Legendary Auctions Extended Bidding

[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

[sycks22]

I'm with a lot of guys on here with place holder bids. The day an auction opens throw in the first bid on something and you'll obviously get outbid sometime during the auction and you'll have a shot at it come extended bidding time. I do love the Legendary does it lot by lot, no waiting until 5am.

[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.

[MVSNYC]

Being outbid in extended bidding is part of the auction world, it's certainly not look upon as "rude". i'm sure many others here will back me up on this...so, i guess either bid early on things you want, or stay up late to monitor whether or not you are outbid on a lot.

Again, i do sincerely wish you luck, and hope you win the lot you want.

Best-
MS

[packs]

I don't like extended bidding either. I know its good news for the consignor. But it doesn't feel right to win an item in regulation and lose it to someone later.

[bn2cardz]

Originally Posted by MVSNYC

or stay up late to monitor whether or not you are outbid on a lot.

Why stay up late if I can't redirect my bidding if I am outbid later in the evening?

BTW the one item I am bidding on is one of the few non sports related item in the auction, so the odds are that no one here is going to be the one that knocks me out.

I only consider it rude in this auction type. Now I am interested in a poll on what type of auction ending does each person prefer:
A) Extended for anyone to bid until there are no more bids in the entire auction for a certain amount of time
B) Extended for only previous bidder of any lot in the auction until there are no more bids for a certain amount of time
C) Extended bidding only for bidders on lots bid on by that bidder until there are no more bids on that lot for a certain amount of time
D) No Extended bidding, all bidding on all lots end at a pre determined time.

[Runscott]

Originally Posted by bn2cardz

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.

I love the sincere honesty of your post.

I think we overanalyze the auction houses' strategy. They are trying to maximize bidding, and one great way to do that is to make it 'fun' for the bidders.

Not saying the late-night lot-by-lot strategy should be fun - only that it is for some people and gets them to bid when they probably shouldn't. On big nights where I am interested in lots of items, I settle down with a bottle of red wine and a movie, and have a great evening. If I want to be smart about things, I figure out my ceiling bid way in advance, place it and walk away. But I'm rarely that smart.

[E93]

In the last Legendary auction I was unclear about when the 30 minute rule began. I was coming home late from work thinking I would get back just in time for the 30 minute rule to begin and found that a lot I was planning to be aggressive on was closed. I guess I will have to read the rules more closely this time.
JimB

[E93]

I do not really get what the two hour limbo period is for. Why not just state that the 30 minute clock will begin at X:XX pm.
JimB

[bn2cardz]

Originally Posted by E93

I do not really get what the two hour limbo period is for. Why not just state that the 30 minute clock will begin at X:XX pm.
JimB

I am new to legendary, so what do you mean by "two hour limbo"?

[Matthew H]

Originally Posted by E93

In the last Legendary auction I was unclear about when the 30 minute rule began. I was coming home late from work thinking I would get back just in time for the 30 minute rule to begin and found that a lot I was planning to be aggressive on was closed. I guess I will have to read the rules more closely this time.
JimB

This exact same thing happened to me, I ended up buying the card from the winner... Being a west coast guy, I don't like the individual lot closing structure. I feel like they're robbing us of our time zone advantage.

[GaryPassamonte]

Jim- I'm with you. That dead zone from 9:00 to 11:00 makes no sense.

[Runscott]

Originally Posted by Matthew H

This exact same thing happened to me, I ended up buying the card from the winner... Being a west coast guy, I don't like the individual lot closing structure. I feel like they're robbing us of our time zone advantage.

Matt, I feel the opposite - I can go to sleep earlier than the East coasters.

But my secret bidding strategy makes it all a moot point

[bn2cardz]

Originally Posted by Runscott

I love the sincere honesty of your post.

I think we overanalyze the auction houses' strategy. They are trying to maximize bidding, and one great way to do that is to make it 'fun' for the bidders.

My thinking is that if they wanted to maximize bidding (from at least me) they would open all the lots to me since I bid on at least one lot. If get outbid on that one lot in extended bidding then they lost out on my money being put towards another lot. Sterling has gotten more out of me because of this. I got outbid later in the evening so those funds got put towards other lots that hadn't hit my max for that lot, but combined with my previous bids it would have hit my personal max overall.

[Runscott]

Originally Posted by bn2cardz

My thinking is that if they wanted to maximize bidding (from at least me) they would open all the lots to me since I bid on at least one lot. If get outbid on that one lot in extended bidding then they lost out on my money being put towards another lot. Sterling has gotten more out of me because of this. I got outbid later in the evening so those funds got put towards other lots that hadn't hit my max for that lot, but combined with my previous bids it would have hit my personal max overall.

Yes, that's why you have to put in 'marker' bids early, on anything you think you might want. I've had a couple of times where my marker bids almost won more than I could afford, so you need to have a good idea of market value.

That 'limbo' period has hurt me a couple of times. Very common now to have a 1-hour window where only previous bidders can bid, then the 30-minute rule starts immediately after. I don't like it, but it's just another technique for getting more bids.