REA Fall Auction Ends TODAY With New 12 PM Noon Eastern Deadline For Initial Bids!

[perezfan]

As a consignor, I'm just a tad concerned. So 9:00 AM, Pacific Time is the cut-off for initial bids on Sunday.

Would not be surprised if more than a few West Coast people overlook (or simply miss) the communication of new rules, and subsequently sleep right through the 9 AM deadline. This cut-off time is far earlier than any other Catalog Auction, and it is a Sunday morning, afterall

[1952boyntoncollector]

Originally Posted by perezfan

As a consignor, I'm just a tad concerned. So 9:00 AM, Pacific Time is the cut-off for initial bids on Sunday.

Would not be surprised if more than a few West Coast people overlook (or simply miss) the communication of new rules, and subsequently sleep right through the 9 AM deadline. This cut-off time is far earlier than any other Catalog Auction, and it is a Sunday morning, afterall

I agree with this and this is concerning plus some of the current bid levels look like bargains right now but i realize there is lots of bidding towards the end, still......

[x2drich2000]

Originally Posted by perezfan

As a consignor, I'm just a tad concerned. So 9:00 AM, Pacific Time is the cut-off for initial bids on Sunday.

Would not be surprised if more than a few West Coast people overlook (or simply miss) the communication of new rules, and subsequently sleep right through the 9 AM deadline. This cut-off time is far earlier than any other Catalog Auction, and it is a Sunday morning, afterall

Those on the west coast, like everyone else, have had 3 weeks or so to get their initial bids in. If they don't do so by the 9am deadline, that's their own fault.

DJ

[iowadoc77]

Originally Posted by x2drich2000

Those on the west coast, like everyone else, have had 3 weeks or so to get their initial bids in. If they don't do so by the 9am deadline, that's their own fault.

DJ

Agreed! What good is it to wait until the last minute to get initial bid in? I am likely ignorant, but not sure. Just bid if you are going to.

[RedsFan1941]

Originally Posted by x2drich2000

Those on the west coast, like everyone else, have had 3 weeks or so to get their initial bids in. If they don't do so by the 9am deadline, that's their own fault.

DJ

+1. This seems so obvious, at least to me. People really wait until the absolutely last minute to get their INITIAL bids in?

R0nnie L3hman

[BeanTown]

It's the first time it benefits the East Coast collector for getting in a late bid(s) in the open (non extended time) auction. Years and years of us staying up till 3am while west coast people just come home after a night out at midnight to make their bids right before closing. I don't think their new closing time will affect the end results.

Anyone disagree with this then go bid now in REA and sleep in on Sunday until 2PM if you want to. Then wake up and go bid on the lot(s) you are interested in.

I would be interested to know the demographics of all the bidders as to their location. What percentage is in each time frame. My hunch is the largest number will be east coast.

My last thought is that it interferes with fantasy football and watching football in Sunday. That might be more of a concern I would have as a consignor.

[oldjudge]

I don't think the problem is initial bids. I think the issue is that for people on the West Coast the auction ends at 9 PM or earlier on a Sunday night. People are out and about on Sundays and many do not get home before 9PM. Also, I don't like hard closes or the possibility of them. I think this will lead to people being shut out at the end; I predict bargains.

[1952boyntoncollector]

Originally Posted by oldjudge

I don't think the problem is initial bids. I think the issue is that for people on the West Coast the auction ends at 9 PM or earlier on a Sunday night. People are out and about on Sundays and many do not get home before 9PM. Also, I don't like hard closes or the possibility of them. I think this will lead to people being shut out at the end; I predict bargains.

right everyone can analyze all they want....the proof of any impact will be on the final sale prices..

[jefferyepayne]

Originally Posted by 1952boyntoncollector

right everyone can analyze all they want....the proof of any impact will be on the final sale prices..

Kinda like the bargains West Coasters usually get when we on EST have to get some sleep?

There's no perfect auction format. I vote for one when everyone doesn't need to drink red bull to play.

jeff

P.S. Go REA!!!!!!

[BeanTown]

You may be correct Jay. Us collectors love bargains, but it seems the good stuff always goes off for what it should. I think Heritage, Huggins and Scott, and Brockleman auctions have it right for having a firm time extended bidding starts at where each lot closes on an individual basis depending on the bidding activity. This way everyone knows when to be at the computer to bid.

[yanks12025]

Originally Posted by oldjudge

I don't think the problem is initial bids. I think the issue is that for people on the West Coast the auction ends at 9 PM or earlier on a Sunday night. People are out and about on Sundays and many do not get home before 9PM. Also, I don't like hard closes or the possibility of them. I think this will lead to people being shut out at the end; I predict bargains.

So what about all the other auctions that screw the east coast because the west coast is 3 hours behind them and it's easier for them to stay up and out bid.

[perezfan]

First off, nobody here is bitching. This is a significant change, and I expressed that I was "just a tad" concerned with the policy change. Some people (not on net54) will miss or overlook the changes. It's not a matter of "favoring" the east or the west. Of my 12 consigned lots, 2 have still garnered no bids. And both are worth significantly more than the starting bid amounts. The other 10 lots are also pretty stagnant. And yes- I've been through enough of these to know that most bidding occurs at the end.

That said... not everyone reads the periodic emails or the fine print within the printed catalogs. Others inevitably may notice the Noon closing time, but fail to realize that's Eastern Daylight Time. As for waiting until the very end to bid... many prospective bidders (with finite budgets) are outbid beyond their means on their top-tier items. Subsequently, they search for/shift to lots with one or no bids, late in the game. Often, auction houses will even send email blasts, highlighting these "overlooked" items. Goldin just did it today. I suspect this happens more with memorabilia than with cards, so perhaps that's why some here aren't grasping the concept.

With the 9 AM closing, those are the potential concerns (as a consignor). As a bidder, it's obviously more beneficial. No big deal... just minor (yet legit) concerns, given the rather significant change in policy.

[Aquarian Sports Cards]

There's a gorgeous T205 Corridon in SGC 84 at a bargain price right now! Only two 86's and nothing higher than a 7 at PSA!

[BeanTown]

Mark, I think bidders during extended time can open up a lot if no bids are placed on it. So, the two lots you mentioned without bids could in fact get bids Sunday afternoon. I'm not 100 percent on that, but pretty sure that's how they do it. You made a good point that most the net54 members know when the extended time begins compared to other non members. I wonder what that percentage would be in non members. My guess is it's low.

I think another reason we see prices at investment prices is because of the flood of material hitting the market right now. I have 20lbs of auction catalogs on my desk that will be closing in the next couple of weeks.

[botn]

Originally Posted by oldjudge

I don't think the problem is initial bids. I think the issue is that for people on the West Coast the auction ends at 9 PM or earlier on a Sunday night. People are out and about on Sundays and many do not get home before 9PM. Also, I don't like hard closes or the possibility of them. I think this will lead to people being shut out at the end; I predict bargains.

Agree completely with Jay. I expressed so when Brian first posted a few weeks ago alerting us to the new closing procedure. I was never one of the west coast guys who stayed up until 3 AM but this process really hijacks an entire Sun and interrupts watching football and the World Series. The hard close at 9PM PST, if it even goes that late, is also not to my liking.

[jefferyepayne]

Originally Posted by botn

Agree completely with Jay. I expressed so when Brian first posted a few weeks ago alerting us to the new closing procedure. I was never one of the west coast guys who stayed up until 3 AM but this process really hijacks an entire Sun and interrupts watching football and the World Series. The hard close at 9PM PST, if it even goes that late, is also not to my liking.

I feel as horrible about messing up your Sunday as you did me not getting any sleep when REA closed at 4am.

Just put in max bids if you're busy on Sunday ... like all the West Coasters used to tell me to do if the auction ended too late for me to stay awake.

jeff

[FourStrikes]

I'm a consignor on a handful of lots, and while I sure don't mind
the endless(?) - all-night until morning bidding - this IMO, is an
overall positive.

YES, I'm hoping for max bids, but this - again - IMO - is a more true
market, as it's not only a matter of whoever can down the most cans
of "Red Bull" wins...

either you want it or you don't - as long as the rules are stated, it's
okay by me - do I appreciate the late night, over-caffienated bidders?
as a seller, YES, but...

roll the dice, move your mice, rather than bitching about NOT having
the advantage due to time zone differences.

again, JMO.

happy bidding, and best of luck wished to the buyers/sellers AND to
a first-class auction house.

DS

[LEHR]

Originally Posted by x2drich2000

Those on the west coast, like everyone else, have had 3 weeks or so to get their initial bids in. If they don't do so by the 9am deadline, that's their own fault.

DJ

^This!^ If you can't get your initial bids in during the THREE WEEKS the auction has been running then you don't deserve to bid or win anything. It doesn't matter what time initial bidding starts, someone will have a problem with it. I commend Brian and REA for trying something new.

[bn2cardz]

Originally Posted by perezfan

As a consignor, I'm just a tad concerned. So 9:00 AM, Pacific Time is the cut-off for initial bids on Sunday.

Would not be surprised if more than a few West Coast people overlook (or simply miss) the communication of new rules, and subsequently sleep right through the 9 AM deadline. This cut-off time is far earlier than any other Catalog Auction, and it is a Sunday morning, afterall

Really it is later than past auctions considering those ended Saturday night then bled into Sunday morning. So if someone overlooks it they should be there on Saturday night and notice the extension at that time.