Way to go REA!!

[Aquarian Sports Cards]

There really isn't any. That's the one part that confused me. Why bother calling anything extended bidding until you get to the 5 minute close deadline. All you're doing is shutting people out earlier. Not sure what the upside of that is.

[robertsmithnocure]

Originally Posted by Aquarian Sports Cards

There really isn't any. That's the one part that confused me. Why bother calling anything extended bidding until you get to the 5 minute close deadline. All you're doing is shutting people out earlier. Not sure what the upside of that is.

I do not understand what the purpose of the extended bidding period is either. I kind of like the way that Heritage does it. No extended bidding. The auction just goes straight into the 30 minute rule for each individual lot. I do not see why REA does not go straight to the 5 minute rule.

[jerrys]

Why not have an auction that is done by professional auctioneers such as Invaluable.com? Lots auctioned off in order throughout the day. All eyes together that wish to see any lot being auctioned or want to bid may do so during that same minute. No anxiety. The best.

[PhillyFan1883]

I like this change. I did not care for REA’s other method for closing-there were too many unknowns and problematic scenarios that were presented. I applaud REA and Brian for making the adjustment, and also for listening to feedback.

[Leon]

+1 I like it too

Originally Posted by PhillyFan1883

I like this change. I did not care for REA’s other method for closing-there were too many unknowns and problematic scenarios that were presented. I applaud REA and Brian for making the adjustment, and also for listening to feedback.

[Exhibitman]

Well, if the 'ridiculous' OT wars of attrition are the concern, why not institute a hard closing time for each lot, staggered by several seconds? That way we could use sniping software with bid grouping.

Slightly O/T: why don't more auctioneers allow bids on zero bid items in OT? If I get KO'd from a lot in OT I might very well look at the zero bid items.

[BeanTown]

Originally Posted by Exhibitman

Well, if the 'ridiculous' OT wars of attrition are the concern, why not institute a hard closing time for each lot, staggered by several seconds? That way we could use sniping software with bid grouping.

Slightly O/T: why don't more auctioneers allow bids on zero bid items in OT? If I get KO'd from a lot in OT I might very well look at the zero bid items.

I think Baggers auction does this format. Makes it pretty easy to know when to place your snipe bid before the lot closes.

[Aquarian Sports Cards]

Originally Posted by Exhibitman

Slightly O/T: why don't more auctioneers allow bids on zero bid items in OT? If I get KO'd from a lot in OT I might very well look at the zero bid items.

I went back and forth on this very point when setting up my auction. I finally concluded that getting bidding activity moving earlier outweighed the benefits of possible new bids in extended bidding, if for no other reason then it makes consignors feel better (especially as a newer company) to see people bidding on their item before the end. I am constantly reviewing my early decisions as I learn more and more about the business and specifically my buyers and consignors, so someday this may change, but I still think it's best for my company at this time.

[Bicem]

Originally Posted by jerrys

Why not have an auction that is done by professional auctioneers such as Invaluable.com? Lots auctioned off in order throughout the day. All eyes together that wish to see any lot being auctioned or want to bid may do so during that same minute. No anxiety. The best.

Agreed, definitely the most exciting way to close for bidders. I enjoy these auctions the most. Just make sure it's a weekend for optimal consignor results.

[Snapolit1]

Originally Posted by Bicem

Agreed, definitely the most exciting way to close for bidders. I enjoy these auctions the most. Just make sure it's a weekend for optimal consignor results.

Agreed. If these crazy ways of closing auctions in the middle of the night made sense Christies would be using them for art work worth hundreds of millions of dollars. Their consignors would be demanding it.

Just have a freaking live auction.

[Aquarian Sports Cards]

Originally Posted by jerrys

Why not have an auction that is done by professional auctioneers such as Invaluable.com? Lots auctioned off in order throughout the day. All eyes together that wish to see any lot being auctioned or want to bid may do so during that same minute. No anxiety. The best.

I am a licensed and bonded auctioneer. A member of my state's auctioneers association who also teaches at one of the three accredited auctioneer programs in the state. Is that professional enough for you?

Invaluable is one tool, used often for live simulcast auctions and completely unfeasible for large auctions. When I do live auctions I am fairly fast and do a little over 100 lots an hour. To do even 1000 lots in simulcast (which is slower than live only) would take at LEAST 10 hours with no way of perfectly predicting when any given lot would come up. Now imagine a 3000 or 4000 lot auction?

Many "professional" auctioneers use services like Proxibid or HiBid which, with some small differences, run similarly to the major auction houses independent sites.

[iowadoc77]

I really like the live format. But it sucks during the week for those who have a rigid work schedule and can’t follow along. And a great point that it would take a LONG time for 3000 lots to be auctioned live. Probably not practical.
The hard close at midnight is brutal. I have gotten sniped as many have I am sure with 3 seconds left and no more chances.
I applaud REA for trying to switch things up.

[Snapolit1]

Originally Posted by robertsmithnocure

I do not understand what the purpose of the extended bidding period is either. I kind of like the way that Heritage does it. No extended bidding. The auction just goes straight into the 30 minute rule for each individual lot. I do not see why REA does not go straight to the 5 minute rule.

I like how Hunts closes. Live auction going one twice etc. If you want desperately to win something you will have your shot and no get sniped. Someone bids and a few minutes is reset.