Quote:
Originally Posted by barrysloate
Somebody needs to come up with a system that forces bidders to place bids early. It isn't as if it takes until 6:00 AM for all the bids to be placed and processed, it's really that bidders feel no pressure to bid before the wee hours of the morning. And they do wait. Instead of placing their bids early, they try to wait until the last possible minute, hoping to catch a competitor sleeping, or to get a last bid in before the auction finally closes.
|
Green Jacket auctions which specialized in golf memorabilia has a giveaway that usually rewards 10-15 bidders with winning a free prize.
You get one entry for any bid made on any lot for a period of two days which is early in the auction.
This
obviously drives the price up quickly on some lots, but it also cuts out the last minute bidding on stuff. With a chance to win two masters practice round tickets or even just a Masters Flag, you would be amazed at how many bids take place.
It seems to work well for them... and I personally would like to see some other auction houses try something similar...I am sure any of the larger ones could easily pony up a couple grand in material as giveaways...particularly with the fees they are charging on both ends.