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#51
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I wanted to point out that this auction closed at 6:30 am EST, which was 3:30 am PST. It wasn't really helpful to me on the west coast to have this closing time. It seems to me that the closing time helped the east coast more than the west. Of course, it would be next to impossible to predict that those on the east coast could go to bed, get up at 6:00 am, and continue bidding, but it isn't really a benefit to be on the west coast all the time either (like never having any big shows here). I happened to wake up at 2:30 to hit the head, and noticed that I had lost out on a bid in Memory Lane, which had closed, while I was asleep. It isn't always greener on the other side of the fence. Just an observation from the other side. Ed
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Ed Collecting PCL, Southern Association, and type cards. http://hangingjudgesports.com |
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Agreed, they would have bid earlier. Bidders are always going to try to bid as close to the end of an auction as possible, that's never going to change. The AH's are the ones that decide if this late bidding frenzy occurs at 1am or 6am based on when the bidders think/believe the auction will truly close. |
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Like
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Oh well...It happens
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Adam Goldenberg |
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Well taken Ed. One man's super late night is another's early morning.
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Agree 100%.
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My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. |
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Exactly what I wanted to say, but Greg, Todd, and others beat me to it. Those heavy bids are placed in the wee hours because those heavy bidders aren't compelled to bid early. If they were told the auction would be closing at midnight, every last one of those bids would still be executed, only earlier. And I too support Al and think he is doing an amazing job. When he started his business five years ago, he asked me about my experiences as an auctioneer, and I told him the single hardest thing to do is get good consignments. He has outdone anything I could have imagined for him. He is a champ! Last edited by barrysloate; 08-14-2017 at 05:49 PM. |
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Hybrid auction ending for the masses
Let me know if this hybrid ending option has been mentioned before or is in practice already...I'm not afraid to be knocked down from my creative lofty perch.
I like the overall concept of the REA auction setup, with initial bids needing to be in by noon EST (although I think this could be pushed back later to 2pm or 3pm, as folks in the PST zone need to be up and perkily bidding before 9am). The 15 (or 30 for smaller auctions) minutes rule for bids on any item in the auction following the initial bid period is also a good rule for those bidders who allocate funds. My main departure would be that at midnight all lots that haven't received a bid in the last 15 minutes would close (let's call it a semi-hard close), leaving behind only the lots that have high bidding interest, and these lots would INDIVIDUALLY close after no bids have been received in the past 15 minutes (starting with a fresh clock at midnight). Seems like you could satisfy both camps (consignors and bidders) with this type of hybrid setup. Feel free to poke holes into my idea...remember, I am a collector that tolerates pinholes, punch holes, and shotgun blast holes in my cards. Brian Last edited by brianp-beme; 08-14-2017 at 06:01 PM. Reason: Changed a few things to ease reading digestion |
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Brian, those were the days with the land lines and the all nighter auctions. The only thing you left out is how they kept up with the bids.... It was on the chalk board on the wall. Then if you requested a call back, you would get a ringing phone call in the middle of the night. Glad we have progressed from those kind of auctions 20 years ago.
Al, You run a great auction and work harder than most auctioneers. You are a one man show and I would love to see you add another member or two to your team. Have to agree with all the other posters on the Spirited bidding. Spirited bidding will occur whatever time the auction is about ready to close. Many serious buyers just wait until last call or the fair warning email. I don't believe you are doing the consignors a favor by not creating bidding wars when everyone is awake and alert. Spirited bidding happens at REA from 1130-1200. Spirited bidding happens at Heritage from 11-1130, and Spirited bidding happens at Huggins and Hunt from 10-1030pm. What do you think they all have in common???? (Answer) all the bidders know when to be on their smart device/computor to bid. Let the war begin which doesn't favor collectors/dealers who live in a certain timeframe.
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Love Ty Cobb rare items and baseball currency from the 19th Century. |
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This old fart is a long-time collector who much, much prefers the entire-auction closes-at-once method over the lots-close-individually method because I am one of those who often has to decide where to allocate and re-allocate his auction budget during the auction and because I also believe that consignors fare better. In fact, I do not and will not consign to auction houses that employ the lots-close-individually method. And, I am delighted by the way REA modified its closing method last year - this may not be total perfection, but REA is getting close!
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Seeking very scarce/rare cards for my Sam Rice master collection, e.g., E210 York Caramel Type 2 (upgrade), 1931 W502, W504 (upgrade), W572 sepia, W573, W575-1 E. S. Rice version, 1922 Haffner's Bread, 1922 Keating Candy, 1922 Witmor Candy Type 2 (vertical back), 1926 Sports Co. of Am. with ad & blank backs. Also T216 Kotton "NGO" card of Hugh Jennings. Also 1917 Merchants Bakery & Weil Baking cards of WaJo. |
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Auction Close
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#62
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application sent.
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#63
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I don't get what all the fuss is about. If there is a card I'm very interested in new I will put a max bid in before going to bed. If the interest is high enough I will try to stay up, and would prefer an earlier end time. But this format was a lot better than when heritage cut off bids on the final day at 9 am pst. I found that way more ridiculous than ending an auction at 3 or 6 AM.
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Successful transactions with peter spaeth, don's cards, vwtdi, wolf441, 111gecko, Clydewally, Jim, SPMIDD, MattyC, jmb, botn, E107collector, begsu1013, and a few others. |
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