15 min rule ridiculous
 

Why dont all these major auction houses follow what heritage does regarding the 15 min rule. Its ridiculous that you have to wait for EVERYONE to stop bidding all at once for the whole auction to end. Who's really going to stay up until 3-4a.m to bid.

I think its about running the auction as long as they can to make more money. If a lot ends individually there's no more money to be made on that lot. I think it is stupid idea running all lots till the end it should end each individual lot. just my opinion.

Most consignors would disagree. I far prefer consigning to the Auctions who do NOT close lots individually. You have to see it from both sides, and realize that consignments are the "bread and butter" of these auction houses.

I see what youre saying and i think its only to benefit the seller. Alot of people cant stay up until 4 a.m to make sure their bid is the highest. I feel if no one is bidding on a individual lot for more than 15 mins then it should be ended due to inactivity. I can understand as a consigner you wouldnt want that. Its just very frustrating having to spend your entire night into the morning if you really want a item to make sure youre not outbid

you dont have to, just put in your max bid, a REAL max bid, a bid that if someone asked for one penny more, you just wouldnt do it, you wouldnt pay a penny more if someone twisted your arm to the point of breaking it. put in that max bid, and go to bed, you will either win the item or you won't, but you won't have regrets either and you can go to sleep.

Ya i guess thats one way. But personally i think its a bad idea but it is what it is

Don't you live in the state of Washington? You have a two hour advantage over me and a 3 hour advantage over the East Coast collectors.

Lol...ya but man i was up till like 1 a.m. I was trying to knock out which is a luxury lately being a new father. I feel for you eastcoast people more.

Some of them run so long now, that it actually benefits the East Coasters...

When they go until 7:00 - 8:00 AM the next day, most Earsterners are awake and still able to bid (if so desired). I've been beaten quite a few times that way lately...

If you put in your absolute max bid and go to bed, I suppose it's not an issue. That is, as long as you trust the AH in question :rolleyes:

Lol...exactly

C'mon - what's not to trust?:eek::eek::eek: It's only in the auction houses financial interest to have higher closing bids - just ask Bill Mastro and company.

I agree it can be aggravating to go to bed with no activity for hours on an item you're the high bidder on, then discover the next day that you've been topped. The rational for the rule is that bidders who have given up on items when they've been outbid can now take a new look at the entire auction with some money to burn. But, in the end, and as always, the only one you can really blame for ever being outbid is yourself. You would have paid more, you're thinking? Then why didn't you? Once max bids came into the picture, I've felt relieved of all responsibility for losing an auction. Figure out what you're willing to pay, place the max bid, and whatever happens, move on. There's always another auction just down the road.

yep, if you were willing to pay more, then why didnt you? that's exactly right, max bid solves that problem, this is spot on.

Either way people know when the auction ends....if theres no activity on that particular lot for 15 mins it should be ended.

The idea of "you should put in a max bid and leave" only works if you are only going after 1 item or have unlimited resources.

When I am bidding in auctions I typically find I am interested in more than one item and I do have limited resources so I have to make sure all my current max bids don't exceed my budget. When I get out bid on one lot I can maximize a bid on another lot, but if I don't get outbid til I am in bed than I can not move my bids around.

True enough, but also under the system you prefer you're still going to have to make allocation choices to get initial bids in, and you will be limited to those items to which to move your money when you start getting outbid on others. You might wish you had more choices when the outbidding starts. Clearly, the AH that decides to keep everything open to all bidders thinks that there's more money in that, and the AH that doesn't feels that their system is the most profitable. No matter what the system, there is always another auction just down the road. And there doesn't exist the item for which you are willing to pay anything to get it, so take your losses with your wins, and move on.

Exactly. Regardless of auction closing style I have never lost any AH auction where I was willing to pay more for an item than someone else. At this stage in our hobby if you don't trust the auction house with a max bid then find another auction house.

Only wrong thing with what you said is that I never said I prefer a certain method. Honestly there are pros and cons to every method and depending on the day you may get a different answer from me.

My only point was that as often as I see people say you should just leave a max bid and leave it assumes that those that don't are only worried about shilling, but that would be in flaw in thinking. I stay up as late as I can not because I am scared about shilling, I find I stay up to see if I am outbid on one lot to reallocate my money else where.

This sounded to me as though you preferred the system of a 15-minute closing rule on items on which you have a bid placed, so you could re-allocate your money without having to stay up all night.

These people who are talking about putting in your max bid then there's no need to keep a auction going until 4 a.m eastern time???. Thats insane.

Joey, just start an auction house where everyone is required to put in their max bids by your bed-time, at which time the auction closes. I probably won't be part of it, because it's an insane idea, but I wish you the best.

I understand both sides. Obviously auction houses are there to maximize their earnings so gotta respect that. I was just frustrated at the time but see everyones point. Its all good. And it was never my intention to offend any one with my post. Shouldve just kep it to myself

Uhhhhhh no thanks

Yeah, I can see how you would see that, but my comment wasn't about a preference rather just on the idea of why I don't always put my max in right away.

Right!!!!
 

Yeah I hear you on that. I prefer myself to the auction houses that end the individual item after a 15-30 timer where knowone has placed a bid. You should be bidding against other on a lot not against the whole auction. I have had experiences where an auction went into the extended bidding around 7pm and my bid sits untouched for 8 or 9 hours then getting outbid when I fall asleep. I know people that drop the first day min bid on 30 to 40 items. They get outbid on every one since these are the cheap day 1 bids then they wait until the Extended Period and start bidding at 3 to 4 am when people aren't awake to battle them. Man I got to the point where I just stay up now throughout the whole auction and Im in Central time zone. Hahaha...

The thing that drive me nuts is when a auction house says that they are closing the auction at a certain time then decide to change that the minute before closing and they keep extending the time for a few more hours. But I guess at the end of the day if you dont like a auction house's practices its time to move on to the others. There is too many places to buy from!

Huh???? Scott thats a horrible idea and cant believe those words came outta your mouth

Damn bro i shouldve had you write this post for me...lol

I don't think some understand the concept of reallocating funds when items you were bidding on get too high.

I always have limited funds and always re-allocate in a personal priority fashion. For me as a collector it is getting things which are the scarcest first....and everything else after that. For me as a flipper/dealer then it's the value of the lot vs what I have to pay which is most important.
There is absolutely no perfect way to end an auction. For every person that couldn't circle back because a lot closed (individual closing) there was someone who stayed awake and would have gone to sleep (whole auction closing at once) otherwise.

This isn't a big issue.. I've had plenty of all nighters. If it's an item I want real bad.. I'm staying up, no matter what! I feel it's an advantage to me, bcuz most ppl won't stay up. I feel the newer (Last 10 years) ppl getting into this hobby it's an issue. The later the auction goes.. the better, Its just thinning out the heard. IMHO

I personally don't like putting in max bids as I don't trust some auction houses. They know your max bid and can play with it any way they want. Maybe most auction houses are ethical about this, but I'm sure there are many that don't play fair.

please forgive the interruption.