Rea

[Snapolit1]

Should be a frantic weekend of bidding. If everyone isn’t already tapped out.

I’m not crazy about the revised format. Better? I guess so. I’m not staying up to 5 am or midnight for that matter. Why can’t the hard stop be at 5pm or 9pm. Still forces east coasters to stay up late. I still don’t understand a business model where you voluntarily lose a percentage of your bidders due to sleep. It’s like a car dealership that has no hours past 5, or a barber shop that closes on the weekend. Or a stupid Sunday night baseball game that starts at 8pm.

[Leon]

I am doing stuff during the day. I wouldn't want an auction ending at 5pm on Saturday or Sunday or any midday for that matter. Could they hard close at 12am, sure, that would be great. But as it is, it isn't as bad as it used to be. Now most bidders don't go to sleep at extended bidding and get up in the morning to keep bidding. Now that is crazy. (have to throw a card in)

[bigfish]

There’s no perfect solution that will make everyone happy. A hard close eliminates extended bidding which is not good for consignors or bidders. I like the format and like Sunday ending.

[Leon]

Originally Posted by bigfish

There’s no perfect solution that will make everyone happy. A hard close eliminates extended bidding which is not good for consignors or bidders. I like the format and like Sunday ending.

REA will have a hard close a little later anyway.....and I am fine with how it ends now too.

[ullmandds]

Originally Posted by Leon

REA will have a hard close a little later anyway.....and I am fine with how it ends now too.

agreed! It's much better than it used to be.

[Snapolit1]

They are trying and I give them great credit for that. And they are a top notch operation through and through. But if 98% of your intended audience is awake at 9pm and only 70% are awake at midnight [just pulling numbers out of my . .pocket . . . for argument's sake], I still don't understand the logic. Yes, there is a max bid etc., but if you did a hard stop at 9pm EST seems to me there would be a feeding frenzy in the last hour with a lot more potential bidders (who are wide awake).

[Gradedcardman]

Originally Posted by bigfish

There’s no perfect solution that will make everyone happy. A hard close eliminates extended bidding which is not good for consignors or bidders. I like the format and like Sunday ending.

+1

[Fred]

Originally Posted by bigfish

There’s no perfect solution that will make everyone happy. A hard close eliminates extended bidding which is not good for consignors or bidders. I like the format and like Sunday ending.

There's no perfect solution but it'd be nice if they just close the lots that have no bids in the extended bidding for 15 minutes. Then continue to close the lots following the 15 minute rule for EACH individual lot. I hate that time clocks restart for EVERYTHING if a bid is placed on an item. You know there will be bids placed for hours after the official initial closing time.

[bigfish]

Originally Posted by Fred

There's no perfect solution but it'd be nice if they just close the lots that have no bids in the extended bidding for 15 minutes. Then continue to close the lots following the 15 minute rule for EACH individual lot. I hate that time clocks restart for EVERYTHING if a bid is placed on an item. You know there will be bids placed for hours after the official initial closing time.

If I get outbid on something late I want to come back and spread that money around to other items. The scenario above restricts that option for me. I believe REA has limited the “unpleasant “ variables as much as they can to balance happy bidders and happy consignors.

[Forever Young]

Originally Posted by Snapolit1

Should be a frantic weekend of bidding. If everyone isn’t already tapped out.

I’m not crazy about the revised format. Better? I guess so. I’m not staying up to 5 am or midnight for that matter. Why can’t the hard stop be at 5pm or 9pm. Still forces east coasters to stay up late. I still don’t understand a business model where you voluntarily lose a percentage of your bidders due to sleep. It’s like a car dealership that has no hours past 5, or a barber shop that closes on the weekend. Or a stupid Sunday night baseball game that starts at 8pm.

Everyone has their own thought but I am not a fan AT ALL of the hard stop as a bidder at any time. I think it hurts the bidder and consigner. If you are looking at 10 plus lots, it puts you at a huge disadvantage. PARTICULARLY, IF THERE IS NO COUNTDOWN. Seems like not everyone is on the EXACT same clock...
Personally, I think the best format is lot by lot and at a reasonable time.

[Leon]

Then you get outbid on one you are going for, won't go higher, and your second choice just closed. I agree I like lot by lot ending the best but there is no perfect ending.

Originally Posted by Forever Young

Everyone has their own thought but I am not a fan AT ALL of the hard stop as a bidder at any time. I think it hurts the bidder and consigner. If you are looking at 10 plus lots, it puts you at a huge disadvantage. PARTICULARLY, IF THERE IS NO COUNTDOWN. Seems like not everyone is on the EXACT same clock...
Personally, I think the best format is lot by lot and at a reasonable time.

[Vintageclout]

Originally Posted by Leon

Then you get outbid on one you are going for, won't go higher, and your second choice just closed. I agree I like lot by lot ending the best but there is no perfect ending.

Hi Leon it’s JoeT. Personally, I hate “lot by lot” closing. I cannot tell you how many times I’ve fallen short in a huge bidding war, with it too late to revisit the remaining lots I was also interested in because they closed. True, the auction ends earlier, but I rather trade a single night of good sleep for a great memorabilia piece any day of the week! Also, from a Consignors perspective, I can only imagine the number of bids the lot by lot closing format costs the Consignors. I always felt it is the auction house’s #1 responsibility to do whatever it can to maximize bids via marketing, presentation, bidding process, etc. Simply stated, no consignments = no auction business.

[x2drich2000]

Originally Posted by Vintageclout

Hi Leon it’s JoeT. Personally, I hate “lot by lot” closing. I cannot tell you how many times I’ve fallen short in a huge bidding war, with it too late to revisit the remaining lots I was also interested in because they closed. True, the auction ends earlier, but I rather trade a single night of good sleep for a great memorabilia piece any day of the week! Also, from a Consignors perspective, I can only imagine the number of bids the lot by lot closing format costs the Consignors. I always felt it is the auction house’s #1 responsibility to do whatever it can to maximize bids via marketing, presentation, bidding process, etc. Simply stated, no consignments = no auction business.

I 100% agree with this.

[sb1]

Originally Posted by Vintageclout

Hi Leon it’s JoeT. Personally, I hate “lot by lot” closing. I cannot tell you how many times I’ve fallen short in a huge bidding war, with it too late to revisit the remaining lots I was also interested in because they closed. True, the auction ends earlier, but I rather trade a single night of good sleep for a great memorabilia piece any day of the week! Also, from a Consignors perspective, I can only imagine the number of bids the lot by lot closing format costs the Consignors. I always felt it is the auction house’s #1 responsibility to do whatever it can to maximize bids via marketing, presentation, bidding process, etc. Simply stated, no consignments = no auction business.

Joe T.

I could not disagree more, the lots ending one by one with a hard close see much more spirited bidding(unless it's a somewhat commodity type of lot) and usually result in higher price than the ones that close at 5am with only 1 or 2 bids past the initial closing. The lot by lot forces competition, which many bidders want to avoid and stay up all night to try and bid at the last second.

Having ran and more importantly bid in 100's of auctions, it almost always costs me more on an item when I confront another bidder and we get into a bidding war for 30 minutes to an hour when the lot is closing with 10 or 15 or 30 minute bid windows, instead of one of us "sniping" the item at 5:00 am when the other was probably the high bidder and went to bed. The last scenario is what costs consignor's money.

Invariably auctions that close lot by lot, see the items get to their market value much quicker than one that last all night, as the bidders know that they have to get their bids in and compete to win, which in turn results in higher prices to the consignor.

Scott

[Vintageclout]

Scott,

While I certainly respect your viewpoint, my experience has been somewhat different. I enjoy jumping to other lots when I’ve bern bested on others and the lot by lot closing basically eliminates a majority of that option. Also, if you closely watch REA’s recent bids option, you will certainly notice the flood of bids that pour in every minute the final 2/3 hours, that easily exceed “lot by lot” bidding in virtually any auction after the deadline for initial bids. For example, I bid on nearly 100 lots in Heritage’s last auction and 80%+ of those lots NEVER got another hit after the 11:00 30-minute countdown. Thus, I could not go back on any of them after losing out on several key lots by 11:45/12:00. Lots of potential bids Consignors never got to realize.

To each his own I guess...everyone will have their own perspective. As BIGFISH so eloquently stated, there is no perfect auction close formula to choose. Hope all is well my good friend, and I’ll see you in Cleveland!

Best Regards,
Joe T.

[timkb]

REA

I love the history, just question the REA impact on prices for no reason other than profit.

With the internet, we can grade anything without a premium..

Sent from my Pixel XL using Tapatalk

[Leon]

Originally Posted by timkb

REA

I love the history, just question the REA impact on prices for no reason other than profit.

With the internet, we can grade anything without a premium..

Sent from my Pixel XL using Tapatalk

What does that mean? And as for an impact on prices I don't think it's necessarily REA as much as the bidders. REA does a great job but they don't set any prices. You have the tail wagging the dog.

[jefferyepayne]

Love, love, love the close by midnight approach. I've said many times that I don't really care what the format of the auction is (lot by lot, hard close like ebay, close sometime up to a particular time, etc.) as long as the closing occurs when I'M AWAKE.

It is completely ridiculous to close auctions in the middle of the night and am quickly moving away from bidding on any auction that makes me do this. Fortunately more and more auction house are setting realistic closing times.

Go REA!!!!!!!!!!!

jeff

[h2oya311]

Originally Posted by timkb

REA

I love the history, just question the REA impact on prices for no reason other than profit.

With the internet, we can grade anything without a premium..

Sent from my Pixel XL using Tapatalk

Who are you? Do you live on planet earth? I am so confused by your recent posts...

[Snapolit1]

Originally Posted by h2oya311

Who are you? Do you live on planet earth? I am so confused by your recent posts...

Russian bots invade Net 54. Trying to stir up more unrest in the USA.