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

[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!!!!!!

[iowadoc77]

Originally Posted by jefferyepayne

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!!!!!!

I agree with this Jeff! I usually stay up way tooo flipping late. I like this better. On the downside, I will be distracted during my sons Sunday afternoon soccer game. And I am the coach...

[RCMcKenzie]

Record prices happen when folks are pittted against one another and one gets caught up in the moment. That's not gonna happen at 6 O'Clock on a Sunday evening. It only matters for the esoteric stuff. The graded Topps cards are like buying stocks or gold that have a daily value. It does sound like it's going to close around 11 Central and it would be good to just say that.

[philliesphan]

As someone based in London - this is the first time that an auction closing time will likely happen while I'm asleep.

It's been rather effective being able to get up in the morning with a clear head and bid as needed.

Now I'll be fighting to stay awake on any outbid e-mails in the extended bidding time.

m

[jefferyepayne]

Note I just got from Goldin starts with:

"We want to be as blunt as possible about the auction close tonight. Please be prepared for a LATE NIGHT. "

I vote for the REA way.

jeff

[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.

[perezfan]

Originally Posted by 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.

Thanks for clarifying this. I was not aware that items with no bids could potentially be re-opened for bidding. Most auctions do not, in fact do that.

[Snapolit1]

I've enjoyed people's theories about how this new REA format could hurt buyers or sellers. Nearly comical. No, definately much more convenient to sellers to have an auction close at 4:15 am on the east coast. That's smart business. Surprised the NFL hasn't caught on and started games at midnight NY time. Hell, I might open a restaurant and only sell food between 3 and 5:35 am.
Prime time. I got Goldin's message last night as I was shutting my phone off. No big deal. Rarely do I ever see a one of a kind item I must have. Happens once or twice a year at most. For most of this stuff I'm comfortable going to bed and letting someone else who isn't exhausted from working, taking care of sick kids, etc. "win" it.

[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

[botn]

Originally Posted by jefferyepayne

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

You always this charming?

[mybuddyinc]

12:19 pm EDT ----------- this thing still going ???!!!


I think it's innovative idea .....

[shammus]

I'm very surprised to see I've actually won two lots already as the only bidder on them. Never had that happen before....

[iowadoc77]

Originally Posted by shammus

I'm very surprised to see I've actually won two lots already as the only bidder on them. Never had that happen before....

Congrats!

[Leon]

Originally Posted by shammus

I'm very surprised to see I've actually won two lots already as the only bidder on them. Never had that happen before....

Congrats. I have been outbid on all of mine. I am pretty sure I will put more bids in but At least it won't be an all-nighter....

[base_ball]

Originally Posted by shammus

I'm very surprised to see I've actually won two lots already as the only bidder on them. Never had that happen before....

There was a surprising number of lots with zero or one bid in this auction. In Lelands recently closed auction a stunning one third of the lots had zero or one bid. This trend is now widespread in the sports auction memorabilia business due to rising opening bids/reserves following the prosecution of the Mastro Crime Family.

[jefferyepayne]

Originally Posted by botn

You always this charming?

Nothing at all personal, Greg.

It's just annoying that its ok for me to stay up until 4am but not ok for others to bid during their day.

jeff