I’m not sure I understand the current auction dynamic and why so much of what we see is still so much of a vestige from the earliest days of the industry. Back in the day, catalogs were sent out and you actually could and did fill out bid sheets and send them back via mail or fax. You also made use of phone lines. Longer running times and longer lead times almost necessitated this as a matter of practicality.
Now we have the ability to view previews on line, bid on line, and the technology exists to allow for single lots to close. In short, with an advanced ability to preview for some time, why not reduce bidding days to say only 3-4. Many sports memorabilia purchases are emotional decisions anyway, so why give folks more time to talk themselves out of them over a longer period. Would a shorter bidding cycle increase the sense of urgency on the part of collectors or would it give them less time to talk themselves into a purchase?
Collectors love hard copy catalogs to look through; consigners love them as it is reassurance them that someone can see their items, but they are expensive and I’m not sure the cost really helps that much with influencing bidding or consignments as folks are looking for things like cash advances, lowest consignment fees, and proof of performance (prices realized).
Not necessarily looking for an answer to any or all of this, but is what we see in the current sports memorabilia auction really the best way to serve all the various entities (bidders, consigners, auction houses) or is the current dynamic really nothing more than “we’ve always done it that way…”
Please know I am not doing any market research for anyone nor do I have much more to offer on this topic, more along the lines of just thinking out loud…
Dave Grob
Dave
Grob1@aol.com
12-18-2014, 04:06 PM
Auction Dynamics
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