What Is Your Auction Strategy?

[martyogelvie]

I put my max bid in early and forget it. The only reason is i simply cannot stay up late for some of these auctions to end..

I think most of the bidders who bid late are simply enjoying the excitement of the auction.. Perhaps they have their eyes on more than one item but know tehy can only afford one or the other so they wait to see which they have a more realisitc shot at!!!! They don't bid early for fear of showing their hand in a poker game.. IMO..

FWIW, I wish I could stay up late and enjoy these auctions but know that I am probably better off financially because of it.. or perhaps not.

[Orioles1954]

Originally Posted by martyogelvie

I put my max bid in early and forget it. The only reason is i simply cannot stay up late for some of these auctions to end..

I think most of the bidders who bid late are simply enjoying the excitement of the auction.. Perhaps they have their eyes on more than one item but know tehy can only afford one or the other so they wait to see which they have a more realisitc shot at!!!! They don't bid early for fear of showing their hand in a poker game.. IMO..

FWIW, I wish I could stay up late and enjoy these auctions but know that I am probably better off financially because of it.. or perhaps not.

I also agree the auction house and their ending rules plays a factor. For example, there is no reason to place my initial bid on a B&L lot until very late in the ballgame.

[barrysloate]

I like to put my initial bids in early, then I don't bid again until the last night or until a lot is approaching my maximum. I never understood bidding numerous times on a lot before the last night, but some people feel it is a good strategy. I never stay up late so if necessary I will leave a small max bid, usually one bump at most.

[HRBAKER]

My strategy is a function of two things, a.) my trust level with the house and my money, and b.) how tired I am.

[Jim VB]

I usually bid early in the auction and then forget about it until the last day. I will admit that, on occasion, I have come to the last day and perused my watchlist and found items that I think are underpriced. This may cause me to bid on them as I eliminate others that have moved out of my price range.

[Exhibitman]

Place them ASAP as markers so I get emailed notices on them; place the final bids on the last day.

[benchod]

I agree with Barry
Place an initial bid on the lots I'm interested in and then wait for the auction close; extended bidding.
Don't understand the need to run up the price before

[Leon]

Originally Posted by benchod

I agree with Barry
Place an initial bid on the lots I'm interested in and then wait for the auction close; extended bidding.
Don't understand the need to run up the price before

The reason someone might run a price up quickly is to oust others from playing on that particular lot. Also, there might be a certain "spot" I want and I want to get there first. Generally, I put in marker bids and then watch. Like it or not I am sure the strategy B and L has used before, in allowing all lots to be bid on until the end, will continue. We have seen proof positive that it's best for consignors. Like it or not that is who auctioneers work for. Collectors (like myself) will generally bid on items we want or need, regardless of the format. I can't say how many times I have wanted to bid on something when the lot I wanted got too high, but forgot to put a marker bid in. regards

[glchen]

I agree with Leon about the strategies. Generally, I go w/ the put an earlier marker in and then bid during extended bidding. However, sometimes you know that a lot is worth X dollars. The cards in the lot are common enough that you can buy elsewhere, so you want to stake your max bid at X since at the next high bid, the lot won't be worth it anymore. Finally, sometimes you want to go with a straight bid early rather than a max bids that jumps a number of levels to knock potential bidders out of the lot.

[benchod]

I suspect there is no right or wrong answer.
In the end the lot will sell for the same regardless of your strategy