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

[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

[botn]

No one format is going to make all bidders and consignors happy but I prefer the auctions which end on a per lot basis with a 15 min clock. Those who use this method, like Huggins and Scott, Heritage and Hunt Internet are ones that come to mind, are over very early. Lot goes beyond where you are comfortable, no problem, move on to the next one.

With the whole auction remaining open and an uncertainty as to when bids can no longer be made means having to place top alls and possibly over committing resources. This will have an impact on what I will place bids on and in all likelihood will result in my bidding on fewer lots and spending less. I am all in favor of an early ending because I rarely stay up past 1 AM PST.

[Exhibitman]

I appreciate a hard end to OT as a bidder. Not so much as a consignor who could theoretically benefit from a late bid.

It is really a misnomer to say that the whole auction remains open until the earlier of no activity or midnight EST. In reality, any lots with 0 or 1 bid effectively close at the end of the regular session because no one else can bid on them. And all other lots are open in OT only to people who've bid on those specific items in regular time. Personally, I don't see that as a benefit to consignors or bidders: the consignors are shut out of potential bids from people who are outbid on other items and the bidders are precluded from going after items with lower priority if they haven't bid on them before OT. The trade-off for that is a perception of 'activity' early as people lodge placeholder bids. Whatever. We can beat that horse again but I don't see it moving...

I will just throw in lots of placeholder bids on the first day and then ignore the auction until the last day, as usual.

[bobbyw8469]

This "west coast" format should have went away years ago. Kudos to REA for doing something about it.

[Jay Wolt]

Brian Good luck w/ the auction, looking forward to viewing it

[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.