Can someone explain the Double Overtime session LOTG auctions

[mrreality68]

Yes that is the primary difference no lot by lot closing after 1pm. Any that are open for bidding all close when 15 minutes of no bids on any of the after 1am lots.

So if a card really interests you

Either drink a lot of coffee, take a late nap , or use the max bid button.

They are true what they say most close by 1am but approx 20% go into overtime and double overtime and so on.

[Al C.risafulli]

I can explain it pretty well!

The entire auction remains open on the 15-minute rule beginning at 9pm Eastern. If you are the ONLY bidder on a lot at 9PM, you won it. Go to bed!

At 1AM, any lot that hasn't received a bid within the last hour will close, all at once. Most auctions, 90-95% of the auction is closed at 1AM. If you are the high bidder at 1AM and the lot hasn't received a bid since before midnight, it will be marked as "Closed," and bidding on that lot is over. Go to bed!

The only lots that remain open after 1AM are the ones that have had active bidding after midnight. For those lots, we let them stay open until the bidders are done bidding. Those remaining lots remain open under the 15-minute rule. Usually, that's about 40-60 lots. If you're a bidder on one of those lots, keep bidding til you're done. We will generally send out a fair warning email if we need to after 3AM so the handful of people still bidding can finish up.

As is the case with all of our auctions, for most of you, the auction is over at 1AM Eastern.

We send out invoices on MONDAY NIGHT.

Hope this helps!

-Al

[Lorewalker]

Originally Posted by Al C.risafulli

I can explain it pretty well!

The entire auction remains open on the 15-minute rule beginning at 9pm Eastern. If you are the ONLY bidder on a lot at 9PM, you won it. Go to bed!

At 1AM, any lot that hasn't received a bid within the last hour will close, all at once. Most auctions, 90-95% of the auction is closed at 1AM. If you are the high bidder at 1AM and the lot hasn't received a bid since before midnight, it will be marked as "Closed," and bidding on that lot is over. Go to bed!

The only lots that remain open after 1AM are the ones that have had active bidding after midnight. For those lots, we let them stay open until the bidders are done bidding. Those remaining lots remain open under the 15-minute rule. Usually, that's about 40-60 lots. If you're a bidder on one of those lots, keep bidding til you're done. We will generally send out a fair warning email if we need to after 3AM so the handful of people still bidding can finish up.

As is the case with all of our auctions, for most of you, the auction is over at 1AM Eastern.

We send out invoices on MONDAY NIGHT.

Hope this helps!

-Al

What a novel concept...the business in question itself could answer the question directly and completely. Who would have thought that was even possible. Imagine the time we save going straight to the source?

I know we all love to start new threads and come here for answers but usually the closest distance between two points is a straight line.

[chadeast]

Originally Posted by mrreality68

Yes that is the primary difference no lot by lot closing after 1pm. Any that are open for bidding all close when 15 minutes of no bids on any of the after 1am lots.

So if a card really interests you

Either drink a lot of coffee, take a late nap , or use the max bid button.

They are true what they say most close by 1am but approx 20% go into overtime and double overtime and so on.

FYI, for tonight's LOTG auction, 303 of 1400 lots are still open after the 1 AM close, or 21.6% of the lots. Nice call Jeff!

Great auction once again Al.

[oldjudge]

That's a good sign--better material stays open longer.

[mrreality68]

It was a strong auction and I felt like a kid in the candy store with all the sweets around me.
The prices seemed strong and the over time just kept going.

[Rhotchkiss]

Al, I totally understand, and like how LOTG does it; truthfully, as a bidder, I like the lot by lot better but strongly prefer this over wake up at 5am Memory Lane and similar, but for consignors I think it is a great method.

I think what confuses people is the use of the 15 minute rule from 9pm to midnight (or 1am). The reality is that there is zero chance that the entire auction will go 15 minutes without a bid from 9 to midnight. So it’s kind of a red herring.

Al, ball park - how many total bids come in between 9pm and midnight? I bet a lot