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View Poll Results: Preferred Auction Ending | |||
Timed Auction with Extended Bidding |
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3 | 37.50% |
Live Auction Webcast that ends when bidding ceases |
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5 | 62.50% |
Voters: 8. You may not vote on this poll |
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#1
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I am trying to find out what is preferred more. The current situation where you have to place bids on an item before a certain time to be available for extended bidding or a live webcast that ends when bidding ceases.
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James Wymer Wymers Auction wymersauction.com Always accepting quality consignments |
#2
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The problem with a live, bid until someone drops, method is that it cuts off people in different time zones or those who cannot babysit an auction for hours on end, which means less money for the consignors.
Best of all for consignors and bidders both is a timed auction with extended bidding where only the pre-close bidders can participate in the extended time, where each lot with only one bid at the expiration closes, but where all other lots stay open until there is no bid activity at all. Gives people an incentive to bid early to set up after hours bidding and not let an item close for the minimum. The simultaneous close gives people on a limited budget the chance to prioritize their chasing and shift over to lesser priority items as they are blown out of the top items, which generates more bids for the consignors, which is their best chance at a better payday. There have been several times in auctions with lots that close individually that I have been hamstrung from bidding on items I'd like to have owned because I was tied up with other items. I've also missed items that I'd like to have bid on because I was not able to inconvenience myself to sit through the auction at the time.
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Read my blog; it will make all your dreams come true. https://adamstevenwarshaw.substack.com/ Or not... |
#3
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Thanks Adam for taking the time to explain that. This is very important for me to gather folks opinions. I being an auctioneer love the live aspect, but sometimes you have to understand your bidders preferences.
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James Wymer Wymers Auction wymersauction.com Always accepting quality consignments |
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