bidding slot increments gripe

[Peter_Spaeth]

I wonder why the major auction houses, multimillion dollar businesses who succeed by doing well for their consignors, never thought of this before?

[jefferyepayne]

Originally Posted by Peter_Spaeth

I wonder why the major auction houses, multimillion dollar businesses who succeed by doing well for their consignors, never thought of this before?

I was just thinking about this the other day! In live auctions, the auctioneer often goes up by increments but if no one bids at an increment, he backs it down until someone gets the bidding going again. Often times the final bid is higher than the increment that was originally not accepted.

It would be easy to do this in software ... I wonder why no one does it?

jeff

[1952boyntoncollector]

why are people understanding what I am saying and agreeing with me...

I guess a broken clock is right 2 times in 24 hours..

[esquiresports]

In Heritage live auctions (where you can still bid online), once per lot you can make a "cut bid," which is half of the next bid increment. It's a very nice feature.

One thing that has worked against me (I believe) is when I want to go up to the next bid increment (e.g., Bid is at $1000. Next bid is $1100, then $1200, then $1300). Some AHs won't allow me to place a bid of $1200. Only $1100 and $1300 (or higher) are permitted.

[Peter_Spaeth]

Originally Posted by esquiresports

In Heritage live auctions (where you can still bid online), once per lot you can make a "cut bid," which is half of the next bid increment. It's a very nice feature.

One thing that has worked against me (I believe) is when I want to go up to the next bid increment (e.g., Bid is at $1000. Next bid is $1100, then $1200, then $1300). Some AHs won't allow me to place a bid of $1200. Only $1100 and $1300 (or higher) are permitted.

When that happens I just ask a friend to bid 1100 and as soon as he does, I bid 1200. It all works out.

[frankbmd]

Originally Posted by Peter_Spaeth

When that happens I just ask a friend to bid 1100 and as soon as he does, I bid 1200. It all works out.

You have friends???

[nolemmings]

You have friends???

Count me among the stupefied. Can we get an offer of proof?

[scooter729]

As much as REA is beloved by most folks, one thing with REA that drives me nuts is the bidding increments from $500 - $1,000. Every other auction house goes in $50 increments in that range, but REA goes in $100 increments.

So if the bid is $500 on an item, you have to go to $600. So it even further amplifies the issue originally posted about.

Granted, many REA items are over $1K so this only impacts lower priced items, but it really starts to bring bidding strategies into play for items in that price range using REA's structure.

[egbeachley]

It all evens out if the long term and the seller is not affected. Using your $250 increment as an example, the seller gets the full $250 of the last bid when another $10 over the underbidder may have won it.

[Runscott]

Originally Posted by Peter_Spaeth

When that happens I just ask a friend to bid 1100 and as soon as he does, I bid 1200. It all works out.

Peter, if you pay them to do it, they don't technically count as 'friends'.

I love a pile-on.

[Peter_Spaeth]

Originally Posted by Runscott

Peter, if you pay them to do it, they don't technically count as 'friends'.

I love a pile-on.

What if I pay them in Frank Bucks?