Quote:
Originally Posted by Kenmarks
I was just looking over the current Huggins and Scott auction. They have some really great items!! I was noticing some listings with lots of bids and was surprised by how low the current high price with so many bids. Seemed to me the bid should be higher with so much activity.
Just to pick out one lot as an example see:
1914 T222 Fatima Cigarettes Grover Alexander Rookie - SGC 2 Good
The starting bid was $250 and after 22 bids the current high bid as I write this is $775. Most auctions have a 10% bid increment, which if my math is correct would have the current high bid at $1850 not $775, a difference of $1075!!
As a consignor I would not be happy with this. However I looked at the H&S rules and it clearly states the increments as
$50-$249 increment of $10
$250-$999 increment of $25
$1000-$9,999 increment of $100
Using their increments the high bid of $775 after 22 bids is correct. I assume the thinking is to get more people to bid. And I understand that if the increments were to be 10% some of the bidders may not have bid which would bring down the $1850 figure above. However I have to believe the bids would be higher than the current bid. Just my take.
Curious if the increments H&S uses would cause pause for consignors? Have any of you who have consigned in the past known this? If so how did it work out for you? Were you pleased? Did your item go for less, what you expected or more?
If you were looking to consign to an auction house would this knowledge sway you not to consign or encourage you to consign with H&S?
Maybe I am forgetting/missing something. I would be interested in others thoughts.
As a footnote, I am not a consignor in this auction.
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Ken,
About 5-6 years ago we changed our format from larger bid increments to lesser bid increments because our prices realized on larger increments was substantially lesser. It does seem counterintuitive but since we've gone to the smaller increment model our prices realized for similar items is almost universally higher. I appreciate your concern for our consignors but there has also been a dramatic increase in that regard as well...and I think all will be thrilled with the items we've held back for the August auction! With 4-1/2 days until auction close, this period is definitely "the calm before the storm" and I ask for thoughts and prayers on my behalf as I will be one of the guys manning the phones on Thursday evening.
