REA is open

[Bicem]

I think Heritage's lot by lot works well for the higher end stuff (to get max value) but it's not great for the lower tier items.

Real example from yesterday... I was bidding on 5 photos and had them ranked in terms of desirability. My top one the early bidding was pretty strong so I decided to focus my entire budget to winning it and let the other ones close. By the time I realized I was clearly bidding against someone who seemed like they were going to win it at any price and my total budget had been surpassed, the other 4 photo lots were of course closed. I 100% would have bid on them if I knew I wasn't going to get my #1.

So again, great for the best items, not great for the secondary stuff.

I'm in the camp that there's no true best way and will adapt to each auction, with the exception of the 4am... 5am... 6am closes that are ridiculous.

[perezfan]

Originally Posted by Bicem

I think Heritage's lot by lot works well for the higher end stuff (to get max value) but it's not great for the lower tier items.

Real example from yesterday... I was bidding on 5 photos and had them ranked in terms of desirability. My top one the early bidding was pretty strong so I decided to focus my entire budget to winning it and let the other ones close. By the time I realized I was clearly bidding against someone who seemed like they were going to win it at any price and my total budget had been surpassed, the other 4 photo lots were of course closed. I 100% would have bid on them if I knew I wasn't going to get my #1.

So again, great for the best items, not great for the secondary stuff.

I'm in the camp that there's no true best way and will adapt to each auction, with the exception of the 4am... 5am... 6am closes that are ridiculous.

Yes Jeff...

The scenario you laid out is exactly why I dislike the Heritage format. Nothing against Heritage, as many others are now using the "Lot by Lot" format as well. I just prefer the closing formats of Lelands, Grey Flannel, and especially LOTG, as they allow for more flexibility, as you so adeptly pointed out.

If I lived on the East Coast... then perhaps not as much. Perhaps this is our small compensation for never having the National nearby.

[oldjudge]

The one thing that Heritage offers is certainty. If you really want an item or items you can bid till you win or are tapped out. In REA, you can be sniped at the end. That uncertainty bothers me a little, but the uncertainty also forces more up to bids, which is good for consignors.

[insidethewrapper]

I like the 6pm EST extended bidding time and I like the 5 minutes limit. But I think it should be 5 minutes for each individual item, no bids in 5 minutes then that item closes and the rest remain open until no bids for 5 minutes. This would keep me at the computer for hours and leave probably early when all the items I was interested in ended.

[CuriousGeorge]

But Jeff, if they all closed at once and you realized at 11:59 you weren’t going to get your first choice how would it be any different? I think all sides can make feasible arguments as to why a certain way works better and then the other side can show otherwise. So as not to change the basics of how REA ends their auction, why not just add a 1-2 minute extension for every item with bids after say 11:58 and more than likely it will all be ending shortly thereafter anyway. This way the format stays the same and the best and highest bid wins the item and not the best sniper. I understand why eBay with their thousands of auctions needs to end that way but for the 92 lots or whatever someone said that would still be going they will then end more fairly. More money to the consignor and fairer to the bidders as well I think.

Originally Posted by Bicem

I think Heritage's lot by lot works well for the higher end stuff (to get max value) but it's not great for the lower tier items.

Real example from yesterday... I was bidding on 5 photos and had them ranked in terms of desirability. My top one the early bidding was pretty strong so I decided to focus my entire budget to winning it and let the other ones close. By the time I realized I was clearly bidding against someone who seemed like they were going to win it at any price and my total budget had been surpassed, the other 4 photo lots were of course closed. I 100% would have bid on them if I knew I wasn't going to get my #1.

So again, great for the best items, not great for the secondary stuff.

I'm in the camp that there's no true best way and will adapt to each auction, with the exception of the 4am... 5am... 6am closes that are ridiculous.

[oldjudge]

Originally Posted by CuriousGeorge

But Jeff, if they all closed at once and you realized at 11:59 you weren’t going to get your first choice how would it be any different? I think all sides can make feasible arguments as to why a certain way works better and then the other side can show otherwise. So as not to change the basics of how REA ends their auction, why not just add a 1-2 minute extension for every item with bids after say 11:58 and more than likely it will all be ending shortly thereafter anyway. This way the format stays the same and the best and highest bid wins the item and not the best sniper. I understand why eBay with their thousands of auctions needs to end that way but for the 92 lots or whatever someone said that would still be going they will then end more fairly. More money to the consignor and fairer to the bidders as well I think.

In a funny way it would also eliminate the need for sniping since if you will be forced to fight it out, why not do it before midnight.

[Bicem]

Originally Posted by CuriousGeorge

But Jeff, if they all closed at once and you realized at 11:59 you weren’t going to get your first choice how would it be any different? I think all sides can make feasible arguments as to why a certain way works better and then the other side can show otherwise. So as not to change the basics of how REA ends their auction, why not just add a 1-2 minute extension for every item with bids after say 11:58 and more than likely it will all be ending shortly thereafter anyway. This way the format stays the same and the best and highest bid wins the item and not the best sniper. I understand why eBay with their thousands of auctions needs to end that way but for the 92 lots or whatever someone said that would still be going they will then end more fairly. More money to the consignor and fairer to the bidders as well I think.

Oh I wasn't saying a midnight hard close was any better, just wanted to illustrate Heritage's lot by lot isn't perfect either.

Your hard close with a 2 min add-on for lots receiving a late bid sounds interesting, but agreed it should start earlier than midnight Eastern time.

[RCMcKenzie]

I also like the "Christie's" format the best. Saco River and I believe Hunt's uses it sometimes. I want to be pitted with my rival. Hit me with your best shot, then on to the next lot. REA should not announce a deadline. It should close at a random time after a set time. just my .02. Rob