REA is open

[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.

[perezfan]

As a bidder, I can't stand the "Lot by Lot" closing method. If you are in on multiple items, and get outbid late on your first choices, there is no ability to return to an alternative lot (because it has already closed separately). It's actually infuriating, and I think most of us who have a limited budget can relate...

As a consignor, I hate "Lot by Lot" even more, because I KNOW money was left on the table (for the same reason as stated above).

So I think REA's closing format is better, while still perhaps flawed given the hard close at midnight. I think they're leaving some money on the table, but it's far better than the Lot by Lot method. True, people will complain regardless of the closing method.... But I think LOTG really does it best. Their method feels like the best balance between the Consignor and Bidder (who wants to get at least some sleep).

As for last night…
A great auction on the memorabilia side especially. Really strong prices across the board. I felt fortunate to barely squeak out one win.

[Rhotchkiss]

Steven and Cory, I agree 100% with you both. Well said.

[CuriousGeorge]

Interesting perspective Mark and that makes sense too. I just think a lot of what you are suggesting could go against you just as easily if the lots close all at once. For example, you’re winning your favorite lot and at 11:59 40 seconds you get sniped. If they all close at once you are pretty much finished. If they close lot by lot you can still potentially bid on something else. So I’m not sure ending them all at once necessarily solves that problem and it becomes just luck either way if you get outbid whether they all close at once or lot by lot.

To me closing them individually gives you a truer picture of interest and willing expenditure on an item. And if you lose an item you can then look at the rest that are open.

Perhaps there is no perfect system, but as I’m sitting by a computer at midnight last night and saying wtf just happened, I think a positive feeling becomes negative very quickly. At least in Heritage I have 30 minutes to regroup and decide if I want to bid on.

[Peter_Spaeth]

Different people give the exact same reason for disliking both methods. This is what I meant before -- there's just no consensus and no possibility of a consensus.

[benjulmag]

Originally Posted by Peter_Spaeth

Different people give the exact same reason for disliking both methods. This is what I meant before -- there's just no consensus and no possibility of a consensus.

Why doesn't the method suggested in post #69 offer the best of both worlds? With a steadily declining time interval after which the entire auction closes, the auction would both end at a reasonable hour and at the same time give bidders the option to switch to other lots if outbid on another lot. Sniping would not exist, and a bidder would know that if he got outbid on a lot, it was because he/she made the conscious choice not to go higher.

To my knowledge, this method has not been tried and if the software, as Barry says, exists, why not give it a shot? The only down side I suppose is that it will force bidders to literally sit by their computers/devices at the very end. But at least by doing so they will have full control over what happens.

[barrysloate]

Originally Posted by benjulmag

Why doesn't the method suggested in post #69 offer the best of both worlds? With a steadily declining time interval after which the entire auction closes, the auction would both end at a reasonable hour and at the same time give bidders the option to switch to other lots if outbid on another lot. Sniping would not exist, and a bidder would know that if he got outbid on a lot, it was because he/she made the conscious choice not to go higher.

To my knowledge, this method has not been tried and if the software, as Barry says, exists, why not give it a shot? The only down side I suppose is that it will force bidders to literally sit by their computers/devices at the very end. But at least by doing so they will have full control over what happens.

It has been tried, I used it. And it worked very well.