Important Updates From REA Including a Modern Take on the Auction Closing Method

[Snapolit1]

Simple and smart. Great. How much East coast money are AHs leaving on the table because people like me aren't staying up through the night or setting an alarm at 4 am. Those days are over. Smart move that benefits their customers and will intimately maximize theirs and their comsignors profits. Win win win.

[Griffins]

Originally Posted by Snapolit1

Simple and smart. Great. How much East coast money are AHs leaving on the table because people like me aren't staying up through the night or setting an alarm at 4 am. Those days are over. Smart move that benefits their customers and will intimately maximize theirs and their comsignors profits. Win win win.

I'm thinking it takes away the East Coast advantage of being able to go to bed and get up at 6am with the auction still running, while I conk out at 237am only to be outbid by an early riser in the east.

[glchen]

Doesn't this just mean that everyone will be placing his "snipe" bid at 11:59pm?

[pokerplyr80]

I get the intent, but I think that's too early in the day to cut off initial bids. 9 AM on the west coast? You're probably going to end up with people signing in to bid only to find out they can't.

Personally I'd rather see individual lots closed if there are no bids for 15 or 30 minutes.

[seablaster]

Originally Posted by pokerplyr80

I get the intent, but I think that's too early in the day to cut off initial bids. 9 AM on the west coast? You're probably going to end up with people signing in to bid only to find out they can't.

I think that the 3 weeks the auction is open prior to extended bidding is probably adequate for someone to place a bid if they should feel the need to.

[gnaz01]

Thanks for the change in the ending time Brian, my wife thanks you very much!!!

[keithsky]

I can just see all the guys across the country in church services Sunday morning trying to get there bids in and the glaring look from the wives. lol

[pokerplyr80]

Originally Posted by seablaster

I think that the 3 weeks the auction is open prior to extended bidding is probably adequate for someone to place a bid if they should feel the need to.

True, but I tend to procrastinate. I doubt I'm the only one. I just think people are going to be surprised and disappointed when they log in on the final day to bid and find out they are unable to do so.

[Beastmode]

Originally Posted by seablaster

I think that the 3 weeks the auction is open prior to extended bidding is probably adequate for someone to place a bid if they should feel the need to.

+++ Although I applaud REA for doing this, feels like arranging deck chairs on the Titanic. Enough already, end the auction at the closing time. PWCC has got to be on their radar. Maybe these two firms can merge and use the PWCC platform.

[jbsports33]

Brian, thanks for the update - good luck with the auction

Jimmy

[Peter_Spaeth]

Originally Posted by Beastmode

+++ Although I applaud REA for doing this, feels like arranging deck chairs on the Titanic. Enough already, end the auction at the closing time. PWCC has got to be on their radar. Maybe these two firms can merge and use the PWCC platform.

That would make sense for the AH but for the reluctance people have to place top alls, unlike on ebay where there is no rational or even irrational reason not to place a snipe. AH is better off with overtime bids especially as people tend to get irrational or super competitive or drunk.

[MVSNYC]

Great job, Brian! Sounds like REA is in good hands.

I will say, regarding the noon time extended bidding, seems very early. Most people on the weekends are out and about...and would just be getting ready to saddle up for battle after dinner time. Either way, we'll all be bidding and adjusting our calendars as needed.

Best of luck, looking forward to the auction.

[sgbernard]

For all the collectors who are parents of small kids everywhere, this auction closing plan is the best thing since sliced bread!

[bwbc917]

Bravo, superb idea.