Goldin Auctions - Today is Final Day of Internet Bidding for Session 1

[kengoldin]

Originally Posted by wonkaticket

Ken, sounds good again great auction. Was there a reason the reserves didn't post till almost the last or the last day?

It was our first live auction. I know heritage runs successful live auctions, and I know people online have complained about the way hunt does them (not announcing a reserve and then just passes if it doesn't hit). I also believe that heritage doesn't post it right away and does it 72 hours prior to the live event. So we stated we would post up to 72 hours prior, and we ended up posting 48 hours before the live event. Its a learning experience and we will improve the next time. One thing is to fight harder NOT to have reserves, if possible.

[oldjudge]

Ken--Thanks for getting back. So the current "bid" level is not a real bid, just an artificial level set to trigger the reserve, that you have set, if it is topped.

[kengoldin]

Jay we do not do hidden reserves
we had the following stated in the live rules, online and in the published catalog
"For Live auction, any item with a reserve will state the reserve and have the bidding adjusted so that the next bid will hit the reserve up to 72 prior to the live sale"

If an item had already passed the reserve, nothing was done, and if an item was already at that level (one bid below the reserve), nothing was done.

Our internet only items for this auction are as they have always been, stating 'reserve not met' before a bid was even placed so people see its a reserve item

[Leon]

Originally Posted by oldjudge

Ken--Thanks for getting back. So the current "bid" level is not a real bid, just an artificial level set to trigger the reserve, that you have set, if it is topped.

I will defer to what Ken said since what I stated was incorrect >( ....

[oldjudge]

Ken--with several major items failing to meet their reserve, how about waiving the buyers premium on these items so that they may sell? If they don't sell you don't get the buyers premium anyway.

[ZachS]

Originally Posted by oldjudge

Ken--with several major items failing to meet their reserve, how about waiving the buyers premium on these items so that they may sell? If they don't sell you don't get the buyers premium anyway.

Would you want to sell a $400,000-$500,000 item and not collect the premium? I wouldn't.

[kengoldin]

Originally Posted by oldjudge

Ken--with several major items failing to meet their reserve, how about waiving the buyers premium on these items so that they may sell? If they don't sell you don't get the buyers premium anyway.

on some of those items, the consignor reserves are actually higher then the posted reserve, and I am going to be giving them a nice portion of my BP to make up the shortfall so they get their reserve in full.

I actually do not even know if I am legally allowed to waive BP in an auction, but believe me, I want to make these sales and will do whatever is legally possible for me to do so.

[Jewish-collector]

Ken - Have you thought about having a live auction during the National ?

[kengoldin]

Originally Posted by Jewish-collector

Ken - Have you thought about having a live auction during the National ?

not THIS National