REA Closing

[Rhotchkiss]

I certainly like it better than the old way - the free-for-all, get all max bids in by absolute midnight close.

That said, I would really like to see the lot-by-lot close extended to 15 minutes.

5 minutes is just not enough time to adjust and make relatively quick and expensive decisions, especially when, like me, you are toggling between 6-15 different potential items. And 30 minutes (like Heritage) is too long to wait to know if you are going to get outbid. 15 minutes is the sweet spot.

So, as I said in an earlier thread, I applaud REA for the change. But I request they consider (and ultimately implement) a 15 minutes lot-by-lot close.

[RCMcKenzie]

Am I the only one who's having a beer, hitting refresh on "my bids" every 5 minutes, and waiting for Midnight eastern? I wouldn't mind an 11pm eastern close and a 10 minute rule, but I do like this format much better than the 4AM soft close, old-school style...Rob

[Topnotchsy]

Originally Posted by RCMcKenzie

Am I the only one who's having a beer, hitting refresh on "my bids" every 5 minutes, and waiting for Midnight eastern? I wouldn't mind an 11pm eastern close and a 10 minute rule, but I do like this format much better than the 4AM soft close, old-school style...Rob

I'm with you on the closing. I'd prefer an earlier end (10 or 11 seems pretty reasonable to me) and then a 10-minute rule.

[Snapolit1]

Originally Posted by RCMcKenzie

Am I the only one who's having a beer, hitting refresh on "my bids" every 5 minutes, and waiting for Midnight eastern? I wouldn't mind an 11pm eastern close and a 10 minute rule, but I do like this format much better than the 4AM soft close, old-school style...Rob

Ah, ya just driving yourself nuts. I'd watch a movie and come back at 11:30 . . .

There is something you can set up so you get a text immediately if your are outbid.

[ejharrington]

I just wish they would move it to Saturday night.

[Jobu]

I like the 5-min interval after midnight. I could see 10 minutes, but anything more than that could make things draw on. I am also not one to be bidding on a ton of things that I really think I have a shot to win, so that might make my thoughts a bit different.

I am surprised that the pre-midnight intervals are also 5 minutes (if the whole auction goes without a bid for 5 minutes before midnight everything closes). I think you could just say "don't worry, the whole thing is open til midnight." Imagine how much money would be left on the table if there was some freak interval at 9:30 pm where nobody bid because we were all watching movies and planning to check back at 11:30.

[Topnotchsy]

Originally Posted by Jobu

I like the 5-min interval after midnight. I could see 10 minutes, but anything more than that could make things draw on. I am also not one to be bidding on a ton of things that I really think I have a shot to win, so that might make my thoughts a bit different.

I am surprised that the pre-midnight intervals are also 5 minutes (if the whole auction goes without a bid for 5 minutes before midnight everything closes). I think you could just say "don't worry, the whole thing is open til midnight." Imagine how much money would be left on the table if there was some freak interval at 9:30 pm where nobody bid because we were all watching movies and planning to check back at 11:30.

Agreed. I think the idea is that in almost every case it will go to 12, and the 5 minute rule is short enough for people to say, "but what if somehow it ends before" and put in their bids earlier. I know that I'm kinda nervous and bid early on some items.

[RCMcKenzie]

Originally Posted by Jobu

... if there was some freak interval at 9:30 pm where nobody bid because we were all watching movies and planning to check back at 11:30.

Speaking of movies, that scene with Marlon Brando, inspired by Conrad's novella,"Heart of Darkness", where he says, "The Horror, the horror."

[hcv123]

If you read through this thread you will get it - It gives people a sense of urgency rather than ease and is the AH hope that will inspire heavier and more frequent bidding. I didn't get the point of the 6-12 extended bidding period till I read some peoples responses in this thread!
NO WAY the auction EVER closes before midnight.

[pokerplyr80]

Originally Posted by Snapolit1

Ah, ya just driving yourself nuts. I'd watch a movie and come back at 11:30 . . .

There is something you can set up so you get a text immediately if your are outbid.

I've been getting a text and an email each time I'm out bid.

I agree 10 or 15 minutes would be better than 5. Maybe they're hoping limited time will lead to more impulsive last minute bids. I've put in a few of those from time to time.

[griffon512]

Originally Posted by Rhotchkiss

I certainly like it better than the old way - the free-for-all, get all max bids in by absolute midnight close.

That said, I would really like to see the lot-by-lot close extended to 15 minutes.

5 minutes is just not enough time to adjust and make relatively quick and expensive decisions, especially when, like me, you are toggling between 6-15 different potential items. And 30 minutes (like Heritage) is too long to wait to know if you are going to get outbid. 15 minutes is the sweet spot.

So, as I said in an earlier thread, I applaud REA for the change. But I request they consider (and ultimately implement) a 15 minutes lot-by-lot close.

+1

[insidethewrapper]

I loved the format but I agree maybe 10 minutes would be ideal. I found it very easy to bid on or watch about 10 items after midnight. I went to My Bids and then clicked Recent Bids. It told you exactly what time the item would end, ie. 12:27:39 etc Very easy. Again you can always put in a Max. bid. Now if I had
$100K plus to spend and wanted to watch 100 + items then it would be hard.

[Rhotchkiss]

Originally Posted by insidethewrapper

I loved the format but I agree maybe 10 minutes would be ideal. I found it very easy to bid on or watch about 10 items after midnight. I went to My Bids and then clicked Recent Bids. It told you exactly what time the item would end, ie. 12:27:39 etc Very easy. Again you can always put in a Max. bid. Now if I had
$100K plus to spend and wanted to watch 100 + items then it would be hard.

I did not know I could view recent bids with differing closing times/count downs. That’s a nice fact. Thank you

And I agree the Donlin Overprint went very low.

[BeanTown]

Just 3 lots I was chasing. These were all the texts to my phone during the 5 minute extended time. I do not like leaving top all bids, to watch them be chipped away. I don't see how anyone that is interested in more than 5 or 6 lots could keep up.

[Vintageclout]

Originally Posted by Rhotchkiss

I certainly like it better than the old way - the free-for-all, get all max bids in by absolute midnight close.

That said, I would really like to see the lot-by-lot close extended to 15 minutes.

5 minutes is just not enough time to adjust and make relatively quick and expensive decisions, especially when, like me, you are toggling between 6-15 different potential items. And 30 minutes (like Heritage) is too long to wait to know if you are going to get outbid. 15 minutes is the sweet spot.

So, as I said in an earlier thread, I applaud REA for the change. But I request they consider (and ultimately implement) a 15 minutes lot-by-lot close.

Spot on Ryan! +1,000!!!!

[benjulmag]

Kudos to REA for being receptive to its customers concerns and tweaking the closing method to try to arrive at the best of imperfect options. I have never liked the hard close, nor the lot by lot close. But I also did not like having to stay up to dawn to know I won an item.

Going forward I think starting the lot by lot closing a bit earlier -- say 11 PM eastern time -- and lengthening the closing time per lot to 10 minutes might address some of the expressed concerns. And, after seeing how that works, there is the additional option to further reduce after a certain point -- say midnight -- the individual lot closing time to 5 minutes.

[h2oya311]

Originally Posted by benjulmag

Kudos to REA for being receptive to its customers concerns and tweaking the closing method to try to arrive at the best of imperfect options. I have never liked the hard close, nor the lot by lot close. But I also did not like having to stay up to dawn to know I won an item.

Going forward I think starting the lot by lot closing a bit earlier -- say 11 PM eastern time -- and lengthening the closing time per lot to 10 minutes might address some of the expressed concerns. And, after seeing how that works, there is the additional option to further reduce after a certain point -- say midnight -- the individual lot closing time to 5 minutes.

+1 to all of this!