Quote:
Originally Posted by Exhibitman
i don't think some of the AHs do a good job of understanding their bidders' psychology. For example, if a certain % of your customers have to stay in budget, it means that they may be knocked out of some items in OT by deep pocketed players. If every auction has a 'jungle' OT where anyone who has bid on anything can bid on everything, then everyone who has to watch a budget can reallocate their resources to secondary or tertiary items, especially items that close with no bids. I am always stunned that items with no bids close at the end of regular time. Why not leave them up so people who lose on a bunch of other stuff can bid on them rather than passing the lot?
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Trust me as one of the younger auction houses around we considered EVERYTHING. Ultimately we decided that the long game was to keep buyers happy, and that in turn would make consignors happy. Buyers did not like being up until 4am or later on the east coast. Also if you start all your items at low prices instead of 50% of retail, and don't have any reserves, you'll have a lot less no sales. I know we run under 1% Of course we're a pimple on the ass of the hobby compared to the big houses, but we ARE growing fairly quickly and like I said, we're in it for the long haul.