Still Going Strong - MEARS December 2010 Auction
 

MEARS auctions utilizes the 15 minute rule per lot. Meaning, if there is one bid on any lot, the auction clock resets and starts over. For anybody crazy enough to care, that means you can still bid!!!!

The number of new registrations, total bidders, and total bids is a new record for our auction houses. Additionally, total sales have set a new company record.

Thank you to all of those that have supported us, and our apologies for making all of our bidder stay up so late.

The Staff of MEARS

Enough is Enough
 

To Mears: Congrats on your success.

HOWEVER:

As the high bidder on 10 of the lots in your current auctions, I have had enough. None of the lots have been bid on since the wee hours of the morning. Why do I now run the risk of losing out on what I perceive to be good deals because the auction keeps getting extended by maybe a handful of bidders. I know that the 15 minute rule is great for the auction house, but can't there be some default whereby an auction that has not activity for a reasonable time is ended? I can tell you that I am not going to be happy if I lose out now that people (who did not stay up all night) are waking up and realizing that the auction is still going on.

How do the rest of the Net54 members feel about the 15 minute rule in auctions?

I can't believe that I just woke up and this auction is still going on. In all my years of collecting, I don't ever remember this happening.

What's cool about this auction, is that even with all the activity and some big ticket items, there are still bargains to be found (I'm getting ready to hit a few right now -- morning bidding -- who ever heard of such a thing?!)

Greg

I don't mind that the extended bidding is approaching 12 hours.
What I don't like is that anyone can bid on any lot at any time.
So someone who hasn't bid at all can wake up and bid on anything.
It seems all other auction houses makes you bid prior to the standard
auction closing & then you are entitled to participate in the extended
bidding session.
I have been the only bidder on several lots for over a week & now I
can be topped by anyone.

Spare us. Please.

I have never been a fan of this type of format. I like Hunt Auctions in how their auctions end. Either **** or get off the pot!

I completely agree!

Chris

IMO, that is a bad format. Why should an inactive lot get "Reopened", just because there is a bid on ANY other lot?

Unless I am wrong, Jay, doesn't B & L Auctions have the same policy?

I was under the assumption that you had to have an "initial bid" in on an item prior to the auction ending time of 9:00pm CST last night in order to continue to bid on that item in "overtime". Am I wrong on this?

Maybe next time MEARS can start the 15-minute rule from the opening minute of the opening day of bidding. From there, any vacant 15-minute period will automatically end the entire auction. I bet it would be over in less than 24 hours that way.................

No initial bid is needed.

Having an auction go into the next day is absolutely unfair. There are people who stayed up all night nursing their bids and making sure they weren't topped...and now you have a whole group of people waking up who can just start the bidding process all over again, and top someone who maybe sacrificed a night of sleep. An unacceptable situation that needs to be changed.

These type of auctions are unfair to East Coasters as well....I can't tell you how many auctions I have lost out on due to some West Coasters bidding around 4 AM EST whilst I am sound asleep. I think it is only sweet justice that this auction is still going on so the East Coast people can get a chance to rebound. That being said, I still think Hunt Auctions has it right....20 mins, individual closing times.

Another alternative for MEARS at this point could be to say that not all bidders received their catalogues in the mail on time and the auction is being extended for another week.........

You're right. I just bid on an item that I hadn't bid on before.

I don't agree with this type of auction either. I understand why the auction house is doing it, but I have been the high bidder on the only lot that I wanted for the last 12 hours, with no additional bids in that period. If someone gets up today and finds out that they got outbid on their main lot, then they may go browsing for other items that they had no intention on buying prior to the end of the auction last night. That is not good for bidders.

Again, I understand why the auction house is doing this, but if I get outbid on my main goal after being the highest (and only) bidder over the past 12 hours, I will be very upset.

Thank goodness I didn't stay up all night like some people must have.

I repeat...sweet irony for the East Coasters....

This is going to go on for a while with another whole day for people to bid. And a lot of people are not working today, so this will keep going, and going, and going...

This isn't a gangsta rap east coast vs west coast, kill or be killed bullcrap. It's Baseball Memorabilia. Who cares? Go ahead and bid! If you bump me, I'll either come back, look elsewhere or bow out. You've got some issues man...

No issues here....I just find it funny that this auction format has burned the East Coast people for years....lo and behold, the West Coast bidders get burned this auction and the tears flow.....carry on!

I've never thought of losing an auction as getting "burned" regardless of the situation. If I really want something, I win it 90% of the time (and that is probably a little low). No worries here, as all is beautiful in sunny Southern California. Life is good, life is fair.

+1
 

+1

For the record we also have this same bidding process in the B and L Auctions. We start the lots a little higher and don't have 2000+ lots, so it hasn't been an issue. If we had this many we would try to make it where it would end at some point before sun up. That being said, big freaking deal. Bid again or bow out, as Jimmy so eloquently put it. If someone outbids me on something then I have the ability to bid again or not to bid. If I were one of their consignors I would be very happy. As one of their very durable bidders I am happy too. NO worries.....and Congrats to the MEARS guys, this is a great auction.

Why not have it so that if an individual lot had no additional bidding for let's say even one hour (instead of 15 minutes), or even 2 hours, then that lot should close? If there is no activity for an extended period of time, then why shouldn't that lot close?

I mean why even have an ending time if you have 2000 lots and every time someone bids in that 15 minute period the entire auction continues?

Again, I understand it's all about maximizing $$, but this is pretty ridiculous.

+2

An auction house's primary responsibility is to its consignors, who have to be ecstatic this morning.

To me as a bidder, this is a fun challenge. I don't want to "out" anything that a board member is hoping to win -- but there are still so many pieces of great memorabilia that are under $250, heck there are some great bats that are less than $100.

Greg

Should this be the ROLE MODEL for all auction houses going forward now since it is maximizing dollars for their consignors?

The weather here in Seattle is frigid, but life is still great. There are still a large number of lots with no bids (mostly photos- some very cool) despite the extended timing. Derspite being a "West Coaster", I think it's great that the auction continues. I found a few obscure pieces that I wouldn't have otherwise, and everyone now has an equal shot.

Each lot will go to the highest bidder regardless of their bedtime, and that's not so bad. In fact it's a great scenario for consignors. As a consignor, I much prefer this format to H&S, Legendary and Hunts, but that's just me.

It's possible that Mears can't end it, as the auction software might not allow it while bids are still coming in. I have heard of this happening in past auctions. Still a ton of bargains to be had, so it's kinda fun... I'm heading back to their site right now ;)

they could end it...manually
 

They could easily end the auction manually. At worst case with the help of the software people. That being said, as long as bids are coming in, if I were them, I wouldn't end it. I have seen auction houses end auctions manually with bids still coming in. If I were a consignor in one of those auctions I might not be that happy. Call me greedy but I want my consignments to sell for as much as they can. best regards

again, my point is being missed.....I wish some East coasters would chime in......me personally, if it is going to be this particular format, I am GLAD it is extending into day two!!!!

East Coast / West Coast, sounds like sour grapes. Bid your max or nurse your bids. Happy New Year Al! from beautiful San Diego.

I have finally found a "job" for my 7 yeard old daugther......monitor my bids and check the email.

I repeat, I wish some EAST COASTERS would chime in. This type of auction format favors the West Coast BY FAR. If it is ABSOULTELY going to be this type of auction, I am GLAD it is extending into the 2nd day. Most of the people complaining are actually West Coast people who realize now that they aren't controlling the end of the auction. They are used to being the last ones bidding, and have been "sniping" items for years. Yea, I know I could leave a proxy bid, but I got one word to say about that - MASTRO! The east coasters are waking up and now who knows when this thing will end!

I completely agree w/ Jeff & Jay in posts 2 & 4.

I watched my auction 'til the supposed ending time & put in my bid, then watched off & on into the AM waiting for it to end. I have been the only bidder on the auction for about 15 hrs & it's still going?

COMPLETELY ABSURD that I have to watch maybe all weekend & get beat out next Mon by someone who just happens to pass by?

Why not keep it going 'til Spring Training starts & maybe a baseball Lot will get an extra bid because of someone w/ spring fever?

Of course there are ways to shorten these auctions by simply changing the way they end, but no auction house seems to care. One change I implemented was to reduce the 15 minute interval to 10 minutes, and finally to 5 minutes, to compress the time it took to place final bids. It didn't hurt anybody and my auctions typically ended in the midnight- 1:00 AM range. I always felt having an auction run all night was unnecessary. But I get the feeling I was in the minority on that one.

I can assure you of one thing--if my Lot gets even 1 more bid after this much time, whether I win or not, I will NEVER bid on a MEARS auction again & will make sure many more will know about it.

and
 

And as a bidder I thank you from the bottom of my wallet :p.

There is an inefficiency in all these auctions but it's clearly not a priority to fix it. REA, for example, has a closing time for initial bids of 4:00 PM. But everyone knows that ten hours later the auction will still be going strong. So what happens? 75% of the bidders don't even start bidding until ten hours later. To repeat, that is an inefficiency and it would seem logical that most businesses would try to correct it.

I always said that the simple threat of closing early- imagine sending out an email on the last day which states no matter what the auction will close at midnight- would get everyone who procrastinates to start bidding early. You wouldn't even have to close it, you could still let it go into the wee hours if needed. But I bet the auction would be deluged with bids at a much earlier hour.

However, noone seems to care, and nobody is going to change the way they close these things.

And rightly so.

But, I still love ya Jimmy. Happy New Years! Steve

My Point
 

My point was not to complain about auctions that have a lot of activity. I am glad that at least a few of you understood that. I have not changed my opinion one bit....It is ridiculous that an auction that has no activity for hours, has to stay open because of a few (or many) hotly contested auctions. At this point I have been outbid on 2 of my 10 auctions, and it has been about 10 hours since I placed my original bids. I will not bid any further and I am certainly annoyed that I stayed up to participate (which I enjoy doing) and the auction is still going on.

working for consignors
 

Barry- if auction houses get more money for their consignors then please explain why they would want to change it? Maybe I am not understanding. And if they lose a bidder then there will be others that make up for it....You know as well as anyone that the "stuff" trumps everything. If you consigned something wouldn't you want everyone to get a chance to bid, regardless of when it is? If I were going to bid on one of your books, or sheet music, and the auction suddenly closed, would you enjoy that? It's a good debate but I am still not convinced there is a better way to do it than having a very open auction. Now, I do think a good argument could be made to have higher opening bids, earlier extended starting times and smaller auctions, but otherwise, I think consignors should be happy. I bet MEARS consignors aren't very unhappy either. best regards

The one lot that I am interested in has not had a bid in over 14 hours. I am one bid away from losing it and I will not up my bid anymore. If there is an additional bid, I will lose it.

There really needs to be limit on a lot that has not had activity for more than a certain period...one hour, two hours, 3?

If that is not an option, then you should have to place an initial bid on an item prior to the end of the auction end time.

With this many lots, it is ridiculous to keep extending every lot. If it was a much smaller auction, I could kind of see it.

I known it's all about maximizing money for the consignors and the auction house, but Mears has to remember that they charge the buyers 15% buyers fee and they make a lot of money with that buyers fee alone. You need happy bidders to come back to continue to make it work. It's a 2 way street in an auction setting, but at times it seems like the bidders get the shaft.

Exactly Leon....I just registered and tried to bid but it wouldn't let me. But now I am definitely going to be bidding in the future! And that is what it is all about.....

I do understand this point and it's a valid one. I am high on quite a few things but probably won't go higher. Also, Phil....quite honestly, from a consignors perspective and an auction house's perspective, the BP really comes from the seller too. Bidders factor in the total cost when bidding.....so really the money is coming out of the lot, regardless if it's on the front end or back end. Hope that makes sense? And believe me, I love this debate. It helps my partner and I make decisions on how to run our auctions. best regards

Leon- I knew you would be up my butt on this one, and I knew you would misinterpret what I said. I never said that any auction house should ever leave bids on the table (although there is always one idiot who will call the next day and say he forgot to bid). But if a lot has at any point in time three increments left before it hits its max- and every lot, you agree , does have a max- what's the difference between getting those three bids in within an hour's time, versus getting the same three bids in in five hours time? I am suggesting that the time be compressed, not eliminated. If a bidder was somehow forced to get his bid in earlier (am still not sure of the best way to accomplish this) he would gladly do it. However, he won't because nothing compels him to do so. Every lot is going to get its final bid eventually, so all I am suggesting is to find a way to get rid of all that dead time and to make those final hours more productive.

And the sheet music/book comment was hitting below the belt, in my opinion. That said, Happy New Year to you.

Just about every auction house has some type of 15-minute rule (or similar time frame) along with the statement in their terms and conditions that they reserve the right to end the auction at any time if bidding goes beyond (XX:XX AM). If that was not enforced, I'm sure that other auction house events would be doing the same thing as the one going on right now. To me, this has gone beyond rediculous, I don't really care if it is benefitting the consignors or not.

How about some Customer Service?
 

Sorry, I just don't get how anyone can defend what is going on here. I am in a customer service business myself, and IMO, Mears is not being very customer friendly. Every time I get an out bid notice or click on one of my high bidder auctions and it says 14 minutes and 58 seconds left I get more annoyed. Mears admits that they did not expect this and even apologized to bidders in the original post. How about ending those auctions that have had no activity for the last 10 hours and making your high bidders happy? I think we at least deserve that. You can leave open the auctions that still have no bids and the ones that are still going strong.

And, if I was a consignor and my auctions still had no bids or no bids since last night, I am not sure that I would be as happy as some of you are making it seem I should be.

Barry

I think a reply to Leon would be that it hit the "wrong note", and he should "turn the page". ;)

As to the Mears auction format, I must admit I did review the items again this morning, but even with a cool crisp sunny Vancouver day and a night's sleep, the extension did not inspire bidding in me. The market should of course determine whether their business model is a good one.

Best of the New Year's to all,

Max


(still collecting baseball books and sheet music, but dropping baseball art collecting when a dealer quoted a price of $65,000 on a Kernan painting...)

And to continue my argument, consignors may be happy but bidders are seething. Is that a good business model?

And as a bidder I thank you from the bottom of my wallet .

No worry Leon, your wallet & mine will never match up in a bidding war!:)

As an auctioneer yourself, do you think it is OK to have as many unhappy bidders as some who have posted here (and many, I'm sure, that haven't)?

Jeff is totally getting screwed after being high bidder for 10-12 hrs w/ no activity. I'm at the point where even if I win, my joy of getting my item has been compromised by the stupidity of it all.

ok....you got me on that. Sorry 'bout that one. Hope you have a happy and safe New Years also. :)