Lot by Lot auctions closings-I leave $ on table

[BeanTown]

Without a doubt I agree with Leon on that auctions should end on a per lot basis. This allows a bidding war on each lot and a known time when to login in and bid to win. Such a clear advantage to Westcoast bidders on auctions that stay open past 1AM. I wish every auction would follow Heritage, Hunt, and Huggins and Scott (that come to mind) that close on a per lot basis. Im thankfull that auctions use computors now compared to the ole chalkboards where you had to phone in your bid and they would update the "big board".

[bobfreedman]

Originally Posted by BeanTown

Without a doubt I agree with Leon on that auctions should end on a per lot basis. This allows a bidding war on each lot and a known time when to login in and bid to win. Such a clear advantage to Westcoast bidders on auctions that stay open past 1AM. I wish every auction would follow Heritage, Hunt, and Huggins and Scott (that come to mind) that close on a per lot basis. Im thankfull that auctions use computors now compared to the ole chalkboards where you had to phone in your bid and they would update the "big board".

JC, if you do not mind me asking, if you were consigning, how would you want the auction to end?

[BeanTown]

Originally Posted by bobfreedman

JC, if you do not mind me asking, if you were consigning, how would you want the auction to end?

Without a doubt the way I mentioned above. Each lot closes when no bids come in on "that" lot for 15,20, or 30 minutes.

I think Dave did an excellent job explaining the drawback too for auctions ending on a per lot basis. However, I think Leon benefited from it overall as it allowed bidding wars on 100s of lots as it forced people to bid or lose out. I will also add that I lost out on the Pinkerton Cobb cabinet as I thought it would be bid upon at least once in the extra time which it was not. I didnt want to commit to 20k that early. However, by that format I was able to win more lots I believe and place more bids. Fell a little short as the under bidder on the Shapiro Cobb, but had fun bidding on it and then it turned my interest to a couple other lots.

Ebay used to be popular for auctions and the main reason was it had a firm end time and bidders knew when to come in and bid (mainly snipers). Id rather have three interested bidders fighting for a lot than one bidder who stayed up till 4am to be. Rewarded with his choice of the auction.

[RCMcKenzie]

Originally Posted by bobfreedman

JC, if you do not mind me asking, if you were consigning, how would you want the auction to end?

Mine would be REA's mailing list and Saco River's traditional auction format.

[BeanTown]

Originally Posted by RCMcKenzie

Mine would be REA's mailing list and Saco River's traditional auction format.

I don't know how Saco River closes?? Never bid with them. Ive been told that most auction houses have pretty close to the same mailing list (within a small percentage). Heritage might have the best mailing list with all the cross overs from coins, artwork, stamps, comics, antiques, etc.. REA seems to have some great consignments of years past.

[RCMcKenzie]

JC, Saco River closes like Heritage's art auctions where each item goes to the block 1 at a time. I said "REA" b/c they say they send a catalog to anyone who has ever bid in their auctions. I am a fan of REA and Heritage.

[buymycards]

I was involved in an online/live sports auction yesterday. There were about 650 lots. You could bid through the website several days before the live auction started and there was plenty of time to look at each lot before the auction began.

Then, when the live auction started, the lots came up 1 at a time. I had early online bids on 27 lots and spent a large portion of the day on my computer waiting for my lots to come up so I could increase my bids if I wanted to. The bidding was quick and easy and the auction moved quickly.

The nice thing is that I wasn't tied to the auction all day. I could estimate when my next lot was coming up, run an errand or two, or list a couple of things on eBay. I ended up listing over 50 items on ebay during the course of the auction.

The other nice thing is that I didn't have to stay up late. The live auction started at 10:30 am central and ended at around 430 pm.

This was my favorite out of all of the auction formats. The auction company wouldn't even need to have a "live" auction with bidders on site. It could be an internet only auction with live computer bidding with lots coming up one at a time.

Rick

[T206Collector]

The live auction format is tough. When all those Doc Steen signed M101-2s were up for auction, I had a fixed budget. All the lower value ones came up first, and I couldn't let them pass at $150-$250 each. By the time the big ones came up, I was out of cash and didn't bid. I wasn't gonna miss out on the lower value ones to risk getting shut out on the big value ones.