REA is open

[Rhotchkiss]

Great auction (hate the hard stop, all lots at midnight, ebay-style auction though - see below).

Aside from the D303 Lajoie, I got totally blown out. The E107 Lajoie went for crazy money and I finally backed off the T206 Willetts Brown Lenox once it pushed past $16k. Crazy prices on these. I also thought may of the rare-back T206s did well, especially the Wajo and Young Hindus, and the Speaker BL 350. I would have bid on several of these and others, but the hard stop at midnight scared me and I just backed off everything.

In my opinion, the steal of the auction was the E107 Plank for under $10k.

All-in-all, I expect consignors are happy.

On a different note, I have grown to very much dislike the every lot closing at midnight thing. Its basically like Ebay now. I had no idea how much I would be in for, or how much of my max bids would be used, so it was very difficult to estimate the parameters of my potential liability. As a result, i just gave up. I strongly prefer the close at 3am or the lot-by-lot closing. Having an Ebay-type closing in an auction of this size and magnitude is really tough in my opinion.

[CuriousGeorge]

It would make far more sense for Brian to close all of the lots that haven’t had a bid on them for say 15 minutes at midinight and then leave the rest, maybe 5% or so, to operate on even a 5 minute rule. This way the consignor gets more for their items and you get to walk away when the price gets too high for you rather than getting sniped with seconds left. Everyone would benefit and then you’re not left with a queasy feeling at midnight when it should be a happy moment for you.

[ullmandds]

wonder what the reserve was on that e121 ruth that didn't sell...someone's greedy!!!!

[CuriousGeorge]

And I agree with you Ryan on the E107’s. I have no idea why the Lajoie went so crazy and the Plank was so cheap that I considered buying a second one. I took the Waddell instead.

[Bicem]

Lajoie is much more tough than Plank, Plank is actually one of, if not the easiest, e107 HOFer.

[CuriousGeorge]

Yes I now see.

Originally Posted by Bicem

Lajoie is much more tough than Plank, Plank is actually one of, if not the easiest, e107 HOFer.

[Rhotchkiss]

Peter, I agree. No style is ideal. But in my opinion, the ebay-style, snipe at the last minute is the worst. I like Steven's idea.

Steven, I am sorry but i cost you $300 on the Waddell - I hit it one time after I got smoked on the Lajoie, just bc it seemed so relatively reasonable, but I let it go after that. Great looking card

Jeff, I agree the Plank is relatively common and the Lajoie actually real tough, especially in a numerical grade. That said, the Plank is normally a $16k+ card. Notwithstanding the paper loss on the front, under $10k was real cheap. And I knew the Lajoie would be expensive, but holy $43k!! So, i thinjk the Plank went super cheap and the Lajoie super expensive and the $33k+ gap not so justified.

I am regretting that I did not go back up on the Young Hindu and the Speaker BL 350 - those are two real pretty cards. Congrats to the winner(s)

[CuriousGeorge]

Ryan, I think $300 is the least you have ever cost me since I have been doing this so I will take that as good fortune!

[Bicem]

Originally Posted by Rhotchkiss

Jeff, I agree the Plank is relatively common and the Lajoie actually real tough, especially in a numerical grade. That said, the Plank is normally a $16k+ card. Notwithstanding the paper loss on the front, under $10k was real cheap. And I knew the Lajoie would be expensive, but holy $43k!! So, i thinjk the Plank went super cheap and the Lajoie super expensive and the $33k+ gap not so justified.

I see the Plank as normally an under 10k card with the last couple in REA (before last night) being pushed by a few overly aggressive bidders. To me, Plank should not be more expensive than say Waddell (which was more the bargain considering how nice it was).

But agreed, Lajoie price was extremely strong no doubt, think that gap was too wide as well. They don't come up often and someone really went for it.

[Peter_Spaeth]

Not directed at Ryan, but after countless discussions it's abundantly clear that no matter what closing format is used, there are going to be people who dislike it.

[benjulmag]

Originally Posted by Peter_Spaeth

Not directed at Ryan, but after countless discussions it's abundantly clear that no matter what closing format is used, there are going to be people who dislike it.

So true.

With the sharp midnight closing, there likely was money left on the table. On one of the lots I was bidding on, after I was topped at the 11:59 (and therefore faced with the reality, not the hypothetical, of being topped), I tried to get in one more bid, but lost out by two or three seconds.

There have been countless discussions how to have the best of all worlds -- to get maximum dollar for the consignor yet at the same time allow bidders to keep bidding on ALL their lots until the entire the auction closes, yet to do it in a way where one can get to sleep at a reasonable hour.

I've often wondered why the following method hasn't been tried (unless the software doesn't exist):

1. Start extended bidding at the earliest reasonable hour (REA's is 6 pm, which is earlier than other AHs do);
2. With each succeeding constant time interval, say, one hour, to reduce the period after which if a bid is not received, the auction closes. So if the time interval is 15 minutes at the start of extended bidding, to reduce it by, say, 3 minutes every hour. Then, when it is down to 3 minutes, to reduce it by one minute each hour. When the interval has been reduced to one minute, all remaining bidders will need to be glued to their computers/devices as if the bidding is live, and I suspect the auction will end very quickly.
3. Accompanying this would a redesign of the list of a bidder's items so as to always show on the top and in a different font/color those items that have been topped. This will address the difficulty that bidders who are watching many lots have in noticing which lots have been topped, a concern especially relevant as the bidding interval gets down to one minute.

Needles to say, there are an infinite number of ways to implement the above concept in terms of when extended bidding begins, time period after which bidding intervals decreases, how much to decrease the interval, etc. But my point is that while there may never be a closing method that satisfies all, I'm not persuaded the hobby has yet to hit the ideal method.

[barrysloate]

Originally Posted by benjulmag

So true.

With the sharp midnight closing, there likely was money left on the table. On one of the lots I was bidding on, after I was topped at the 11:59 (and therefore faced with the reality, not the hypothetical, of being topped), I tried to get in one more bid, but lost out by two or three seconds.

There have been countless discussions how to have the best of all worlds -- to get maximum dollar for the consignor yet at the same time allow bidders to keep bidding on ALL their lots until the entire the auction closes, yet to do it in a way where one can get to sleep at a reasonable hour.

I've often wondered why the following method hasn't been tried (unless the software doesn't exist):

1. Start extended bidding at the earliest reasonable hour (REA's is 6 pm, which is earlier than other AHs do);
2. With each succeeding constant time interval, say, one hour, to reduce the period after which if a bid is not received, the auction closes. So if the time interval is 15 minutes at the start of extended bidding, to reduce it by, say, 3 minutes every hour. Then, when it is down to 3 minutes, to reduce it by one minute each hour. When the interval has been reduced to one minute, all remaining bidders will need to be glued to their computers/devices as if the bidding is live, and I suspect the auction will end very quickly.
3. Accompanying this would a redesign of the list of a bidder's items so as to always show on the top and in a different font/color those items that have been topped. This will address the difficulty that bidders who are watching many lots have in noticing which lots have been topped, a concern especially relevant as the bidding interval gets down to one minute.

Needles to say, there are an infinite number of ways to implement the above concept in terms of when extended bidding begins, time period after which bidding intervals decreases, how much to decrease the interval, etc. But my point is that while there may never be a closing method that satisfies all, I'm not persuaded the hobby has yet to hit the ideal method.

Corey,
I used the descending clock in my auctions, and although mine were pretty small with only a couple of hundred lots, I know the software is out there and felt it was a good system.

Having done auctions and seeing how they work on the inside, I feel it is best to have a procedure where bidders are forced to sit at their computers, pay attention, and get all their bids in. All the dead time when bidders feel it's too early to bid, and as such do nothing, doesn't benefit anyone.

But no system is perfect, or liked by everyone.

[Snapolit1]

Yeah, there is no perfect system. In a perfect world I'd like auction closes at 9 pm EST and then closes lot by lot when no bid has been placed in 15 minutes. I think a few use that now.

The idea that I have thousands burning a hole in my pocket and if I get passed on an item at 3 am, and won't go higher, damm it I'm hell bent on deploying this money somewhere and will immediately rush elsewhere to buy something is just so freakin absurd. Like we are all out of control crackheads on the floor looking for something, anything . . .

[benjulmag]

Originally Posted by Snapolit1

Yeah, there is no perfect system. In a perfect world I'd like auction closes at 9 pm EST and then closes lot by lot when no bid has been placed in 15 minutes. I think a few use that now.

The idea that I have thousands burning a hole in my pocket and if I get passed on an item at 3 am, and won't go higher, damm it I'm hell bent on deploying this money somewhere and will immediately rush elsewhere to buy something is just so freakin absurd. Like we are all out of control crackheads on the floor looking for something, anything . . .

Steve,

Respectfully while perhaps this is something you would not do, others, including myself, look at it differently. Almost all collectors have limited budgets, and many/most of them cannot afford to buy everything in a particular auction they have an interest in. So they prioritize, and if possible would like the ability to shift to item B if item A becomes too pricey. I'm not sure I understand the absurdity behind that concept.

I vividly remember an auction where there was one item I wanted more than anything, even if it meant spending all my available funds on that one item. So in the wee hours of the morning the price of that item became unaffordable. I then shifted my available funds to other items that I still had a strong interest in, and won a number of them. So while I didn't get exactly what I wanted, I still felt I had a good night, consignors got more money, and the auction was more profitable for the AH.

Yes, I get it that other bidders who did not stay up got shut out of the lots I won. And one can reasonably argue the fairness of that because they refused to stay up to some crazy hour. So that is why I introduced for discussion another closing method so as to better address the concerns of all.

[bbcard1]

Consigned one item which in the context of thing was a very minor one. Was pleased with the process and came out fine on it.

[Snapolit1]

Hey, I totally understand. Different collectors, different strategies, different ways to manage things.

Just seems to that other than the rare black swan kind of thing you'll see the same stuff again and again in future auctions, so why beat yourself up to get something. But to each his own.


QUOTE=benjulmag;1909636]Steve,

Respectfully while perhaps this is something you would not do, others, including myself, look at it differently. Almost all collectors have limited budgets, and many/most of them cannot afford to buy everything in a particular auction they have an interest in. So they prioritize, and if possible would like the ability to shift to item B if item A becomes too pricey. I'm not sure I understand the absurdity behind that concept.

I vividly remember an auction where there was one item I wanted more than anything, even if it meant spending all my available funds on that one item. So in the wee hours of the morning the price of that item became unaffordable. I then shifted my available funds to other items that I still had a strong interest in, and won a number of them. So while I didn't get exactly what I wanted, I still felt I had a good night, consignors got more money, and the auction was more profitable for the AH.

Yes, I get it that other bidders who did not stay up got shut out of the lots I won. And one can reasonably argue the fairness of that because they refused to stay up to some crazy hour. So that is why I introduced for discussion another closing method so as to better address the concerns of all.[/QUOTE]

[CuriousGeorge]

It becomes extremely difficult to put in numerous high ceiling bids and then have to worry they all hit and you’re left with a tab outside your budget. An item should be won by the person who is willing to pay the most for the item and not the person who can snipe it better. After all isn’t there a responsibility by the auction house owner to ensure his consignor gets the most for their items? I know with certainty that did not happen last night. For me, there is no question I would never give REA any items of mine until they change their format. As I was fighting to stay awake this weekend bidding on Heritage, at least I felt I was in control over whether I would win an item or not and bid until I had enough. That’s how it should be. Maybe 30 minutes is too long but 5-10 minutes is not unreasonable.

Originally Posted by benjulmag

Steve,

Respectfully while perhaps this is something you would not do, others, including myself, look at it differently. Almost all collectors have limited budgets, and many/most of them cannot afford to buy everything in a particular auction they have an interest in. So they prioritize, and if possible would like the ability to shift to item B if item A becomes too pricey. I'm not sure I understand the absurdity behind that concept.

I vividly remember an auction where there was one item I wanted more than anything, even if it meant spending all my available funds on that one item. So in the wee hours of the morning the price of that item became unaffordable. I then shifted my available funds to other items that I still had a strong interest in, and won a number of them. So while I didn't get exactly what I wanted, I still felt I had a good night, consignors got more money, and the auction was more profitable for the AH.

Yes, I get it that other bidders who did not stay up got shut out of the lots I won. And one can reasonably argue the fairness of that because they refused to stay up to some crazy hour. So that is why I introduced for discussion another closing method so as to better address the concerns of all.