REA Fall Auction Ends TODAY With New 12 PM Noon Eastern Deadline For Initial Bids!
 

Hi Everyone,

Just a reminder that the REA Fall Auction ends this Sunday, October 30 utilizing our new closing method designed to conduct extended bidding, and ultimately the auction close, during more reasonable hours when everyone is more likely to be awake (no more 5 AM closes).

A few important reminders:

You can visit and browse the auction on our website at any time.

Initial bids MUST be placed by 12 PM Noon Eastern (9 AM Pacific) on SUNDAY, October 30. IF you have not bid on an item prior to Noon, you may not bid on it during extended bidding after Noon.

If you are not registered to bid, you may still do so by filling out our registration form.

The entire auction ends at once; items do not end lot by lot or individually (unless an item has received only one bid entering extended bidding).

Bidding will continue until no bids have been placed for a period of 15 minutes throughout the entire auction.

If the auction is still going at 6 PM EST (which it almost certainly will), we may end the auction at any time without reference to the 15 minute rule.

We encourage bidders to follow the action by watching the 300 most recent bids on our website.

If bidding is slowing down, we will send out a warning email essentially stating, "Bidding is slowing down and we don't know exactly how much longer the auction will go."

This always spurs more bids, so we will monitor this activity until it slows down again, at which time we will send a "Fair Warning" email. This email is designed to be a final warning that the auction close is imminent and all final bids should be placed.

Under no circumstances will the auction continue beyond 12 AM Midnight Sunday, but this should be not be interpreted as a guarantee that the auction will continue that long. We highly advise not to wait until closer to Midnight to place your bids. Extended bidding under the old closing method died down after 7-8 hours (9 PM to 4-5 AM) so use this as a guide. The emails described above will be important guides to the likely auction closing time.

If you have any questions, we encourage you to call or email at any time as we will be fully staffed all weekend.

Good luck to all buyers and sellers!

Robert Edward Auctions
info@robertedwardauctions.com
908-226-9900

Format
 

I like this idea of closing time.
We will see how it goes. Not sure there is a perfect system but will be watching to see how this goes.
I wonder if eBay's absolute close time is influencing the bigger AHs. Pretty sure it is.

As a consignor, I'm just a tad concerned. So 9:00 AM, Pacific Time is the cut-off for initial bids on Sunday.

Would not be surprised if more than a few West Coast people overlook (or simply miss) the communication of new rules, and subsequently sleep right through the 9 AM deadline. This cut-off time is far earlier than any other Catalog Auction, and it is a Sunday morning, afterall :o

I agree with this and this is concerning plus some of the current bid levels look like bargains right now but i realize there is lots of bidding towards the end, still......

Those on the west coast, like everyone else, have had 3 weeks or so to get their initial bids in. If they don't do so by the 9am deadline, that's their own fault.

DJ

Really it is later than past auctions considering those ended Saturday night then bled into Sunday morning. So if someone overlooks it they should be there on Saturday night and notice the extension at that time.

Agreed! What good is it to wait until the last minute to get initial bid in? I am likely ignorant, but not sure. Just bid if you are going to.

+1. This seems so obvious, at least to me. People really wait until the absolutely last minute to get their INITIAL bids in?

R0nnie L3hman

It's the first time it benefits the East Coast collector for getting in a late bid(s) in the open (non extended time) auction. Years and years of us staying up till 3am while west coast people just come home after a night out at midnight to make their bids right before closing. I don't think their new closing time will affect the end results.

Anyone disagree with this then go bid now in REA and sleep in on Sunday until 2PM if you want to. Then wake up and go bid on the lot(s) you are interested in.

I would be interested to know the demographics of all the bidders as to their location. What percentage is in each time frame. My hunch is the largest number will be east coast.

My last thought is that it interferes with fantasy football and watching football in Sunday. That might be more of a concern I would have as a consignor.

I don't think the problem is initial bids. I think the issue is that for people on the West Coast the auction ends at 9 PM or earlier on a Sunday night. People are out and about on Sundays and many do not get home before 9PM. Also, I don't like hard closes or the possibility of them. I think this will lead to people being shut out at the end; I predict bargains.

right everyone can analyze all they want....the proof of any impact will be on the final sale prices..

You may be correct Jay. Us collectors love bargains, but it seems the good stuff always goes off for what it should. I think Heritage, Huggins and Scott, and Brockleman auctions have it right for having a firm time extended bidding starts at where each lot closes on an individual basis depending on the bidding activity. This way everyone knows when to be at the computer to bid.

Rea
 

So what about all the other auctions that screw the east coast because the west coast is 3 hours behind them and it's easier for them to stay up and out bid.

^This!^ If you can't get your initial bids in during the THREE WEEKS the auction has been running then you don't deserve to bid or win anything. It doesn't matter what time initial bidding starts, someone will have a problem with it. I commend Brian and REA for trying something new.

First off, nobody here is bitching. This is a significant change, and I expressed that I was "just a tad" concerned with the policy change. Some people (not on net54) will miss or overlook the changes. It's not a matter of "favoring" the east or the west. Of my 12 consigned lots, 2 have still garnered no bids. And both are worth significantly more than the starting bid amounts. The other 10 lots are also pretty stagnant. And yes- I've been through enough of these to know that most bidding occurs at the end.

That said... not everyone reads the periodic emails or the fine print within the printed catalogs. Others inevitably may notice the Noon closing time, but fail to realize that's Eastern Daylight Time. As for waiting until the very end to bid... many prospective bidders (with finite budgets) are outbid beyond their means on their top-tier items. Subsequently, they search for/shift to lots with one or no bids, late in the game. Often, auction houses will even send email blasts, highlighting these "overlooked" items. Goldin just did it today. I suspect this happens more with memorabilia than with cards, so perhaps that's why some here aren't grasping the concept.

With the 9 AM closing, those are the potential concerns (as a consignor). As a bidder, it's obviously more beneficial. No big deal... just minor (yet legit) concerns, given the rather significant change in policy.

Kinda like the bargains West Coasters usually get when we on EST have to get some sleep?

There's no perfect auction format. I vote for one when everyone doesn't need to drink red bull to play.

jeff

P.S. Go REA!!!!!!

I agree with this Jeff! I usually stay up way tooo flipping late. I like this better. On the downside, I will be distracted during my sons Sunday afternoon soccer game. And I am the coach...:eek:

Record prices happen when folks are pittted against one another and one gets caught up in the moment. That's not gonna happen at 6 O'Clock on a Sunday evening. It only matters for the esoteric stuff. The graded Topps cards are like buying stocks or gold that have a daily value. It does sound like it's going to close around 11 Central and it would be good to just say that.

As someone based in London - this is the first time that an auction closing time will likely happen while I'm asleep.

It's been rather effective being able to get up in the morning with a clear head and bid as needed.

Now I'll be fighting to stay awake on any outbid e-mails in the extended bidding time.

m

Note I just got from Goldin starts with:

"We want to be as blunt as possible about the auction close tonight. Please be prepared for a LATE NIGHT. "

I vote for the REA way.

jeff

Buyers will like the REA way, but it takes good stuff to be consigned to make a great auction house so i not sure why an auction house would just cater to buyers and not sellers

of course if the prices realized are fine for consignors and the buyers love the the format than theres no issue either

There's a gorgeous T205 Corridon in SGC 84 at a bargain price right now! Only two 86's and nothing higher than a 7 at PSA!

;)

Mark, I think bidders during extended time can open up a lot if no bids are placed on it. So, the two lots you mentioned without bids could in fact get bids Sunday afternoon. I'm not 100 percent on that, but pretty sure that's how they do it. You made a good point that most the net54 members know when the extended time begins compared to other non members. I wonder what that percentage would be in non members. My guess is it's low.

I think another reason we see prices at investment prices is because of the flood of material hitting the market right now. I have 20lbs of auction catalogs on my desk that will be closing in the next couple of weeks.

Agree completely with Jay. I expressed so when Brian first posted a few weeks ago alerting us to the new closing procedure. I was never one of the west coast guys who stayed up until 3 AM but this process really hijacks an entire Sun and interrupts watching football and the World Series. The hard close at 9PM PST, if it even goes that late, is also not to my liking.

I agree with Jeff here. Time will tell, but I know I am looking forward to this format.
And... we will very likely not ever find the perfect formula. Many different opinions will continue to exist and many formats will be attempted.

I feel as horrible about messing up your Sunday as you did me not getting any sleep when REA closed at 4am. :)

Just put in max bids if you're busy on Sunday ... like all the West Coasters used to tell me to do if the auction ended too late for me to stay awake.

jeff

Thanks for clarifying this. I was not aware that items with no bids could potentially be re-opened for bidding. Most auctions do not, in fact do that.

I've enjoyed people's theories about how this new REA format could hurt buyers or sellers. Nearly comical. No, definately much more convenient to sellers to have an auction close at 4:15 am on the east coast. That's smart business. Surprised the NFL hasn't caught on and started games at midnight NY time. Hell, I might open a restaurant and only sell food between 3 and 5:35 am.
Prime time. I got Goldin's message last night as I was shutting my phone off. No big deal. Rarely do I ever see a one of a kind item I must have. Happens once or twice a year at most. For most of this stuff I'm comfortable going to bed and letting someone else who isn't exhausted from working, taking care of sick kids, etc. "win" it.

You always this charming?

12:19 pm EDT ----------- this thing still going ???!!! ;)


I think :rolleyes: it's innovative idea .....

I'm very surprised to see I've actually won two lots already as the only bidder on them. Never had that happen before....

Congrats!

Yeah, I don't see the negative to the new format. The auction has been up for 3 weeks and there will be extended bidding for 12 hours no matter where you live...not really putting a crimp on my time here.

Nice auction, thanks Brian.

Nothing at all personal, Greg.

It's just annoying that its ok for me to stay up until 4am but not ok for others to bid during their day.

jeff

Congrats. I have been outbid on all of mine. I am pretty sure I will put more bids in but At least it won't be an all-nighter.... :)

I like it. With three weeks and twelve hours there is no excuse to completely miss a bid. I threw down my max bids today once ot started and I am able to ignore the auction and get on with my day. Plus I will know the outcome before I go to bed. What I don't like is lots with no bids being closed to bids in OT. As I get ko'ed on lots and my budget frees up I might want to go bottom feeding. I do that in Sterling.

If anyone is interested in placing a bid on an unopened lot, please feel free to email us at info@robertedwardauctions.com and we'll take care of it. The system should allow you to bid on an unopened lot at any time, but it does not appear to be allowing it, so we can do it manually.

Thanks to all who are involved in the bidding!

How could the system allow for it if all initial bids are supposed to have been placed by 12PM EST?

The program is designed to recognize the difference between a lot with 0 bids and a lot with 1 or more bids. It can leave a lot with 0 bids open in the interest of getting it sold, while prohibiting new bids from being entered on a lot with 1 or more bids after the 12 PM EST deadline.

Anyone want to do an over/under for ending time?? :D

A question for Brian...

Let's say there is a lot currently with zero bids. Prospective bidder then makes the call, and gets authorization to place a bid (to keep it from going unsold...)

Is that lot then closed to all others, with the winning bidder being the person who placed the overtime bid? Or does that action open it up to all others?

Thanks in advance for clarifying!
Mark

Under that scenario, the lot would be closed to new activity.

Which makes complete sense.
I like the new format!

I'm out

That was easy.

Agree... thanks, Brian for clarifying!

As I stated before :rolleyes: I like this new time arrangement.

However, I'm wondering how many "beer" bids are going to be lost ???? :p

Right now I'm on my third 16 oz "shot in the dark" coffee ("red eye" to some parts of country), and all the *&^%$ hepped up !!!! But, although going nuts, have refrained from upping max bids.

If it was after mid-night, and had 3 pints in me, who knows ???????? :)

Fun, fun, Scott

looks like 6:45 pm according the site

First timing bidding in this type of auction (usually an eBay buyer) man is it stressful and fun!

Next time let's get together for some pints. Sounds like a good time!