REA Closing

[Snapolit1]

So it will go to midnight (almost certainly) and then lots will close lot by lot on a 5 minute basis.

Let me be the first to say . . . I like it. If there are two guys duking it out tooth and nail, let them go at it. Otherwise many other items will likely close at a pretty reasonable hour.

Nothing is perfect for everyone, but I like this.

At 1145 est I will check out the handful of items I am bidding on and assess how I want to let it affect my sleep.....

[Cmount76]

+1

[Rhotchkiss]

I certainly like it better than the old way - the free-for-all, get all max bids in by absolute midnight close.

That said, I would really like to see the lot-by-lot close extended to 15 minutes.

5 minutes is just not enough time to adjust and make relatively quick and expensive decisions, especially when, like me, you are toggling between 6-15 different potential items. And 30 minutes (like Heritage) is too long to wait to know if you are going to get outbid. 15 minutes is the sweet spot.

So, as I said in an earlier thread, I applaud REA for the change. But I request they consider (and ultimately implement) a 15 minutes lot-by-lot close.

[RCMcKenzie]

Am I the only one who's having a beer, hitting refresh on "my bids" every 5 minutes, and waiting for Midnight eastern? I wouldn't mind an 11pm eastern close and a 10 minute rule, but I do like this format much better than the 4AM soft close, old-school style...Rob

[Topnotchsy]

Am I the only one who's having a beer, hitting refresh on "my bids" every 5 minutes, and waiting for Midnight eastern? I wouldn't mind an 11pm eastern close and a 10 minute rule, but I do like this format much better than the 4AM soft close, old-school style...Rob

I'm with you on the closing. I'd prefer an earlier end (10 or 11 seems pretty reasonable to me) and then a 10-minute rule.

[Snapolit1]

Am I the only one who's having a beer, hitting refresh on "my bids" every 5 minutes, and waiting for Midnight eastern? I wouldn't mind an 11pm eastern close and a 10 minute rule, but I do like this format much better than the 4AM soft close, old-school style...Rob

Ah, ya just driving yourself nuts. I'd watch a movie and come back at 11:30 . . .

There is something you can set up so you get a text immediately if your are outbid.

[ejharrington]

I just wish they would move it to Saturday night.

[Jobu]

I like the 5-min interval after midnight. I could see 10 minutes, but anything more than that could make things draw on. I am also not one to be bidding on a ton of things that I really think I have a shot to win, so that might make my thoughts a bit different.

I am surprised that the pre-midnight intervals are also 5 minutes (if the whole auction goes without a bid for 5 minutes before midnight everything closes). I think you could just say "don't worry, the whole thing is open til midnight." Imagine how much money would be left on the table if there was some freak interval at 9:30 pm where nobody bid because we were all watching movies and planning to check back at 11:30.

[Topnotchsy]

I like the 5-min interval after midnight. I could see 10 minutes, but anything more than that could make things draw on. I am also not one to be bidding on a ton of things that I really think I have a shot to win, so that might make my thoughts a bit different.

I am surprised that the pre-midnight intervals are also 5 minutes (if the whole auction goes without a bid for 5 minutes before midnight everything closes). I think you could just say "don't worry, the whole thing is open til midnight." Imagine how much money would be left on the table if there was some freak interval at 9:30 pm where nobody bid because we were all watching movies and planning to check back at 11:30.

Agreed. I think the idea is that in almost every case it will go to 12, and the 5 minute rule is short enough for people to say, "but what if somehow it ends before" and put in their bids earlier. I know that I'm kinda nervous and bid early on some items.

[pokerplyr80]

Ah, ya just driving yourself nuts. I'd watch a movie and come back at 11:30 . . .

There is something you can set up so you get a text immediately if your are outbid.

I've been getting a text and an email each time I'm out bid.

I agree 10 or 15 minutes would be better than 5. Maybe they're hoping limited time will lead to more impulsive last minute bids. I've put in a few of those from time to time.

[RCMcKenzie]

... if there was some freak interval at 9:30 pm where nobody bid because we were all watching movies and planning to check back at 11:30.
Speaking of movies, that scene with Marlon Brando, inspired by Conrad's novella,"Heart of Darkness", where he says, "The Horror, the horror."

[hcv123]

If you read through this thread you will get it - It gives people a sense of urgency rather than ease and is the AH hope that will inspire heavier and more frequent bidding. I didn't get the point of the 6-12 extended bidding period till I read some peoples responses in this thread!
NO WAY the auction EVER closes before midnight.

[RCMcKenzie]

With due respect, Howard, I'm feeling the opposite of "urgency" right now. Like the great Tom Petty said..."The waiting is the harrrr-dest parrrrrt" cheers, Rob

[oldjudge]

I agree with Rob--no reason to bid before midnight. You could easily go to 11:00 and use a ten minute rule.

[paul]

I'm not sure why they don't move everything up by three hours, so the whole thing ends shortly after 9 pm eastern. But I'm on the west coast, so I guess the current system is to my advantage.

[Exhibitman]

It has been fun watching one of my consigned items more than double in OT. Hope it is one of the late ones.

[sicollector1954]

I just consigned this HOF booklet to Huggins....mine is in mint condition...have had it for 20 years or so....but unless I am missing something....the bidding here is absolutely CRAZY!!!

[timn1]

I just consigned this HOF booklet to Huggins....mine is in mint condition...have had it for 20 years or so....but unless I am missing something....the bidding here is absolutely CRAZY!!!

I agree, everything I was watching has gone absolutely crazy 😜. Good news for consignors.

[pokerplyr80]

Managed to win 1 lot, and apparently underestimated the market for a few others. Hopefully the others who stayed up came away with something.

[unamuzd1]

Dog peed on the floor, and everything I was bidding on closed while cleanup was happening, so I got shut out. Sigh.

[perezfan]

The 5 minute rule got me as well... was outbid on 3 items in overtime, and then wanted to switch over to a different lot. But it had just closed. :mad:

If the extension was just 10 minutes instead of 5, I could've given someone a good run for the money. 5 minutes is just too brief, IMHO.

[insidethewrapper]

Great way to close an auction ! Thanks REA !. It's 12:20 EDT and less than 75 lots are still open, I can go to bed early. Loved the close ! Go on to Recent bids and it shows all the items your bidding on and the time the 5 minutes will expire. Worked great.

[perezfan]

Great way to close an auction ! Thanks REA !. It's 12:20 EDT and less than 75 lots are still open, I can go to bed early. Loved the close ! Go on to Recent bids and it shows all the items your bidding on and the time the 5 minutes will expire. Worked great.

East Coast perspective vs. West Coast! :rolleyes:

[Jobu]

Having gone through it, I am going to revise and say I would prefer 10-15 minutes in the OT. With the clock resetting with each bid, all of the lots get on different schedules pretty quickly, and that made it a little hard to keep up with only 5 minutes - and I wasn't even trying to win a bunch of stuff.

[RCMcKenzie]

FWIW, I didn't care for the format tonight. I didn't know what lot was ending at what time. I did not see a countdown clock. I had set aside money for this auction that I did not spend. I did pick-up the n172 Crowell who pitched for New Orleans and Houston, so I guess I'm happy with that..

They need a countdown clock like the other people that run auctions in this format. I still think the Sotheby's/Christie's format like Saco River and Hunt's use is by far the best...Rob

[RCMcKenzie]

As Bill Parcells coined the phrase, "It is what it is." Would I have liked to have bought the T219 ME set, or the n172 Connie Mack rhhh with no oj logo, or the T213-3 overprint Donlin at twice the prices they sold for? While I'm rambling, we need to have "herd immunity" from what I understand.

[Snapolit1]

I’m thinking Bill didn’t
Coin that phrase.

As Bill Parcells coined the phrase, "It is what it is." Would I have liked to have bought the T219 ME set, or the n172 Connie Mack rhhh with no oj logo, or the T213-3 overprint Donlin at twice the prices they sold for? While I'm rambling, we need to have "herd immunity" from what I understand.

[ullmandds]

As Bill Parcells coined the phrase, "It is what it is." Would I have liked to have bought the T219 ME set, or the n172 Connie Mack rhhh with no oj logo, or the T213-3 overprint Donlin at twice the prices they sold for? While I'm rambling, we need to have "herd immunity" from what I understand.

To say I was disappointed by the results of my Donlon over print would be a massive understatement!

[bigfish]

As s consignor i was pleasantly surprised with the outcome. Strong bidding despite all the hysteria. Basketball wax and anything Jordan seems to be on the move.

As a buyer I am happy with my purchases. I don’t mind the closing format at all. We all have weeks to get our bids in. I lost out on a few things at the end. I could have bid more earlier or before 12:00. That’s on me.

Looking forward to their next sale.

[Rhotchkiss]

Having gone through it, I am going to revise and say I would prefer 10-15 minutes in the OT. With the clock resetting with each bid, all of the lots get on different schedules pretty quickly, and that made it a little hard to keep up with only 5 minutes - and I wasn't even trying to win a bunch of stuff.

+100

5 minute is just not enough time to readjust. Plus, as someone mentioned, a countdown clock on the My Bids page, for each lot, would be good. Instead, you just have to look to see if it says “open” or “sold” and you have no idea how much time is left on the open lots unless you click on the lot.

[ZiggerZagger]

Took a good amount of organization on the front end, but I absolutely loved this format. Ended up with many more Lots than expected.

Only one Lot of mine ping-ponged back and forth for a few rounds before closing prior to 12:30. I can see how 5 mins can feel short, but I liked it.
Would be fine with 10 minutes, but would not want to see 15-minute intervals personally.
Agree with need for a real-time countdown clock on the Bids page, if the platform supports it.

Overall, a step in the right direction. There is no virtue in staying up til 4:00 am. Generally, the Auction itself should be a marathon, but the close should be a sprint, IMHO.
|
|

[griffon512]

I certainly like it better than the old way - the free-for-all, get all max bids in by absolute midnight close.

That said, I would really like to see the lot-by-lot close extended to 15 minutes.

5 minutes is just not enough time to adjust and make relatively quick and expensive decisions, especially when, like me, you are toggling between 6-15 different potential items. And 30 minutes (like Heritage) is too long to wait to know if you are going to get outbid. 15 minutes is the sweet spot.

So, as I said in an earlier thread, I applaud REA for the change. But I request they consider (and ultimately implement) a 15 minutes lot-by-lot close.

+1

[insidethewrapper]

I loved the format but I agree maybe 10 minutes would be ideal. I found it very easy to bid on or watch about 10 items after midnight. I went to My Bids and then clicked Recent Bids. It told you exactly what time the item would end, ie. 12:27:39 etc Very easy. Again you can always put in a Max. bid. Now if I had
$100K plus to spend and wanted to watch 100 + items then it would be hard.

[buymycards]

To say I was disappointed by the results of my Donlon over print would be a massive understatement!

I was watching this card for the past couple of weeks. I put in a bid early, then I put in a couple of bids during the first extended bidding period. Then, like an idiot, I went to bed and didn't put in a max bid. When I saw the results this morning, I was shocked. It went for less than half of what I expected.

I can see why you are disappointed.

Rick

[Rhotchkiss]

I loved the format but I agree maybe 10 minutes would be ideal. I found it very easy to bid on or watch about 10 items after midnight. I went to My Bids and then clicked Recent Bids. It told you exactly what time the item would end, ie. 12:27:39 etc Very easy. Again you can always put in a Max. bid. Now if I had
$100K plus to spend and wanted to watch 100 + items then it would be hard.

I did not know I could view recent bids with differing closing times/count downs. That’s a nice fact. Thank you

And I agree the Donlin Overprint went very low.

[BeanTown]

Just 3 lots I was chasing. These were all the texts to my phone during the 5 minute extended time. I do not like leaving top all bids, to watch them be chipped away. I don't see how anyone that is interested in more than 5 or 6 lots could keep up.

[Vintageclout]

I certainly like it better than the old way - the free-for-all, get all max bids in by absolute midnight close.

That said, I would really like to see the lot-by-lot close extended to 15 minutes.

5 minutes is just not enough time to adjust and make relatively quick and expensive decisions, especially when, like me, you are toggling between 6-15 different potential items. And 30 minutes (like Heritage) is too long to wait to know if you are going to get outbid. 15 minutes is the sweet spot.

So, as I said in an earlier thread, I applaud REA for the change. But I request they consider (and ultimately implement) a 15 minutes lot-by-lot close.

Spot on Ryan! +1,000!!!!

[benjulmag]

Kudos to REA for being receptive to its customers concerns and tweaking the closing method to try to arrive at the best of imperfect options. I have never liked the hard close, nor the lot by lot close. But I also did not like having to stay up to dawn to know I won an item.

Going forward I think starting the lot by lot closing a bit earlier -- say 11 PM eastern time -- and lengthening the closing time per lot to 10 minutes might address some of the expressed concerns. And, after seeing how that works, there is the additional option to further reduce after a certain point -- say midnight -- the individual lot closing time to 5 minutes.

[h2oya311]

Kudos to REA for being receptive to its customers concerns and tweaking the closing method to try to arrive at the best of imperfect options. I have never liked the hard close, nor the lot by lot close. But I also did not like having to stay up to dawn to know I won an item.

Going forward I think starting the lot by lot closing a bit earlier -- say 11 PM eastern time -- and lengthening the closing time per lot to 10 minutes might address some of the expressed concerns. And, after seeing how that works, there is the additional option to further reduce after a certain point -- say midnight -- the individual lot closing time to 5 minutes.

+1 to all of this!