close time of 4PM, close each individual lot after 15 minutes pass without bidding. Only the lots where active bidding was taking place would remain open.

[Jim VB]

Originally Posted by M's_Fan

To avoid the all night bidding, all you would have to do is, after the close time of 4PM, close each individual lot after 15 minutes pass without bidding. Only the lots where active bidding was taking place would remain open.

That would prevent bidders from changing strategies and shifting to a different item, if they are past their limit on another item.

[T206Collector]

Originally Posted by Jim VB

That would prevent bidders from changing strategies and shifting to a different item, if they are past their limit on another item.

Exactly right. To close each lot individually is only a benefit to certain bidders, but certainly not consignors. Let's say you have $10,000 to bid in the auction and you are going hard after a T206 Green Cobb which eclipses the $10,000 mark at 11:00 PM. Under an individually closed lot auction, that $10,000 might not get spent on another lot if it has already closed. But in REA, you can move that $10,000 to other auctions after 11:00 PM.

[Kawika]

Four a.m. EDT = Ten p.m. HST
'Nuf ced except I still gotta 544 (go shi shi) at two a.m.

[M's_Fan]

Originally Posted by T206Collector

Exactly right. To close each lot individually is only a benefit to certain bidders, but certainly not consignors. Let's say you have $10,000 to bid in the auction and you are going hard after a T206 Green Cobb which eclipses the $10,000 mark at 11:00 PM. Under an individually closed lot auction, that $10,000 might not get spent on another lot if it has already closed. But in REA, you can move that $10,000 to other auctions after 11:00 PM.

That's a good point. But the system incentivizes bidders to bid low and early, then wait till after the Auction closing time to place their real bid. This result isn't really to the benefit of consignors either. I suppose the best way is to reduce the 15 minute rule to 10 minutes, or even 5 minutes. After a month to think about it what your max is on an item, you don't need that that much more time.

[bcbgcbrcb]

I like that concept, Barry (the 15 - 10 - 5). Do you think it would help with a 1700+ lot auction like this? If so, I am all in favor of it.......

[Orioles1954]

I have honestly never heard one complaint from a consignor on our 30-minute per lot policy.

[barrysloate]

Phil- I think for a 1700 lot auction I might want to give thought to fine tuning it a little. Granted, the system could crash at the very end, and that would be a disaster. I still maintain the auction close as it stands is flawed and needs a little rethinking. But it's Rob's auction and it's his call, not mine.

[sox1903wschamp]

Operation "stay awake" has already gone into effect for me this Saturday night/Sunday morn. There is too much nice stuff for me to crash and then lose when I wake up. I know you can leave max bids but with the amount of lots I am interested in I treat this like draft day in the NFL and my card room is the war room for the weekend and my "board" is always changing based on the progress of the auction.

Lots of fun and as mentioned by Leon above, the chat room was fun last year and a riot at 3-4am on a Sunday when waiting for the auction to close and someone keeps bidding on 75 "mini's"!