Goldin Auctions

[Vintage Vern]

Originally Posted by benjulmag

An auction that ends at a set time with no opportunity for a losing bidder to raise his/her bid by definition cannot achieve the highest price for the consignor. The reason I say "by definition" is because it is a human trait not to know how high we will bid until we are faced with the realization that we will not win the item unless we raise our bid. I can't tell you how many times I ended up placing a bid much higher than I originally intended when my "can't lose bid" had been topped.

I will add that not only is an auction that ends at a set time not in the best interest of the consignor, IMO it is not in the best interest of the bidder. I for one would like the satisfaction of knowing that if I am to end up losing the lot, it was at least via a bidding format that afforded me one last shot to top a bid or know I would not win it.

That's on you. You have all the time in the world to bid higher before the auction ends. Maybe because you know you have a safety net you just hope to lowball a card in hopes you get it that way. People that truly want something, and know they only have 1 shot will bid their max, and call it a day. If most auctions had the same type format as Ebay you could bid high as you feel comfortable with and still not hit your max bid. I made a bid once and knew I had to do something at the end of auction time, and was glad I had that option. I won even though it went much higher then I expected, but was happy I won with my eary max bid.