Goldin Auctions - Today is Final Day of Internet Bidding for Session 1
 

Babe Ruth 100th Anniversary Auction- Final Day of Internet Bidding For Session I! Get bids in now!

Session One (Lots 1-126) closes for Internet Bidding Friday, July 11th at Midnight Eastern, 9 pm Pacific. Bidding resumes at the Live Auction Event Saturday, July 12th at 7pm Eastern.

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I noticed on some of the big lots there was no reserve on lots until today. Now many of the lots have reserves not met? :confused:

Great auction BTW.

Goldin
 

Great auction with some amazing pieces, but it appears that the majority of the big $$ items didn't have the reserve price met, and did not sell.

Honestly, I thought the Baltimore News Ruth would sell.

Any thoughts?

Tony

Consignors usually have last say in reserves but I thought it (BN Ruth) would sell at that price level (470k'ish) too. It seems as quite a few higher end items didn't meet reserves. If that is the case I can empathize with the auction house a little bit.

Is it just me or are the live auction items not appearing on their website?
JimB

+1

Doesn't seem like they have all of the live lots posted anymore.

Did they extend the bidding on some of the Session 1 stuff that didn't meet reserve?

So it seems, according to their auction clock......

Hello All
1. The way the software is set up is that if you run a 2 session auction, session 1 final results are not posted until session 2 is closed. With a company like legendary that runs 2 day auctions and closes session 2 the next day, this normally isn't an issue; but since we have set session 2 to close 6 days later, there is a bit of a lag. All final results from session 1 will show as soon as session 2 closes Friday .

2. Since the Babe Ruth auction officially closes Friday July 18th, we are offering most lots that did not get a bid or hit reserve online thru that time. This will allow our over 10,000 registered bidders the chance to bid on them thru the total end of the Ruth auction, and do our best possible job for our consignors. Not everyone was reachable by phone Saturday or happened to be by a pc to bid (or at the live event) . Since we have the auction running thru Friday the 18th, we simply moved them to session 2.

Ken--so are the cards that didn't meet their reserves opening at the reserves, or at one increment over the second high actual bid?

They are at the bid increment one notch below the reserve so that the next bid will hit the reserve, as stated in the email that went out last Friday. Next bid on any of those lots prior to 126 hits reserve.

Ken, sounds good again great auction. Was there a reason the reserves didn't post till almost the last or the last day?

It was our first live auction. I know heritage runs successful live auctions, and I know people online have complained about the way hunt does them (not announcing a reserve and then just passes if it doesn't hit). I also believe that heritage doesn't post it right away and does it 72 hours prior to the live event. So we stated we would post up to 72 hours prior, and we ended up posting 48 hours before the live event. Its a learning experience and we will improve the next time. One thing is to fight harder NOT to have reserves, if possible.

Ken--Thanks for getting back. So the current "bid" level is not a real bid, just an artificial level set to trigger the reserve, that you have set, if it is topped.

Jay we do not do hidden reserves
we had the following stated in the live rules, online and in the published catalog
"For Live auction, any item with a reserve will state the reserve and have the bidding adjusted so that the next bid will hit the reserve up to 72 prior to the live sale"

If an item had already passed the reserve, nothing was done, and if an item was already at that level (one bid below the reserve), nothing was done.

Our internet only items for this auction are as they have always been, stating 'reserve not met' before a bid was even placed so people see its a reserve item

I will defer to what Ken said since what I stated was incorrect >( ....

Ken--with several major items failing to meet their reserve, how about waiving the buyers premium on these items so that they may sell? If they don't sell you don't get the buyers premium anyway.

Would you want to sell a $400,000-$500,000 item and not collect the premium? I wouldn't.

on some of those items, the consignor reserves are actually higher then the posted reserve, and I am going to be giving them a nice portion of my BP to make up the shortfall so they get their reserve in full.

I actually do not even know if I am legally allowed to waive BP in an auction, but believe me, I want to make these sales and will do whatever is legally possible for me to do so.

Ken - Have you thought about having a live auction during the National ?

not THIS National
:)