Legendary Auctions Extended Bidding

[bn2cardz]

Originally Posted by Leon

I am not sure but I think you might be misunderstanding the rules. In order to bid on something AFTER their extended bidding you have to bid on it before the auction enters extended bidding. Once they go into extended bidding you can only bid on those lots you have bid on already. But you can certainly bid on all of the lots in extended bidding which you bid on previously, until the clock runs out of time. I think we have almost all lost out on something we wanted to bid on because we hadn't bid on it in regular bidding. This rule is thought to make people bid sooner. Hope this helps?

You described it how I understood it. I have limited funds. I am currently the high bidder on a lot (the only lot I bid on). If one of the previous bidders decides to outbid me on this lot after 9pm Thursday, then I can not redirect my bidding to another lot that I haven't bid on (because I don't want to over extend my budget and accidentally win more than I can pay).

It may be trying to get people to bid on certain lots sooner, but I like the idea of keeping all lots going in extended bidding for anyone who has placed a bid on at least one auction.

[Leon]

Originally Posted by bn2cardz

You described it how I understood it. I have limited funds. I am currently the high bidder on a lot (the only lot I bid on). If one of the previous bidders decides to outbid me on this lot after 9pm Thursday, then I can not redirect my bidding to another lot that I haven't bid on (because I don't want to over extend my budget and accidentally win more than I can pay).

Well, very low, early marker bids on anything you "might" be interested in is what you might have to do. However, I have won a number of items with marker bids so you have to be careful there also. If that happens you can just take out a payday loan. Decisions decisions.....

[bn2cardz]

Originally Posted by Leon

Well, very low, early marker bids on anything you "might" be interested in is what you might have to do. However, I have won a number of items with marker bids so you have to be careful there also. If that happens you can just take out a payday loan. Decisions decisions.....

The marker bids may work at times, but I am not going to play roulette with my family's money. No loans will ever happen to pay for things... otherwise I may have to go change some answers on the poll currently going on if this hobby has been a negative.

I wish I would have put my initial bid on the rarer item instead of the more common one. The rarer item is more expensive and I didn't talk to my wife about it prior to the first item already had my money directed that way... maybe she will be okay with me winning both.

UGH! I just wish I could bid on a new lot later if I lose out later.

[Leon]

Originally Posted by bn2cardz

UGH! I just wish I could bid on a new lot later if I lose out later.

I won't derail this thread but some auctions, ours included, don't require marker/placeholder bids. All bidders can bid on all cards until the auction closes. However, that doesn't make people bid early.
There is no perfect solution for ending an auction. All of them have pluses and minuses.

[bn2cardz]

Originally Posted by Leon

I won't derail this thread but some auctions, ours included, don't require marker/placeholder bids. All bidders can bid on all cards until the auction closes. However, that doesn't make people bid early.
There is no perfect solution for ending an auction. All of them have pluses and minuses.

I know yours does and Sterling does. Outside of Ebay, until now, those are the only two places I have bid. So when I saw this rule today when I was trying to figure out my bidding strategy I was saddened to see that I may lose out on something if somebody decides to be rude and outbid me into extended bidding. If I win my current lot I will be happy even having not bid on the other item, but if I end up not winning either and item two sells for less than I was willing to bid then I will be sad.

[MVSNYC]

Hi- outbidding someone in extended bidding is not rude, it's completely part of the bidding process and standard in an auction.

putting in early "placeholder" bids as others have mentioned above, is the best way to put yourself in a good position to strategize during extended bidding. if you put placeholder bids in on the first day (or during the first few days) the lots are usually very low at that point and you'll most likely be outbid. best bet, try to preview the auction before bidding opens, and if you see something you are even remotely interested in, throw a bid in on the first day.

good luck, hope you win the item you want.

[sayhey24]

I don't know how it is with cards, but on the memorabilia side, my guess is that very few items in the Legendary auction will sell for the price they stand at right now.

Greg

[bn2cardz]

Originally Posted by MVSNYC

Hi- outbidding someone in extended bidding is not rude, it's completely part of the bidding process and standard in an auction.

putting in early "placeholder" bids as others have mentioned above, is the best way to put yourself in a good position to strategize during extended bidding. if you put placeholder bids in on the first day (or during the first few days) the lots are usually very low at that point and you'll most likely be outbid. best bet, try to preview the auction before bidding opens, and if you see something you are even remotely interested in, throw a bid in on the first day.

good luck, hope you win the item you want.

It is rude because I would rather know now that someone will be outbidding me. Doesn't mean it isn't strategy, but it feels rude. I would like to know now.

Also there are still many lots that don't have bids. There are items from auctions that end at times with no bids. So if you try and put a "place holder" bid in and you end up winning more than you can pay (or should allow yourself to pay) then that stinks. I understand the place holder comments, the idea isn't going over my head, but that doesn't always make the most sense. I once won more than I had expected because I placed bids for an auction that I couldn't be around for at the end figuring that I would be outbid on some and not others, instead I won almost all of them. I paid for it, but I will not allow that to happen again. My hobby is not strategy game playing with my money, I am a small fish in an ocean of money. I don't have the luxury of spending even an extra $100 on accident.

[glchen]

I usually try to put a bunch of placeholder bids very early in the auctions to give me more flexibility. This strategy works better for auctions where all lots end at the same time rather than the 30 minute rule auctions like Legendary, H&S, and Heritage. You just need to make sure that starting price of the lot isn't so high that it might be the only bid on that item and win the lot if you're not prepared for it.