Quote:
Originally Posted by Stonepony
It may just be poor strategy or preparation on my part, but I tend to leave money on the table when auction houses close lot by lot with a 30 minute rule. I feel rushed and discombobulated right after the extended bidding opens, not knowing if my watched lots will last another 30 minutes or 6 hours. I'm not always a loser, but the problem is a relatively fixed amount of $ to spend and multiple lots to choose from. Here's an example of how it often plays out. I have my eye on 6 lots i want, 2 of which I REALLY want. I cannot by any means afford them all.
My cash to spend is just say 10,000. Extended bidding begins:
Lot 1 REALLY want is at 5,000 ( i'll go 10,000)
Lot 2 REALLY want is at 6,000 ( I'll go 10,000)
Lot 3 at 1500 ( I,ll go 2500)
Lot 4 at 2000 ( I'll go 4000)
Lot 5 at 3500 ( Ill go 40 00)
Lot 6 at 1800 ( Ill go 3000)
After 30 min. Lot 5 closed at its 3500. I didn't even notice.
After 2 hrs Lot 6 went for 2400
Lot 1 is at 7000
Lot 2 is at 8000
Lot 3 is at 3000 so Ive lost interest
Lot 4 is at 3000
After 5 hrs Lot 1 is at 8250 ( my bid)
Lot 2 is at 7500...Im excited Im focused on lot 1 and 2
lot 4 closes at 3500
After 6 hrs Lot 1 still at my 8500
Lot 2 is at 8000 ( not my bid, I can't afford Lot 1 AND 2)
After 7 hours Lot 1 is at my bid of 9000
Lot 2 closed at 8000
After 8 hrs Lot 1 closed at 11500
Im out on LOT 1....and there's nowhere for my money to go. I would have bid more for several lots, and perhaps won more than one. They were, however, closed. This is how The Luckey Collection ( Hi Leon) played out for me. I was in on and/ or following some high dollar items. When they closed beyond my reach, the other lots I'd have gone back to had already closed. It was very disappointing and I left a lot of money in my bank account that was earmarked for Leon.
Bottom line , I much prefer the auctions that all lots close at once. Less stressful for me and there's always somewhere for my money too turn. Any helpful hints? Heritage is around the corner.
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There is no perfect solution. Sorry you lost out. That is also why their "buying on time" program made sense too. For my collection it was being offered with no interest financing since I would have been financing it. It was offered to another member this exact way at the National. In my mind, There was no reason someone who wanted something, and had the money to get it now or some months later, should have lost out. I still prefer lot by lot endinngs. It keeps more people interested. I can't say how many times I have fallen asleep on the all-nighters. Once again, sorry you lost out on some great cards. Some of them are resurfacing so maybe you will get some in the future. Had it ended at 430am there would have been a slew of other opinions.
ps..the hint is the extended payment program. Check the specifics but I think it is generally 25%'ish down and 1 percent interest per month.......I have used that program a few times when cash was lean