Late night auctions, no thanks
 

Looking at the results of a recent auction that closed, I see numerous photos I wanted and had bids on and 4 or 5 of them I would have easily exceeded the winning bid. But I was outbid at like 10:30 pm, and checked the closing procedures and saw that the auction did not close on a lot by lots basis. So I went to bed.

Frustration. A photo that sold for $1000 I would have paid $2000 for. And, no, I don't love auto bid. Have used it sometimes but generally don't like bidding against myself.

Consignors of these items would have made more if the auction closed lot by lot. I would have stayed up if I was in a bidding war with someone if it wasn't going to last for hours. Some of us still need to go to work the next day. But I am not staying up to 1 or 2 am waiting to see that all lots have stopped getting bids.

But at least the $2000 photo I lost will be on sale on ebay soon for $11,500.

That's just the bump in value the new owner/seller will accrue by having the photo slabbed.

I totally understand not wanting to place maximum bids. I will add that from my recent experiences (the last few auctions I bid in), I have left maximum bids for the most I was willing to pay for the items and then went to sleep. In every case, the maximum bid was not reached, and in most cases I won the item for several increments under my maximum bid.

You do run the risk of bidding against yourself if the auction house is not on the up-and-up. Otherwise you are bidding against other bidders while you are enjoying a good night's sleep. You either wake up happy you did not get into a bidding war and overpay, wake up happy that you won the card for the maximum price you decided you were willing to pay, or wake up even happier that you won the card for a lower price than you were willing to pay.

Again, this only works if you trust the auction house. That is up to each person to decide.

I have never understood why sports auctions structure their closing times the way they do. No one should be up bidding at midnight or after. I dabble in a lot of different collectables and if I'm bidding on art, guns, movie posters, etc., I typically know if I won before it's dark outside, and definitely before midnight.


*(edited to add)* Why not start extended bidding at 2pm and do lot by lot closing starting at 6pm? You'd still get people complaining about the closing times but if the auction closed on a weekend I doubt the total final hammer would be much different that if the auction closed at midnight.

agreed I am not happy with the different times they close and how they close.

Sometimes I am up until the early morning with some of them closing between 2am and 5am Eastern time.

I have used max bids in the past but also when you are bidding on multiple items and the plan is for if one gets to much to go to your second or third choice you cannot do that with max bid usage.

not to mention lack of sleep etc

But it must be working for the consignors and auction houses since they do it

It's not just a AH issue. I trust all the AHs I deal with. But consignors can easily get friends to tap tap tap something. Give it a nudge. A risky strategy of course, but I'd be surprised if it doesn't happen a decent amount.

Good points - about lack of sleep, I've found that at some point I get tired enough that it isn't fun anymore.

I look forward to the auctions that end lot by lot, because they end at a reasonable time. Besides, I can manage my budget much better as some items get too pricey and I cross them off my list, and then focus on others.

The auctions that end all at once...... sometimes I'll play, sometimes not.

Good points by Jeff and Steve about maximum bids. I agree that maximum bids are not a great option if you are bidding on several lots and you have a certain amount of money you are willing to spend in the auction as a whole...because if everything goes to the max, you will probably spend more than you have allocated.

I was just throwing it out there as a possible strategy but my preference is for lot-by-lot closing like Heritage does and like REA does now (although REA starts their individual lot closing a little on the late side for me...he says, while posting to the board at 12:20 AM).