Originally Posted by CuriousGeorge (Post 1909690)

Corey, I thought that even the auctions that remain open well into the morning have a hard close time that is not dependent on the amount of time a last bid was placed on an item in the auction. But it’s an arbitrary time determined by the auction house themselves. Perhaps what I’m saying is incorrect and they do just continue until there is no bid for a certain amount of time. If that’s the case then you will always have time to bid on something else but perhaps someone else can chime in whether even in that circumstance does the auction continue for as long as there is a bid being placed on any item?

Originally Posted by JackW (Post 1909697)

"almost everyone has put in their best bid and gone to bed"

If you know an auction is going to end at midnight and you are the current high bidder, why not put in your best bid at 11:58 or 11:59? Then if you get "sniped" you will know the sniper beat your best bid? It seems like people who got beat late last night are lamenting they didn't place their highest bid but are blaming how the auction ended. I would much rather place my absolute best bid when I know it's going to be "out there" only for 1 or 2 minutes as opposed to some unknown or unstated auction closing time.

Originally Posted by bounce (Post 1909692)

You have the option of setting a higher bid so you don't get sniped. If you didn't do that, isn't it on you? Why aren't we just calling that "lazy" instead of a problem? The snipe WAS the highest bid at closing time.

I don't necessarily love the hard stop the way it happened, but I knew it was possible and even likely. As a matter of fact, I was about to bid on two other items because I'd gotten outbid on the most expensive item I was chasing around 11:40P. But I got lazy, hit bid about 8 seconds too late. Oh well.

And, NO I do not think the auction house has responsibility to get the highest price for every item - that's a totally false premise that they can't control. The "market" is much larger than the bidder IDs at REA - frequently the person willing to pay the most isn't even bidding in some of these auctions. Time, resources, awareness, all of those things factor in. REA got good exposure, they normally do solid but not overly flowerly write-ups and they run a fair auction process. I think they did their job.

Originally Posted by Ricky (Post 1909694)

"In my opinion, the steal of the auction was the E107 Plank for under $10k."

That Plank was mine, so this consigner isn't thrilled...

Originally Posted by CuriousGeorge (Post 1909702)

Because if I have say 10 items I’m looking at and put high ceiling bids on each of them, what’s to say I don’t get run up on all of them and then I have 10 items at the max I was willing to spend on each, not thinking I could end up with all of them? I wouldn’t call not doing that lazy, but actually financially prudent.

Originally Posted by Ricky (Post 1909694)

"In my opinion, the steal of the auction was the E107 Plank for under $10k."

That Plank was mine, so this consigner isn't thrilled...

Originally Posted by Ricky (Post 1909713)

Thanks guys. It happens. I can't cry about what it sold for but I also can't honestly say that I'm not disappointed. Whoever got it will be able to flip it for a nice profit in a year or two, if they want. On the bright side, I bought it for only $30 back in the late '80s, so how much can I complain? :)

Can't believe what that E107 Lajoie went for, though!

Originally Posted by Rhotchkiss (Post 1909693)

Last night.... a number of them were.

Originally Posted by CuriousGeorge (Post 1909702)

Because if I have say 10 items I’m looking at and put high ceiling bids on each of them, what’s to say I don’t get run up on all of them and then I have 10 items at the max I was willing to spend on each, not thinking I could end up with all of them? I wouldn’t call not doing that lazy, but actually financially prudent.

Originally Posted by bounce (Post 1909740)

Ryan - not really.

Peter - here's your answer.

Sort the auctions results by recent bids, pretty sure I did it correctly.
# of items with bids AFTER 11:58PM - 93 = 3.2% (2907 total lots)
# of items with bids AFTER 11:59PM - 72 = 2.5%

Of those 93 lots, 14 were top 100 items in prices, at $473k. The rest of the 93 were $212k. I'm sure some would get reallocated, but not all as the majority of that money was chasing very specific cards/lots. If you were after an E107 Lajoie, you weren't about to just pivot into eight T206 Ty Cobbs. Maybe another 5% of the auction would have been exposed to reallocation of funds? It's doubtful it's even that high, meaning well more than 90% of this auction was DONE well before "snipe" time.

There is no best way to end, otherwise everyone would do it like that and it would just be called "the way". "This way" works just fine.

Originally Posted by CuriousGeorge (Post 1909760)

Somehow I don’t know many people complaining about how Heritage ends theirs.

Originally Posted by Bicem (Post 1909782)

I think Heritage's lot by lot works well for the higher end stuff (to get max value) but it's not great for the lower tier items.

Real example from yesterday... I was bidding on 5 photos and had them ranked in terms of desirability. My top one the early bidding was pretty strong so I decided to focus my entire budget to winning it and let the other ones close. By the time I realized I was clearly bidding against someone who seemed like they were going to win it at any price and my total budget had been surpassed, the other 4 photo lots were of course closed. I 100% would have bid on them if I knew I wasn't going to get my #1.

So again, great for the best items, not great for the secondary stuff.

I'm in the camp that there's no true best way and will adapt to each auction, with the exception of the 4am... 5am... 6am closes that are ridiculous.

Originally Posted by Bicem (Post 1909782)

I think Heritage's lot by lot works well for the higher end stuff (to get max value) but it's not great for the lower tier items.

Real example from yesterday... I was bidding on 5 photos and had them ranked in terms of desirability. My top one the early bidding was pretty strong so I decided to focus my entire budget to winning it and let the other ones close. By the time I realized I was clearly bidding against someone who seemed like they were going to win it at any price and my total budget had been surpassed, the other 4 photo lots were of course closed. I 100% would have bid on them if I knew I wasn't going to get my #1.

So again, great for the best items, not great for the secondary stuff.

I'm in the camp that there's no true best way and will adapt to each auction, with the exception of the 4am... 5am... 6am closes that are ridiculous.

Originally Posted by CuriousGeorge (Post 1909798)

But Jeff, if they all closed at once and you realized at 11:59 you weren’t going to get your first choice how would it be any different? I think all sides can make feasible arguments as to why a certain way works better and then the other side can show otherwise. So as not to change the basics of how REA ends their auction, why not just add a 1-2 minute extension for every item with bids after say 11:58 and more than likely it will all be ending shortly thereafter anyway. This way the format stays the same and the best and highest bid wins the item and not the best sniper. I understand why eBay with their thousands of auctions needs to end that way but for the 92 lots or whatever someone said that would still be going they will then end more fairly. More money to the consignor and fairer to the bidders as well I think.

Originally Posted by CuriousGeorge (Post 1909798)

But Jeff, if they all closed at once and you realized at 11:59 you weren’t going to get your first choice how would it be any different? I think all sides can make feasible arguments as to why a certain way works better and then the other side can show otherwise. So as not to change the basics of how REA ends their auction, why not just add a 1-2 minute extension for every item with bids after say 11:58 and more than likely it will all be ending shortly thereafter anyway. This way the format stays the same and the best and highest bid wins the item and not the best sniper. I understand why eBay with their thousands of auctions needs to end that way but for the 92 lots or whatever someone said that would still be going they will then end more fairly. More money to the consignor and fairer to the bidders as well I think.