REA is open

[bounce]

Originally Posted by CuriousGeorge

I would like to think that the winner of the auction will be determined by the person willing to pay the most at the time that particular lot is closing and not by someone sniping at the last second.

You have the option of setting a higher bid so you don't get sniped. If you didn't do that, isn't it on you? Why aren't we just calling that "lazy" instead of a problem? The snipe WAS the highest bid at closing time.

I don't necessarily love the hard stop the way it happened, but I knew it was possible and even likely. As a matter of fact, I was about to bid on two other items because I'd gotten outbid on the most expensive item I was chasing around 11:40P. But I got lazy, hit bid about 8 seconds too late. Oh well.

And, NO I do not think the auction house has responsibility to get the highest price for every item - that's a totally false premise that they can't control. The "market" is much larger than the bidder IDs at REA - frequently the person willing to pay the most isn't even bidding in some of these auctions. Time, resources, awareness, all of those things factor in. REA got good exposure, they normally do solid but not overly flowerly write-ups and they run a fair auction process. I think they did their job.

[CuriousGeorge]

Because if I have say 10 items I’m looking at and put high ceiling bids on each of them, what’s to say I don’t get run up on all of them and then I have 10 items at the max I was willing to spend on each, not thinking I could end up with all of them? I wouldn’t call not doing that lazy, but actually financially prudent.

Originally Posted by bounce

You have the option of setting a higher bid so you don't get sniped. If you didn't do that, isn't it on you? Why aren't we just calling that "lazy" instead of a problem? The snipe WAS the highest bid at closing time.

I don't necessarily love the hard stop the way it happened, but I knew it was possible and even likely. As a matter of fact, I was about to bid on two other items because I'd gotten outbid on the most expensive item I was chasing around 11:40P. But I got lazy, hit bid about 8 seconds too late. Oh well.

And, NO I do not think the auction house has responsibility to get the highest price for every item - that's a totally false premise that they can't control. The "market" is much larger than the bidder IDs at REA - frequently the person willing to pay the most isn't even bidding in some of these auctions. Time, resources, awareness, all of those things factor in. REA got good exposure, they normally do solid but not overly flowerly write-ups and they run a fair auction process. I think they did their job.

[CuriousGeorge]

So maybe the best solution is for any item that gets bid on in the last 60 seconds gets reset to a 60 second clock so that the item won’t close until there are no bids for 60 seconds. This might actually meet everyone’s needs.

[Rhotchkiss]

Originally Posted by CuriousGeorge

Because if I have say 10 items I’m looking at and put high ceiling bids on each of them, what’s to say I don’t get run up on all of them and then I have 10 items at the max I was willing to spend on each, not thinking I could end up with all of them? I wouldn’t call not doing that lazy, but actually financially prudent.

+100. This is the point. Not that you get outbid, or outbid at the last minute. Rather, its you are afraid to put your best in on numerous things (say 10) bc you may stuck holding the bag on all of them for an aggregate amount far in excess of what you wanted/expected to spend.

[TMKenKen]

Originally Posted by CuriousGeorge

Because if I have say 10 items I’m looking at and put high ceiling bids on each of them, what’s to say I don’t get run up on all of them and then I have 10 items at the max I was willing to spend on each, not thinking I could end up with all of them? I wouldn’t call not doing that lazy, but actually financially prudent.

I agree. Putting my best foot forward on several items means that I could get "run up" on each. Taken on an individual basis not so bad, but on an aggregate basis potentially financially imprudent. I have an order of priority on certain items that involves both a qualitative and quantitative analysis, much of which is dependent on relative pricing. That means that I have to stay involved over the entire auction in some instances. My wife already thinks I am nuts, but if I did what you is suggested, she would go ballistic. And I wouldn't blame her.

[Rhotchkiss]

David, I respectfully disagree with you and don’t like “this way”. It is what it is, and reasonable people can disagree.