Closing Tonight: Love of the Game Auctions

[edjs]

Originally Posted by Snapolit1

Thanks Al. I wanted to comment on the Max Bid feature, as I am the one who brought it up above in the comments. You are at the top of the list of AHs I have no qualms using it. In fact I used it liberally for the last auction. However, I do wish auctions didn't end in the wee hours and where I could just stay up and bid like I do on eBay and elsewhere and not have to put in an automatic bid just in case some due on the West Coast want to try to steal one while I'm asleep.

Hey Steve,

I wanted to point out that this auction closed at 6:30 am EST, which was 3:30 am PST. It wasn't really helpful to me on the west coast to have this closing time. It seems to me that the closing time helped the east coast more than the west. Of course, it would be next to impossible to predict that those on the east coast could go to bed, get up at 6:00 am, and continue bidding, but it isn't really a benefit to be on the west coast all the time either (like never having any big shows here). I happened to wake up at 2:30 to hit the head, and noticed that I had lost out on a bid in Memory Lane, which had closed, while I was asleep. It isn't always greener on the other side of the fence. Just an observation from the other side.

Ed

[Bicem]

Originally Posted by nolemmings

And if the bidding had ended at an earlier time--with these and all bidders told in advance of the earlier ending--you have concluded the "spirited bidding" involving tens of thousands of dollars would not have occurred?

Agreed, they would have bid earlier.

Bidders are always going to try to bid as close to the end of an auction as possible, that's never going to change. The AH's are the ones that decide if this late bidding frenzy occurs at 1am or 6am based on when the bidders think/believe the auction will truly close.

[Gradedcardman]

Originally Posted by Snapolit1

Yep. Same kind of idiocy that has swept the country. Shorthand for I don't share your opinion.
Usually presented in some pseudo enlightened "I'm above all this" voice like this dude.
Care about what I care about? Heroic. Feel some other way? Whining.

I appreciate your opinion for sure. Its the way I read it and that's it. I don't like the closes either but don't have the time r ambition to start an auction company. Just seems this forum is getting to more of a bitch session than anything.

Oh well...It happens

[Snapolit1]

Well taken Ed. One man's super late night is another's early morning.

Originally Posted by edjs

Hey Steve,

I wanted to point out that this auction closed at 6:30 am EST, which was 3:30 am PST. It wasn't really helpful to me on the west coast to have this closing time. It seems to me that the closing time helped the east coast more than the west. Of course, it would be next to impossible to predict that those on the east coast could go to bed, get up at 6:00 am, and continue bidding, but it isn't really a benefit to be on the west coast all the time either (like never having any big shows here). I happened to wake up at 2:30 to hit the head, and noticed that I had lost out on a bid in Memory Lane, which had closed, while I was asleep. It isn't always greener on the other side of the fence. Just an observation from the other side.

Ed

[Baseball Rarities]

Originally Posted by Bicem

The AH's are the ones that decide if this late bidding frenzy occurs at 1am or 6am based on when the bidders think/believe the auction will truly close.

Agree 100%.

[Peter_Spaeth]

Originally Posted by botn

I must have missed or glossed over any posts that suggested that Al was not operating with complete integrity. I would be interested to know how Al knows that the spirited bidding that took place in the wee hours of the AM would have cost his consignors had he picked a different closing method?

If those bidding spirited bidders were faced with a absolute closing and they knew they had one shot to be the top bid, one would think they would toss max bids in there in the closing seconds. I think most bidders know what they are willing to go to well before the close of an auction and my guess is that number does not change often in the wee hours.

Agree with Greg and subsequent posts, Al is making unwarranted assumptions about what would or would not have happened in a different system. I doubt tens of thousands of dollars were the result of drunken exhaustion.

[barrysloate]

Originally Posted by botn

I must have missed or glossed over any posts that suggested that Al was not operating with complete integrity. I would be interested to know how Al knows that the spirited bidding that took place in the wee hours of the AM would have cost his consignors had he picked a different closing method?

If those bidding spirited bidders were faced with a absolute closing and they knew they had one shot to be the top bid, one would think they would toss max bids in there in the closing seconds. I think most bidders know what they are willing to go to well before the close of an auction and my guess is that number does not change often in the wee hours.

+1

Exactly what I wanted to say, but Greg, Todd, and others beat me to it. Those heavy bids are placed in the wee hours because those heavy bidders aren't compelled to bid early. If they were told the auction would be closing at midnight, every last one of those bids would still be executed, only earlier.

And I too support Al and think he is doing an amazing job. When he started his business five years ago, he asked me about my experiences as an auctioneer, and I told him the single hardest thing to do is get good consignments. He has outdone anything I could have imagined for him. He is a champ!

[brianp-beme]

Let me know if this hybrid ending option has been mentioned before or is in practice already...I'm not afraid to be knocked down from my creative lofty perch.

I like the overall concept of the REA auction setup, with initial bids needing to be in by noon EST (although I think this could be pushed back later to 2pm or 3pm, as folks in the PST zone need to be up and perkily bidding before 9am). The 15 (or 30 for smaller auctions) minutes rule for bids on any item in the auction following the initial bid period is also a good rule for those bidders who allocate funds. My main departure would be that at midnight all lots that haven't received a bid in the last 15 minutes would close (let's call it a semi-hard close), leaving behind only the lots that have high bidding interest, and these lots would INDIVIDUALLY close after no bids have been received in the past 15 minutes (starting with a fresh clock at midnight).

Seems like you could satisfy both camps (consignors and bidders) with this type of hybrid setup.

Feel free to poke holes into my idea...remember, I am a collector that tolerates pinholes, punch holes, and shotgun blast holes in my cards.

Brian

[BeanTown]

Brian, those were the days with the land lines and the all nighter auctions. The only thing you left out is how they kept up with the bids.... It was on the chalk board on the wall. Then if you requested a call back, you would get a ringing phone call in the middle of the night. Glad we have progressed from those kind of auctions 20 years ago.

Al, You run a great auction and work harder than most auctioneers. You are a one man show and I would love to see you add another member or two to your team. Have to agree with all the other posters on the Spirited bidding. Spirited bidding will occur whatever time the auction is about ready to close. Many serious buyers just wait until last call or the fair warning email. I don't believe you are doing the consignors a favor by not creating bidding wars when everyone is awake and alert. Spirited bidding happens at REA from 1130-1200. Spirited bidding happens at Heritage from 11-1130, and Spirited bidding happens at Huggins and Hunt from 10-1030pm. What do you think they all have in common????

(Answer) all the bidders know when to be on their smart device/computor to bid. Let the war begin which doesn't favor collectors/dealers who live in a certain timeframe.

[ValKehl]

This old fart is a long-time collector who much, much prefers the entire-auction closes-at-once method over the lots-close-individually method because I am one of those who often has to decide where to allocate and re-allocate his auction budget during the auction and because I also believe that consignors fare better. In fact, I do not and will not consign to auction houses that employ the lots-close-individually method. And, I am delighted by the way REA modified its closing method last year - this may not be total perfection, but REA is getting close!

[Vintageclout]

Originally Posted by ValKehl

This old fart is a long-time collector who much, much prefers the entire-auction closes-at-once method over the lots-close-individually method because I am one of those who often has to decide where to allocate and re-allocate his auction budget during the auction and because I also believe that consignors fare better. In fact, I do not and will not consign to auction houses that employ the lots-close-individually method. And, I am delighted by the way REA modified its closing method last year - this may not be total perfection, but REA is getting close!

+1! Well said Val. As an avid collector, nothing is more frustrating then getting outbid on a lot(s) and not being able to reallocate your funds to another lot because it's closed. Additionally, the Consignors get crippled in this scenario because their lots are now closed whereby bidders cannot come back and bid on the closed lots.

[Bicem]

Originally Posted by BeanTown

Al, You run a great auction and work harder than most auctioneers. You are a one man show and I would love to see you add another member or two to your team.

application sent.

[pokerplyr80]

I don't get what all the fuss is about. If there is a card I'm very interested in new I will put a max bid in before going to bed. If the interest is high enough I will try to stay up, and would prefer an earlier end time. But this format was a lot better than when heritage cut off bids on the final day at 9 am pst. I found that way more ridiculous than ending an auction at 3 or 6 AM.