Heritage Wins

[Exhibitman]

Originally Posted by oldjudge

Adam--I don't think the argument is that straight forward for consignor as you make it out to be. Many bidders will not leave up to bids. With most "all-close-at-once" auctions ending extremely late, some lots are won by the bidder who can stay up the latest. If those lots had ended earlier(likely in the individual lot closing scenario), the winning bid might have been higher due to a larger potential bidder universe.

Bruce--Fantastic image on that Anson. Congratulations!

Jay, I think that is an appealing but incorrect argument because we aren't talking about ceiling bids. The bidder who stays with the auction the latest would necessarily be making the last bid, the highest bid. Mike said it perfectly: "because those two lots went later than many others in extended time, I was not able to shift my funds around to other items that I would have bid higher on compared to what they sold at". Many collectors, myself included, operate on a budget and have to triage like Mike did. Individual closes mean no going back to use the funds that were freed up by getting topped. Real world example; When Heritage sold off the Hull Collection I liquidated a chunk of my collection in anticipation of going after some of the cards. I chased the most important ones into OT, got KO'd and ended up spending "only" 40% of my budget because I couldn't double back and go for some of the lesser items. That certainly didn't help Jeff's sales.

But even if that wasn't the case, I don't see how a ceiling bid comes into play unless you are suggesting that there are bidders who won't participate at all unless the items close individually. That hasn't been my experience; stuff even trumps felonies. If I want something and I don't want to leave a ceiling bid, I bid next increment on it, and I either get it or I get topped.