Rea

[Leon]

Originally Posted by bigfish

There’s no perfect solution that will make everyone happy. A hard close eliminates extended bidding which is not good for consignors or bidders. I like the format and like Sunday ending.

REA will have a hard close a little later anyway.....and I am fine with how it ends now too.

[ullmandds]

Originally Posted by Leon

REA will have a hard close a little later anyway.....and I am fine with how it ends now too.

agreed! It's much better than it used to be.

[Snapolit1]

They are trying and I give them great credit for that. And they are a top notch operation through and through. But if 98% of your intended audience is awake at 9pm and only 70% are awake at midnight [just pulling numbers out of my . .pocket . . . for argument's sake], I still don't understand the logic. Yes, there is a max bid etc., but if you did a hard stop at 9pm EST seems to me there would be a feeding frenzy in the last hour with a lot more potential bidders (who are wide awake).

[x2drich2000]

Originally Posted by Snapolit1

They are trying and I give them great credit for that. And they are a top notch operation through and through. But if 98% of your intended audience is awake at 9pm and only 70% are awake at midnight [just pulling numbers out of my . .pocket . . . for argument's sake], I still don't understand the logic. Yes, there is a max bid etc., but if you did a hard stop at 9pm EST seems to me there would be a feeding frenzy in the last hour with a lot more potential bidders (who are wide awake).

Except your west coast bidders are all out eating dinner/enjoying time with their families at 6pm local time (9pm EST) on a Sunday evening.

[seinbigd]

Maybe I'm missing something but the best solution in my opinion is to let each lot independently close if no bid is received after 10 minutes.

[darwinbulldog]

Future developments in neuroscience will allow the auction houses to determine how much each bidder is willing to pay for each lot and automatically award the cards to the appropriate "bidders" without the need for actually running the auction. It's possible there are some drawbacks to this future, but I for one welcome the end of the how-best-to-end-an-auction discussion.

[Snapolit1]

Originally Posted by darwinbulldog

Future developments in neuroscience will allow the auction houses to determine how much each bidder is willing to pay for each lot and automatically award the cards to the appropriate "bidders" without the need for actually running the auction. It's possible there are some drawbacks to this future, but I for one welcome the end of the how-best-to-end-an-auction discussion.

I find these discussions fascinating. Truly. I should have studied economics. I wish Harvard Business School did a study on it. 100% serious. Maybe it's a puzzle with no great answer.

I'm sick of the same threads about how terrible certain eBay sellers are. if you hate a seller don't do business with them.

[calvindog]

Originally Posted by seinbigd

Maybe I'm missing something but the best solution in my opinion is to let each lot independently close if no bid is received after 10 minutes.

Or even three minutes as Christie's does.

By the way is REA a hard close at Sunday midnight?

[Leon]

Originally Posted by calvindog

Or even three minutes as Christie's does.

By the way is REA a hard close at Sunday midnight?

"The auction will not continue past 12:00 AM Midnight EDT (technically the
morning of Monday, May 7, 2018) under any circumstances except for a complete service disruption or act of God."

[OldOriole]

Originally Posted by seinbigd

Maybe I'm missing something but the best solution in my opinion is to let each lot independently close if no bid is received after 10 minutes.

As a buyer, I like the individual lot closing format. However, I believe that for the auction houses that use a closing for the entire auction at once there is logic behind it. If you have two whales competing at the end of the auction and one taps out, this closing format would give him an opportunity to bid on several more lots (assuming he put in an initial bid) whereas if they closed individually it would already be over.

[Rhotchkiss]

Originally Posted by Snapolit1

but if you did a hard stop at 9pm EST seems to me there would be a feeding frenzy in the last hour with a lot more potential bidders (who are wide awake).

REA closes twice a year, and their auctions are beast. I think those truly interested in REA auctions can stay up until midnight. Sure as hell beats trying to stay up to 5am (I too am on the East Coast). Although having a hard stop (at midnight, or otherwise), kinda make it like Ebay, no? Put in your snipe....

Personally, as a buyer, I think Heritage's per-lot extended bidding is great/best, although I think it probably is not ideal for sellers.

Regardless, Sunday will be very very fun (and most definitely frustrating)

[Snapolit1]

Seems to me that in last couple of years most auction houses see light to moderate action in the weeks leading up to the close and then many people who wait to the last 48 hours to get serious. If that holds true with REA prices will be sky high and consignors will be mighty pleased.