LOTG Auctions closing rules

[Topnotchsy]

Originally Posted by ooo-ribay

I think the argument for “all at once” was to get the best possible price for the consigner.

I can see perezfan’s point if you are bidding on a bunch of items.

As someone bidding only on one item, I’m with Jeff in that if my item is subject to an individual 15 minute rule, I can be there T 9:00 EST and do what I need to do.

I've heard the argument, but I don't see how this get the best price for a consigner. In theory, you could expand that argument to never end the auction at all, as more time could always lead to more bids.

In my mind, what drives the final price the highest is the fear of losing the item. And if a person is unsure when the auction will end, their fear of losing the item is countered by a desire to not bid too early. And if the auction ends at a time when many people are no longer awake, it means no opportunity for the excitement of the competition to drive more bids.

[rand1com]

All lots should go to individual clock at 11:00 PM eastern and end when no bids are placed on that lot on 15 minute intervals. Going until 3AM makes no sense. Is it possible to go that long lot by lot, yes, but not likely.

[ruth-gehrig]

Originally Posted by rand1com

All lots should go to individual clock at 11:00 PM eastern and end when no bids are placed on that lot on 15 minute intervals. Going until 3AM makes no sense. Is it possible to go that long lot by lot, yes, but not likely.

Would your opinion be the same if you had an item consigned? How about multiple items?

This is a never ending debate i know but feel like most consigners want auctions open longer for more action and thus money. Buyers would prefer lot by lot so they can win(or not) and hit the bed.

[BRoberts]

Originally Posted by ruth-gehrig

Would your opinion be the same if you had an item consigned? How about multiple items?

Yes and yes.

I will not consign to an auction house whose auctions extend into the wee hours of the morning. Why? Because as a bidder I know I pretty much disregard these auction houses.

If an AH thinks it needs to extend its auction to 3 a.m. in order to maximize prices sold, my guess is it doesn't have a lot of faith in its bidder pool. So I choose not to consign with them.

Purely anecdotal, and many disagree. But when I hear the arguments on why it's a good practice, I don't agree with them.

[rand1com]

Originally Posted by ruth-gehrig

Would your opinion be the same if you had an item consigned? How about multiple items?

This is a never ending debate i know but feel like most consigners want auctions open longer for more action and thus money. Buyers would prefer lot by lot so they can win(or not) and hit the bed.

Yes. I have consigned many items and prefer a reasonable ending time. The items are up for at least two weeks before the last day. Going into the next day on all lots when only a few are getting bid is ridiculous. Most of the auction houses are now reasonable with closing terms.

[perezfan]

As someone who consigns frequently to LOTG, I love the current format and wouldn't want it any other way. Most items do not even go into that final overtime period, but those that do continually realize prices I'm happy with.

As a bidder, I appreciate an auction that keeps all lots open, as opposed to individual closings. As someone with a finite amount of money to spend, I frequently jump from one lot to another (if a given lot exceeds my limit). You can't even do that if your alternative lots have already closed.

[BRoberts]

I'm sure Al appreciates your support.