I'm getting some extra rest for REA Saturday

[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