REA is open
 

Finally some good news in the hobby—REA is open. Amazing auction, especially the 19th century selection.

Agree, the 19th century stuff is off the charts.

The 20th century stuff isn't bad either. I've got a few early bids in, and a couple of outbid notices already. Should be a fun one.

I think I counted 20 Red Cobbs. :eek:

I know I'm probably going to get blasted for this, but with a few exceptions (those yum yums :eek: ), I think the auction overall is actually quite weak by REA standards. Just feels to me like the auction doesn't have that WOW factor I expect from REA.

When they went to two auctions a year, makes it hard to be stellar...although for the most part they've still done that.

It looks like they have a Spring, Summer, and Fall now. I could probably find a few lots to bid on, maybe not win. Still fun.

it has a lot of stuff I want :)

Me too!

Far from weak if you ask me!

Oh crap! I need to pay Sales Tax if I win anything from REA now. This would be a show stopper to me. Bye REA!

Got my initial bids in to. Looks like a couple big collections got consigned. Huggins and Scott opened up to, and they had some surprising good stuff as well.

Well, I'm not trying to be a Debbie Downer, but a resident of NY should've been paying "use tax" all along, not just now that REA collects it. And, yes, I agree that "use tax" sucks for buyers.

Use Tax - applies if you buy tangible personal property and services outside the state and use it within New York State. Clothing and footwear under $110 are exempt from New York City and NY State Sales Tax. Purchases above $110 are subject to a 4.5% NYC Sales Tax and a 4% NY State Sales Tax.

I say Wow ! A lot of 19th Century and over 100 Cobb items !!! Does anyone have any money left after all these auctions ?

Jay, you must be in hog heaven!

I need to start selling bodily fluids.

I agree that the high end WOW factor isn't on par with previous auctions, but the breadth and selection of nice looking mid-grade cards is very strong.

And yes, there were a TON of Red Cobbs!

I call dibs on one Ty Cobb card!

15 Green Cobb's and 20 48 Leaf Robinson's. Fun to see. Amazing stuff.

i just got this PM, and i was an early bird bidder.
I am out!

Looks like another low grade T207 Lowdermilk Cycle (although the one in the last auction had a bit more eye appeal).

Lot # 255: 1910 E93 Standard Caramel Honus Wagner
 

Can anyone explain the grade on this one? Big gash above Wagner's shoulder that presents as paper loss. Yet the card is still graded a 4?

https://bid.robertedwardauctions.com...e?itemid=57815

Very strange. Wonder if it was damaged while it was being slabbed, and they just shrugged their shoulders.

That, or a grader just missed it or thought it was a print defect are the two most logical assumptions I can think of. Nice card other than that though.

Agreed. Interestingly, the description was just edited to add the following: "A small area of surface wear to the right of Wagner's head is visible."

Great auction but I am more intrigued by a JK sighting. Hope all is well for you.....long time no see.

Thanks Leon - all is well. Hope all is well with you also. Still lurk around a bit, but with kids getting older (one is now only a year away from college) collecting has unfortunately been the piece of the pie that has had to take a back seat. Don't worry though, I will continue to pop up every now and then : )

It seems a little odd to me that a number of auction houses are running auctions at nearly the same time the National is going on. Is this unusual, or has this been the way in the past and it never struck me?

They do that so that people can actually view those lots in person at the National.

Of course you do. Just sayin! What happened to your bro Steven? Surely he has an opinion on REA?

Alright final attempt. Placed stronger max bids. Let this end early, so i can sleep!!!!!

What does this even mean and why are you trying to stir something up in a peaceful thread?

I am already done last wk after factoring in the new sales tax, everything becomes "overpriced".

I hear you...

Similar situation here...

The new 10% WA sales tax makes it tough to compete. And the fact that everything I like seems to have big ceiling bids already in place does not help much either. :o

For how nice the 19th Century items are in this auction, the prices are really light as of right now, obviously a lot of time to go but pretty surprised there hasn't been more action on those.

Not all Asians look alike, not all Jews named Cohen are related.

I have my final bids in....it can end anytime now :)

I’m currently winning two lots which is nice, but my consignment seems to be floundering. Ya win some and lose some.

Looks like it is over now.

I believe I was in a bidding war in the extended bidding that ended up in the last item to close in the auction

Hope everyone participated (as a consignor and/or bidder) was delighted with the results

It ended kind of like a Probstein ebay auction. I almost got sniped on one. Had all of my lots received snipes, I could not have recovered in time.

Got out hammered on everything I was bidding on, but my 1 "win" didn't meet the reserve so looks like I'm batting .000 for this one.

The lot I wanted most I got outbid on at 11:59 and managed to sneak one more impulse bid in at midnight to win it. Pretty sure the under bidder didn't even get notice that they were outbid until after it was over.

One other thing I'll add, I really wish REA's software would allow you to sort your bids to see which you are winning. If you only have 2 or 3 bids, I'm sure it is not a problem, but if you place a lot of bids to give yourself options in extended bidding, it is annoying scrolling through trying to find what you are still winning.

That’s a bummer.
I spent the first four hours or so of extended bidding watching my one high bid do nothing, then jump up right at the end. Still landed it though, but I thought I had a steal for a while!


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What was it?

I think REA did a great job—some super realizations and everyone gets to get a good night’s sleep.

first time new strategy
 

I placed a slew of "placeholders" the day the auction opened. I actually won 1 lot at the opening bid - first time ever!!! Then I planned carefully and figured out a method of sniping multiple items within seconds. I won a bunch including the top 3 I wanted (63 Clemente Bazoooka box, 62 Mantle Bazooka box and 62 Aaron Bazooka box). Just missed #4 (59 Mays Bazooka box)- can't win em all I guess. Prices seemed all over the place - some stuff crazy high, some stuff lower than I would have expected -full disclosure - mostly post war that I was playing with).

I'm not complaining. I got some good deals on some neat stuff. I would have spent more money had it gone on till 2 AM. C'est la vie.

think I would have spent more as well, but the extra sleep was nice.

I didn't know they have lots that have reserves. Interesting...

The Midwest Warehouse consigner of 17 lots is probably waking up on a high note. $50,000 plus BP on a box of Mickey Mouse Gum:eek:

Marquard signed T206 only went for $1,200. Ouch. Guess that market will need a long time to recover.

Great auction (hate the hard stop, all lots at midnight, ebay-style auction though - see below).

Aside from the D303 Lajoie, I got totally blown out. The E107 Lajoie went for crazy money and I finally backed off the T206 Willetts Brown Lenox once it pushed past $16k. Crazy prices on these. I also thought may of the rare-back T206s did well, especially the Wajo and Young Hindus, and the Speaker BL 350. I would have bid on several of these and others, but the hard stop at midnight scared me and I just backed off everything.

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

All-in-all, I expect consignors are happy.

On a different note, I have grown to very much dislike the every lot closing at midnight thing. Its basically like Ebay now. I had no idea how much I would be in for, or how much of my max bids would be used, so it was very difficult to estimate the parameters of my potential liability. As a result, i just gave up. I strongly prefer the close at 3am or the lot-by-lot closing. Having an Ebay-type closing in an auction of this size and magnitude is really tough in my opinion.

It would make far more sense for Brian to close all of the lots that haven’t had a bid on them for say 15 minutes at midinight and then leave the rest, maybe 5% or so, to operate on even a 5 minute rule. This way the consignor gets more for their items and you get to walk away when the price gets too high for you rather than getting sniped with seconds left. Everyone would benefit and then you’re not left with a queasy feeling at midnight when it should be a happy moment for you.

wonder what the reserve was on that e121 ruth that didn't sell...someone's greedy!!!!

Not directed at Ryan, but after countless discussions it's abundantly clear that no matter what closing format is used, there are going to be people who dislike it.

And I agree with you Ryan on the E107’s. I have no idea why the Lajoie went so crazy and the Plank was so cheap that I considered buying a second one. I took the Waddell instead.

Lajoie is much more tough than Plank, Plank is actually one of, if not the easiest, e107 HOFer.

Yes I now see.

I’m happy Jay consigned.

Many significant bids on memorabilia in both REA and Heritage. But was passed in the last furlong in REA on some nice stuff and was fast asleep for hours when my Heritage stuff closed. Oh well. A complete shut out. Maybe time to get the roof repaired instead.

No business in the world where people stand in line with a fistful of thousands of dollars but have to stay up past their bed time for an opportunity to hand it to you. I should have sold my house by having a line around the block in the middle of the night. Probably would have worked like magic.

Peter, I agree. No style is ideal. But in my opinion, the ebay-style, snipe at the last minute is the worst. I like Steven's idea.

Steven, I am sorry but i cost you $300 on the Waddell - I hit it one time after I got smoked on the Lajoie, just bc it seemed so relatively reasonable, but I let it go after that. Great looking card

Jeff, I agree the Plank is relatively common and the Lajoie actually real tough, especially in a numerical grade. That said, the Plank is normally a $16k+ card. Notwithstanding the paper loss on the front, under $10k was real cheap. And I knew the Lajoie would be expensive, but holy $43k!! So, i thinjk the Plank went super cheap and the Lajoie super expensive and the $33k+ gap not so justified.

I am regretting that I did not go back up on the Young Hindu and the Speaker BL 350 - those are two real pretty cards. Congrats to the winner(s)

Hard too to imagine another business (I am probably wrong) where a bunch of dirtbag lowlifes hold such sway over otherwise highly successful and sophisticated people.

Ryan, I think $300 is the least you have ever cost me since I have been doing this so I will take that as good fortune!

Closing Method
 

I believe the best closing method is Love of the Game's where if a lot gets a bid in the first extended period (about 10% of the items), it will then go into the second overtime period thereby eliminating the need for most people to stay up as 85% - 95% of the lots will close in the first extended period. Simple but effective

Ah, prob true in all high end collecting. I see those high end car auctions on TV. I’d be amazed if the same types of chicanery don’t go on there. Ditto coins, stamps and many other things.

Is this your way of saying you were shut out again?

I agree. I like LOTG's closing system a lot. Then again, their is not much not to like about LOTG

I got sniped at the end of my one remaining card. I slowly lost all 5 that I had at the beginning of the extended session. Oh well, I guess I need to be a little more aggressive.

So true.

With the sharp midnight closing, there likely was money left on the table. On one of the lots I was bidding on, after I was topped at the 11:59 (and therefore faced with the reality, not the hypothetical, of being topped), I tried to get in one more bid, but lost out by two or three seconds.

There have been countless discussions how to have the best of all worlds -- to get maximum dollar for the consignor yet at the same time allow bidders to keep bidding on ALL their lots until the entire the auction closes, yet to do it in a way where one can get to sleep at a reasonable hour.

I've often wondered why the following method hasn't been tried (unless the software doesn't exist):

1. Start extended bidding at the earliest reasonable hour (REA's is 6 pm, which is earlier than other AHs do);
2. With each succeeding constant time interval, say, one hour, to reduce the period after which if a bid is not received, the auction closes. So if the time interval is 15 minutes at the start of extended bidding, to reduce it by, say, 3 minutes every hour. Then, when it is down to 3 minutes, to reduce it by one minute each hour. When the interval has been reduced to one minute, all remaining bidders will need to be glued to their computers/devices as if the bidding is live, and I suspect the auction will end very quickly.
3. Accompanying this would a redesign of the list of a bidder's items so as to always show on the top and in a different font/color those items that have been topped. This will address the difficulty that bidders who are watching many lots have in noticing which lots have been topped, a concern especially relevant as the bidding interval gets down to one minute.

Needles to say, there are an infinite number of ways to implement the above concept in terms of when extended bidding begins, time period after which bidding intervals decreases, how much to decrease the interval, etc. But my point is that while there may never be a closing method that satisfies all, I'm not persuaded the hobby has yet to hit the ideal method.

LOL no my post had nothing to do with REA.

Good so I will look forward to the PSA 8 Werner Heisenberg Drakes Coffee Cake card in the August pickups.

At least one of us thinks you're funny.:eek:

It’s funny.

There you go.

Corey,
I used the descending clock in my auctions, and although mine were pretty small with only a couple of hundred lots, I know the software is out there and felt it was a good system.

Having done auctions and seeing how they work on the inside, I feel it is best to have a procedure where bidders are forced to sit at their computers, pay attention, and get all their bids in. All the dead time when bidders feel it's too early to bid, and as such do nothing, doesn't benefit anyone.

But no system is perfect, or liked by everyone.

Yeah, there is no perfect system. In a perfect world I'd like auction closes at 9 pm EST and then closes lot by lot when no bid has been placed in 15 minutes. I think a few use that now.

The idea that I have thousands burning a hole in my pocket and if I get passed on an item at 3 am, and won't go higher, damm it I'm hell bent on deploying this money somewhere and will immediately rush elsewhere to buy something is just so freakin absurd. Like we are all out of control crackheads on the floor looking for something, anything . . .

Steve,

Respectfully while perhaps this is something you would not do, others, including myself, look at it differently. Almost all collectors have limited budgets, and many/most of them cannot afford to buy everything in a particular auction they have an interest in. So they prioritize, and if possible would like the ability to shift to item B if item A becomes too pricey. I'm not sure I understand the absurdity behind that concept.

I vividly remember an auction where there was one item I wanted more than anything, even if it meant spending all my available funds on that one item. So in the wee hours of the morning the price of that item became unaffordable. I then shifted my available funds to other items that I still had a strong interest in, and won a number of them. So while I didn't get exactly what I wanted, I still felt I had a good night, consignors got more money, and the auction was more profitable for the AH.

Yes, I get it that other bidders who did not stay up got shut out of the lots I won. And one can reasonably argue the fairness of that because they refused to stay up to some crazy hour. So that is why I introduced for discussion another closing method so as to better address the concerns of all.

Consigned one item which in the context of thing was a very minor one. Was pleased with the process and came out fine on it.

Hey, I totally understand. Different collectors, different strategies, different ways to manage things.

Just seems to that other than the rare black swan kind of thing you'll see the same stuff again and again in future auctions, so why beat yourself up to get something. But to each his own.


QUOTE=benjulmag;1909636]Steve,

Respectfully while perhaps this is something you would not do, others, including myself, look at it differently. Almost all collectors have limited budgets, and many/most of them cannot afford to buy everything in a particular auction they have an interest in. So they prioritize, and if possible would like the ability to shift to item B if item A becomes too pricey. I'm not sure I understand the absurdity behind that concept.

I vividly remember an auction where there was one item I wanted more than anything, even if it meant spending all my available funds on that one item. So in the wee hours of the morning the price of that item became unaffordable. I then shifted my available funds to other items that I still had a strong interest in, and won a number of them. So while I didn't get exactly what I wanted, I still felt I had a good night, consignors got more money, and the auction was more profitable for the AH.

Yes, I get it that other bidders who did not stay up got shut out of the lots I won. And one can reasonably argue the fairness of that because they refused to stay up to some crazy hour. So that is why I introduced for discussion another closing method so as to better address the concerns of all.[/QUOTE]

It becomes extremely difficult to put in numerous high ceiling bids and then have to worry they all hit and you’re left with a tab outside your budget. An item should be won by the person who is willing to pay the most for the item and not the person who can snipe it better. After all isn’t there a responsibility by the auction house owner to ensure his consignor gets the most for their items? I know with certainty that did not happen last night. For me, there is no question I would never give REA any items of mine until they change their format. As I was fighting to stay awake this weekend bidding on Heritage, at least I felt I was in control over whether I would win an item or not and bid until I had enough. That’s how it should be. Maybe 30 minutes is too long but 5-10 minutes is not unreasonable.