Does the REA auction pick up towards the end?

[Hordfest]

This Spring auction is the first time I have watched an auction and it seems really slow right now. Are REA auctions known for picking up in the last couple or days or can I expect this pace until the end?

[jcmtiger]

Most auctions pickup towards the end.

[Carter08]

No lot is the same in my opinion. Some jump right out at the beginning and don’t move, some go slow and steady, some triple in extended bidding at the end.

[Peter_Spaeth]

Originally Posted by Hordfest

This Spring auction is the first time I have watched an auction and it seems really slow right now. Are REA auctions known for picking up in the last couple or days or can I expect this pace until the end?

Put in a marker bid on anything you might want, check back at 11PM on auction night and be fully prepared to lose.

[mrreality68]

Every item is different depending on the demand
Most auctions are long. So the first day or so everyone gets in an initial bid knowing the action really starts at the end. So then there is many days or weeks of a lull with an occasional bid or so for others getting in. Then on the last day or so more people get bids in or tries to position themselves. In extended bidding depending on the item and how high it went up in the beginning the bids often soar to whatever the market is set that night by a few potentially eager bidders.

In the end recently most items seem to go higher than most bidder thought they would and more then most collectors are willing to pay but someone does

At times if you lucky you can get a bargain but recently it does not seem that way and we have to step up to get what we want if we want it badly enough

[Snapolit1]

For many desirable items it seems like 75% of the bidding takes place in the first 48 hours and the last 48 hours. Many people will put a bid down and have no plans to bid again until extended hours. Particularly where the rollout of new auctions seem endless like it does now.

Auctions run too long.

[Carter08]

Originally Posted by Snapolit1

For many desirable items it seems like 75% of the bidding takes place in the first 48 hours and the last 48 hours. Many people will put a bid down and have no plans to bid again until extended hours.

Auctions run too long.

Some run a few days to a week too long. And some end wayyyyy too late at the end. Personal view is prices would not be any lower with slightly shorter and early ending auctions.

[Hordfest]

Thanks guys. I figured they would run similar to an Ebay auction but wasn't sure.

Like that Honus Wagner has been sitting at $750k for several days and wasn't sure if it was dead of it would probably heat up again soon!

Can't wait to check out the last 48 hours!

[JustinD]

Originally Posted by Snapolit1

For many desirable items it seems like 75% of the bidding takes place in the first 48 hours and the last 48 hours. Many people will put a bid down and have no plans to bid again until extended hours. Particularly where the rollout of new auctions seem endless like it does now.

Auctions run too long.

I am one of those people.

Marker bid and I don’t even log in to look till an hour before extended to decide what I will be continuing on.

[chadeast]

Originally Posted by JustinD

I am one of those people.

Marker bid and I don’t even log in to look till an hour before extended to decide what I will be continuing on.

Me too. This is really the most logical way to bid. There could be some value in bidding it up to get fence sitters to give up on the card early, but I think it's more likely that you're just driving up the cost for yourself if you bid before extended bidding. Honestly, it doesn't seem like any strategies matter these days... nothing slips through and you're going to have to pay more than you planned if you want it.

And yes, some auctions run too long. Anything longer than 2 weeks is annoying and I think it hurts the auction results. I've completely forgotten about a few of the three week auctions. There was one late last year (I think) that was 4 weeks, it was unbelievable.

[NiceDocter]

The bidding on almost anything you want will drive you nuts by the close. Last auction I bid on some Japanese cards.... got my last high bid in on an auction that closed at 11 and went for extended bidding until 2 with the auction to close immediately at any time after 2am. I was high bidder at 0320 and when I looked the next day 2 other bids went ahead of mine and I lost again!! Sheesh...

[Hordfest]

I don't understand "extended time." Why do they do this? Seems unfair. Shouldn't there be a set start and end time?

[Carter08]

Originally Posted by Hordfest

I don't understand "extended time." Why do they do this? Seems unfair. Shouldn't there be a set start and end time?

eBay is more oh a hard end time and items can explode in the last few seconds. Large collectible auction house typically have an extend bidding time where an item closes when it doesn’t get a bid, usually for 15 minutes.

[Stampsfan]

Originally Posted by Carter08

Some run a few days to a week too long. And some end wayyyyy too late at the end. Personal view is prices would not be any lower with slightly shorter and early ending auctions.

I tend to agree with this. I have put my initial bids in, then another auction comes around that intrigues me more (with more wants), and I will focus on the latter.

I gotta make choices, and at times the newer auction has the potential to grab my attention more.

[Johnny630]

Yes. I suspect high end vintage will blow away most of the past record high numbers. A couple sets specifically 61 and 62 Topps I expect to see go for stupid money. Hard to understand as you can't grade the commons cheaply anymore, be that as it may, expect this weekend to be full of outbid outbid notifications. :-)

[Aquarian Sports Cards]

Originally Posted by Hordfest

I don't understand "extended time." Why do they do this? Seems unfair. Shouldn't there be a set start and end time?

What's unfair? Everyone has the same opportunity to bid. A set ending is actually more unfair, a guy who's a better sniper has a better chance of winning. The real reason though is an auction isn't supposed to end until the bidding is over. Extended bidding is the best way to reproduce a live auction in an online format. Could you imagine going to a live auction where the auctioneer announces "Bidding is open on lot 32 for 60 seconds. GO" and whoever yells a number closest to the end of the 60 seconds wins???!!!

[wolf441]

Originally Posted by Hordfest

I don't understand "extended time." Why do they do this? Seems unfair. Shouldn't there be a set start and end time?

Don't worry, you will understand it after watching this auction close. If there is something that you have to have, be prepared to stay up late Sunday night.

[JustinD]

Originally Posted by Hordfest

I don't understand "extended time." Why do they do this? Seems unfair. Shouldn't there be a set start and end time?

I certainly would not call it unfair, just a differing perspective. The set end times of eBay auctions are logically better for buyers as sniping keeps prices from running up. However, if you are a consigner or auction house, extended time does tend to bring in a larger price. You give continued opportunity for underbidders to keep inching the price higher. It's all logical.

I remember the old days of Ebay and traditional auction bidders not understanding the premise of sniping. I would come in at the end and grab it, which then with the open ID's would bring me at least a couple expletive laden private messages from the bidder I sniped per week. It really took a ton of people till the early 00's to figure out how that worked.

[justrun7]

Originally Posted by Aquarian Sports Cards

What's unfair? Everyone has the same opportunity to bid. A set ending is actually more unfair, a guy who's a better sniper has a better chance of winning. The real reason though is an auction isn't supposed to end until the bidding is over. Extended bidding is the best way to reproduce a live auction in an online format. Could you imagine going to a live auction where the auctioneer announces "Bidding is open on lot 32 for 60 seconds. GO" and whoever yells a number closest to the end of the 60 seconds wins???!!!

I don't mind when each lot closes individually with extended bidding. That gives everyone a chance to bid on their lots. I do not think it is fair when the entire auction has to wait for all bids to stop for 15 minutes before the auction closes. This often benefits west coast buyers because most of these auctions seem to end between 2:00 and 4:00 a.m. eastern time. There have been times when I have woken up at 5:30 a.m. eastern time for work and see an auction still open and able to bid if I still wanted. That just seems ridiculous and like the auction house is trying to milk every dollar out of the auction.

[bobbyw8469]

Originally Posted by justrun7

I don't mind when each lot closes individually with extended bidding. That gives everyone a chance to bid on their lots. I do not think it is fair when the entire auction has to wait for all bids to stop for 15 minutes before the auction closes. This often benefits west coast buyers because most of these auctions seem to end between 2:00 and 4:00 a.m. eastern time. There have been times when I have woken up at 5:30 a.m. eastern time for work and see an auction still open and able to bid if I still wanted. That just seems ridiculous and like the auction house is trying to milk every dollar out of the auction.

This !!!!

[Leon]

Originally Posted by justrun7

I don't mind when each lot closes individually with extended bidding. That gives everyone a chance to bid on their lots. I do not think it is fair when the entire auction has to wait for all bids to stop for 15 minutes before the auction closes. This often benefits west coast buyers because most of these auctions seem to end between 2:00 and 4:00 a.m. eastern time. There have been times when I have woken up at 5:30 a.m. eastern time for work and see an auction still open and able to bid if I still wanted. That just seems ridiculous and like the auction house is trying to milk every dollar out of the auction.

I agree 100%. Any auction company keeping bidding going after about 2am is just being stupid. IF people know it's closing they will bid earlier. I will never consign to an auction that runs all freaking night.
.

[jsfriedm]

For me the question of extended bidding is related to the question of bidding intervals. For auctions where the intervals are large (10% of previous bid, etc), there's often a specific bid that I will go to and I know I won't go any higher, so I go to bed once that's hit. When the intervals are small, it becomes much harder to draw that line (or avoid getting tempted past it).

[Aquarian Sports Cards]

Originally Posted by justrun7

I don't mind when each lot closes individually with extended bidding. That gives everyone a chance to bid on their lots. I do not think it is fair when the entire auction has to wait for all bids to stop for 15 minutes before the auction closes.

Couldn't agree more. To go back to my live auction example. If we're on lot 32 and it gets another bid that doesn't mean someone can say "Hey I want to bid on lot 24 because lot 32 is still open!"

[Hordfest]

I get what you guys are saying. By "unfair" I just meant that it is frustrating that it can become a contest of whomever can stay awake later...

[Leon]

Originally Posted by Hordfest

I get what you guys are saying. By "unfair" I just meant that it is frustrating that it can become a contest of whomever can stay awake later...

We have been saying this since AH's started doing auctions. Everyone should quit consigning to AH's that want to make us stay up all night. That might get their attention.
.

[BRoberts]

Originally Posted by Hordfest

I get what you guys are saying. By "unfair" I just meant that it is frustrating that it can become a contest of whomever can stay awake later...

Am eager to hear your thoughts on buyer's premium.

[Hordfest]

Originally Posted by BRoberts

Am eager to hear your thoughts on buyer's premium.

Buyer's premium?

[darwinbulldog]

Originally Posted by Hordfest

Buyer's premium?

Auction houses tack on a buyer's premium (typically 20%) to the winning bid, so if the winning bid is $1,000 that's akin to placing a winning bid of $1,200 on eBay when you get the bill. Definitely something to be aware of before you place any serious bids with an auction house.

[brianp-beme]

Originally Posted by justrun7

I don't mind when each lot closes individually with extended bidding. That gives everyone a chance to bid on their lots. I do not think it is fair when the entire auction has to wait for all bids to stop for 15 minutes before the auction closes. This often benefits west coast buyers because most of these auctions seem to end between 2:00 and 4:00 a.m. eastern time. There have been times when I have woken up at 5:30 a.m. eastern time for work and see an auction still open and able to bid if I still wanted. That just seems ridiculous and like the auction house is trying to milk every dollar out of the auction.

East coast folks have many card shows featuring vintage cards. They are few and far between here on the West coast. So we each have unfair situations we need to deal with and navigate.

Having said that, the each lot closes individually structure is just better, and should be adopted by all auction houses.

Brian

[brianp-beme]

Originally Posted by darwinbulldog

Auction houses tack on a buyer's premium (typically 20%) to the winning bid, so if the winning bid is $1,000 that's akin to placing a winning bid of $1,200 on eBay when you get the bill. Definitely something to be aware of before you place any serious bids with an auction house.

And don't forget to check beforehand if the winning bid will also be assessed state sales tax...it varies from auction house to auction house, and also can depend on what state you live in.

Brian

[Leon]

Originally Posted by Hordfest

Buyer's premium?

I suggest reading the auction rules, terms and conditions before you bid. If you don't know what a buyer's premium is, if you win a lot in an auction, you will find out LOL
.

.

[Hordfest]

Wait...so auction houses charge the sellers a 25% consignment fee AND buyers a 20% fee? And then possibly sales tax on top?!! What a freaking racket. These auction houses are just wringing collectors dry and getting rich in the process.

How do they stay in business?!

[JustinD]

Originally Posted by Hordfest

Buyer's premium?

I read that and was waiting for you to go full GPK -

[HexsHeroes]

.

. . . and lets not forget about the impact and fun that "shipping and handling" charges bring to the buyer's total cost

[Snapolit1]

Originally Posted by Hordfest

Wait...so auction houses charge the sellers a 25% consignment fee AND buyers a 20% fee? And then possibly sales tax on top?!! What a freaking racket. These auction houses are just wringing collectors dry and getting rich in the process.

How do they stay in business?!

Do you think that they pocket the sales tax?

Breaking news: taxes collected are remitted to the state taxing authorities

[darwinbulldog]

Originally Posted by brianp-beme

And don't forget to check beforehand if the winning bid will also be assessed state sales tax...it varies from auction house to auction house, and also can depend on what state you live in.

Brian

I thought that was the same with eBay. Do they charge sales tax for everyone?

[Hordfest]

Originally Posted by Snapolit1

Do you think that they pocket the sales tax?

Okay well that part is true of course lol. Not their fault about sales tax I suppose. I may have gotten a bit carried away in my surprise about 20% buyers premiums haha.

[brianp-beme]

Originally Posted by darwinbulldog

I thought that was the same with eBay. Do they charge sales tax for everyone?

I believe Ebay switched over to tacking on sales tax to all buyers, no matter what the state, a couple of years ago.

I could be wrong about if it was implemented uniformly, or if buyers from some states still did not have sales tax added to their purchases.

Brian

[Exhibitman]

Some pointers for the auction newbs:

1. As a consignor, if you have decent stuff most any AH will sell it for 0% commission--the Buyers Premium (aka the BP or the vig) is where they make their money, typically 20% of the hammer price. If you have a consignment and the AH demands a commission, take it to another AH. If your consignment is really valuable, most AH's will also give you a piece of the BP. Selling your Wagner, ask for 110%-115% of the hammer price and you will get it. 1988 Donruss set, not.

2. Read the rules for each auction.

3. Read the rules for each auction.

4. Some AH's have switched to flat rate shipping charges. REA and LOTG both do that for run of the mill card lots.

5. Read the rules for each auction.

6. Closing methods vary. The goal is to maximize the amounts bid on each lot: happy consignors = repeat consignors. There are various ways to handle it. Here are excerpts from REA and LOTG's rules:

LOTG: This auction closes using the "Double Overtime" method, with a 15-minute rule for the entire auction. In order to bid on an item during the extended bidding session beginning on the date of the auction close, you must place at least one bid on that item prior to 9:00 PM Eastern on the auction closing date. If you do not bid on it by 9PM Eastern on the closing date, you cannot bid on it afterward. To ensure that everyone gets a chance to bid, we will apply the 15-minute rule to the entire auction beginning at 9PM, with the clock resetting every 15 minutes. Bidding continues until no bids have been placed in the entire auction for a full 15-minute interval. As long as there is at least one lot that receives a bid during a 15-minute interval, the entire auction will extend for 15 minutes. Once a 15-minute interval passes without a bid on any item in the auction, the auction will close. At 1:00 AM Eastern, any item that has not received a bid for one hour or more will close without notice. The remaining items will enter "Double Overtime," with the 15-minute rule applied to the remaining lots.

REA: REA will continue to accept bids from qualified bidders after 9:00 PM EDT on all lots in the auction. IF YOU HAVE NOT BID ON AN ITEM BEFORE 9:00 PM EDT, YOU CANNOT BID ON IT AFTER 9:00 PM EDT. If, after 9:00 PM EDT, a period of 10 minutes passes without a bid on ANY lot in the entire auction, then the auction will close. Based on past auctions, this is unlikely, so if the auction continues to 12:00 AM Midnight EDT (technically the morning of Monday, April 25, 2022), each lot will switch to a 10-minute lot-by-lot closing. During this lot-by-lot closing, an individual 10-minute clock will appear on each lot page. A bid on a specific lot will cause the countdown clock to reset. If the countdown clock reaches zero, the lot will close.

7. Read the rules for each auction.

[marzoumanian]

As a consignor in the CURRENT auction, I thought it would help to provide you with an up-to-date review of bid patterns on my item.
First day, April 7, started out slow in the $50 increments. Continued the same on the 8th and 9th. And then NOTHING for three days. On the 12th it started up again in the same $50 bumps. It heated up, moving $700 in one day. Then nothing until the 14th. Suddenly, a $600 leap in ONE day. Holy cow! Then nothing at all for FOUR days. Now it is creeping up again in $100 moves, a couple of bids a day. Slowly.
You get the picture. This is the free market at work and the way it should be. As others have already mentioned, you will go to bed this Saturday night, noting the price your item rests at. When you wake up on Sunday morning you will be stunned. Guaranteed. If you are bidding you MUST be resolved to staying up late if you REALLY want an item. That's just the way the market is nowadays.
Peace.

[BRoberts]

Originally Posted by Hordfest

Wait...so auction houses charge the sellers a 25% consignment fee AND buyers a 20% fee? And then possibly sales tax on top?!! What a freaking racket. These auction houses are just wringing collectors dry and getting rich in the process.

How do they stay in business?!

Troll.

[darwinbulldog]

Originally Posted by marzoumanian

As a consignor in the CURRENT auction, I thought it would help to provide you with an up-to-date review of bid patterns on my item.
First day, April 7, started out slow in the $50 increments. Continued the same on the 8th and 9th. And then NOTHING for three days. On the 12th it started up again in the same $50 bumps. It heated up, moving $700 in one day. Then nothing until the 14th. Suddenly, a $600 leap in ONE day. Holy cow! Then nothing at all for FOUR days. Now it is creeping up again in $100 moves, a couple of bids a day. Slowly.
You get the picture. This is the free market at work and the way it should be. As others have already mentioned, you will go to bed this Saturday night, noting the price your item rests at. When you wake up on Sunday morning you will be stunned. Guaranteed. If you are bidding you MUST be resolved to staying up late if you REALLY want an item. That's just the way the market is nowadays.
Peace.

I also have exactly one item consigned in the auction. It received the opening bid on the first day and zero action since then. Looks like maybe they started it too high, but it went for 3x as much when they sold it in 2016. Win some, lose some I guess.

[Leon]

Originally Posted by BRoberts

Troll.

I will find out. No one picked up and I didn't leave a message. Calls are easy...
My guess, and this is only a guess, he is young.

.

[Casey2296]

Originally Posted by Leon

I will find out. No one picked up and I didn't leave a message. Calls are easy...
My guess, and this is only a guess, he is young.

.

I get that sense too, the AH process can be quite eye opening the first time you dip your toe in the water.

[Leon]

Originally Posted by Casey2296

I get that sense too, the AH process can be quite eye opening the first time you dip your toe in the water.

Edited to say the registration of the OP got worked out.
.

[Carter08]

Originally Posted by Casey2296

I get that sense too, the AH process can be quite eye opening the first time you dip your toe in the water.

This is very true. AH rules can seem overwhelming at first even though they are not.

[Hordfest]

Originally Posted by Leon

I will find out. No one picked up and I didn't leave a message. Calls are easy...
My guess, and this is only a guess, he is young.

.

I am not a troll. I am relatively young though. 32 and new to vintage baseball only because I inherited some 1930s Goudeys. I am learning as much as I can and you all have been very helpful. 3 of the cards I own are up for auction at REA in similar condition to mine so that's why I'm so curious about the process in case I should want to sell mine.

That being said, some auction houses do charge hefty fees, and there is a lot of tangible evidence of various auction houses and grading companies (See Heritage and WADA), working together to create speculative bubbles in collectibles. Just do some research about sealed, graded video games. There's a good documentary on YouTube about it.

Leon and I texted. All is well! Sorry if i came across as childish gentlemen.

[brianp-beme]

Here is the OP's first post on the forum...looks like some nice cards his grandfather had.

https://net54baseball.com/showthread.php?t=318028

Brian

[Hordfest]

Originally Posted by brianp-beme

Here is the OP's first post on the forum...looks like some nice cards his grandfather had.

https://net54baseball.com/showthread.php?t=318028

Brian

Thanks Brian. Leon told me it's safe to scan them so I am going to probably create a new thread soon with scans of the better ones before I send them off to PSA through a trusted submitter. May send some to SGC but most have advised me to send to PSA for resale. I like the SGC tuxedo better though.

[jcmtiger]

Originally Posted by Hordfest

Buyer's premium?

Make sure you read all the rules of the auction. They all add a buyers premium.