REA open for bidding!

barrysloate · #1 04-14-2011, 01:59 PM

Every lot has someone who is willing to pay more than everyone else. If he goes after the lot aggressively, and has a lot of money to spend, I don't know of any strategy that is going to pry that lot away. You can try bidding really high the first day, but I'll guess that's a 50-50 shot at best. Bottom line is if somebody wants the lot more badly than you do I don't think there's a bidding strategy that will change the final result.

Cat · #2 04-14-2011, 03:14 PM

Quote:

Originally Posted by barrysloate

Every lot has someone who is willing to pay more than everyone else. If he goes after the lot aggressively, and has a lot of money to spend, I don't know of any strategy that is going to pry that lot away. You can try bidding really high the first day, but I'll guess that's a 50-50 shot at best. Bottom line is if somebody wants the lot more badly than you do I don't think there's a bidding strategy that will change the final result.

Well said. I have personally employed different bidding "strategies" but they were more designed to provide me some entertainment than they were to provide a better mechanism to win a lot.

Most of the time I just get bored and put more bids in - no rhyme or reason.

Bosox Blair · #3 04-14-2011, 04:42 PM

Quote:

Originally Posted by barrysloate

Every lot has someone who is willing to pay more than everyone else. If he goes after the lot aggressively, and has a lot of money to spend, I don't know of any strategy that is going to pry that lot away. You can try bidding really high the first day, but I'll guess that's a 50-50 shot at best. Bottom line is if somebody wants the lot more badly than you do I don't think there's a bidding strategy that will change the final result.

Barry,

I agree that your comments fit perfectly in a scenario where "whales" are chasing a rare or even scarce item.

However, the vast majority of lots in REA (and in other auctions I participate in) don't fit that. Many of the cards in these lots come up for auction frequently and final prices fall within a pretty well-established range. From what I've seen, most bidders hold up at around the "going" price on lots like this. I'd be very surprised to see a T-206 Cobb in PSA 4 go beyond prior recorded sales. Nobody wants to pay a record price for a card like this that is for sale every month. Sometimes a card like this can be had for a bit less than prior sales...and I think it helps to have fewer competitors who could jump in on a card like this at the eleventh hour.

Also, I'm not sure a card always goes to "someone who is willing to pay more than everyone else". This seems impossible, so let me explain. I'm thinking of two very specific scenarios.

First, I have often browsed auctions in overtime and saw lots where the top bid seemed to be a bargain. I would be happy to up the bid at least one increment (maybe more). Unfortunately, I had not bid on that lot in regular time, so I could not. That top bid then won the day. Was the winner willing to pay more than everyone else? Quite possibly not, because I would have gone higher (we'll never know if he also would have gone higher). But the competition on the lot was narrowed by the rules of the auction and/or bidding strategy.

Second, most savvy buyers know what cards sell for (VCP, etc.). And on frequently sold cards, there is a pretty tight range. If I'm bidding on such a lot in REA and I know the "going" price is $2400, I'll probably only bid up to the $2000 increment (that makes $2350 with the BP). The next bidder has to decide if he wants to pay $2644 for that card - that is the next increment. The difference is almost $300...over 10% of the value of the lot. Maybe this seems like small potatoes to some, but my experience - even in REA - is that most bidders won't do this. Now maybe this guy would have been happy to pay $2400 or even $2450, but he does not have that choice...he has to pay $2644 or let it go. So bidding strategy will help you get a lot like this.

These are not just abstract thoughts - these are my experiences bidding at REA and elsewhere.

Cheers,
Blair

barrysloate · #4 04-14-2011, 06:32 PM

Blair- there are some variables, and of course not getting in a qualifying bid on a lot you gladly would have topped can be frustrating. I guess the best strategy might be to get qualifiers in early on virtually every lot you would have even a remote interest in. In an REA auction that would require a lot of work.

Bosox Blair · #5 04-14-2011, 06:38 PM

Quote:

Originally Posted by barrysloate

I guess the best strategy might be to get qualifiers in early on virtually every lot you would have even a remote interest in. In an REA auction that would require a lot of work.

Agreed on both counts

.

Cheers,
Blair

Shoeless Moe · #6 04-15-2011, 08:31 AM

Just placed bids on 10 different items, I only could afford one, but have little doubt I'll be outbid on all 10, but fun to dream.

Oddly I'm the current leader on all 10 items, so doesn't look like peep are putting in Max bids.

Shoeless Moe · #7 04-15-2011, 08:37 AM

1 down 9 to go. Anyone think I'll make it thru the day?

Email rec'd moments ago.....8:34am central

"Dear paul,

One of the bids that you have placed at http://bid.robertedwardauctions.com
has been outbid by a fellow member. Here is the information pertaining to the lot you bid on:

1934 New York Yankees Team-Signed Ball with Ruth, Gehrig, Grimes, and Six Other Hall of Famers!
Lot number: 1060
New high bid: $2,250.00"

asphaltman · #8 04-15-2011, 09:49 AM

I planned on being at the computer the day bidding opened and scurrying through about 20 different lots putting in low bids. I was caught off guard and didn't realize it was opening on Wednesday. So I've been playing catch up....not exactly brave enough to just bid on all 20....I'm up to about 12 or 15 of the original 20 I had in mind...I think I have 3 or 4 i'm still the high bidder on...so as I get outbid on one, I find another of the original items to then place a bid.

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