BST Live Auctions Section - Suggestions

[Leon]

The reason this hasn't been tried before is because of the managing of it.

These eventual, Live Auctions, sections have to be almost hands free for me. So the fewer rules ie.. ending, starting, increments etc... the better.

I can see $1.00 increments and still see opening bids of $1.00

I still like ending on one night, maybe one for each section such as Monday and Tuesday, as that will definitely get some eyeballs on stuff. And that is what sellers want. Remember, the sellers bring the buyers.

I am definitely not installing any kind of other s/w to do this. This is for fun, not for an ongoing main business. It's not for higher end items, necessarily.

I already have another Live Auction section set up, right below the current one, and ready to go when we are done discussing (in the next few days).

Again, I am tweaking the top post to what my prevailing thoughts are. Every message posted is being taken into consideration.

And yes, we can always revert back to what is there now, which really isn't working that great, by most (but not all) accounts.

Thanks!!

and another regular BST purchase....

[rand1com]

Nice one.

[JustinD]

Couple thoughts-

A. Love the same day end times as easier way to organize.

B. Completely hate extended bidding, and I can’t underline it enough. It’s a PITA to track and for those thinking you will make more, logic says no. Unless a completely new system with a minimum bid amount is created jumping by a set bid amount. Last minute max snipes will far exceed an hour of one dollar increments. If the auction ends at 9 pm and 3 people bid their max at 8:59, the highest max wins and that is the sell price. Far more likely to net sellers more in the long run then little minimum stepped bids.

C. I think all auctions should not end at the same time as it discourages bidding on multiple auctions. There should be a 5 minute gap between auction closings. You may think that extended bidding would help this, no that is not the concern, just another possibility. It has more to do with buyer budgeting. When you know your wins as they complete, you know if it is within a budget to go on. How many of you have dropped out of extended bidding in a traditional auction to know you have the resources to compete on a different lot? I rest my case.

D. Two categories works for me. I am okay with the cliche 1980 date, but I like the mentioned 1970 much better.

[abothebear]

Is there a downside to 2$ minimum bid increments?
Seems like if you are willing to go up $1, you'd be good going $2.
Maybe it would shorten the extended bidding time a little (theoretically by half).

Or (and I know this is an extra rule and one more thing that would need to be regulated), bonus time minimum bid increments could potentially be set at a higher level (like $5). This might also encourage bidders to get in their best bids during regular time.

[HercDriver]

Originally Posted by JustinD

Couple thoughts-

A. Love the same day end times as easier way to organize.

B. Completely hate extended bidding, and I can’t underline it enough. It’s a PITA to track and for those thinking you will make more, logic says no. Unless a completely new system with a minimum bid amount is created jumping by a set bid amount. Last minute max snipes will far exceed an hour of one dollar increments. If the auction ends at 9 pm and 3 people bid their max at 8:59, the highest max wins and that is the sell price. Far more likely to net sellers more in the long run then little minimum stepped bids.

C. I think all auctions should not end at the same time as it discourages bidding on multiple auctions. There should be a 5 minute gap between auction closings. You may think that extended bidding would help this, no that is not the concern, just another possibility. It has more to do with buyer budgeting. When you know your wins as they complete, you know if it is within a budget to go on. How many of you have dropped out of extended bidding in a traditional auction to know you have the resources to compete on a different lot? I rest my case.

D. Two categories works for me. I am okay with the cliche 1980 date, but I like the mentioned 1970 much better.

You’re wrong on B…extended bidding. I’ve seen it many times already. Since you can’t enter a max bid, the snipe is just $1 higher. So nobody bids for three days on a nice T206, and it goes to the last day with a bid of $15 or something like that, because what’s the point of bidding higher. Then in the last minute, three guys will bid $16, and the first one wins. If there was extended bidding, it would go for twice that, most likely. You can’t have sniping without having max bids.

[Leon]

These (and the others) are great thoughts, I appreciate them very much.

Glad you like them ending on one day.

I agree about having a max number of overtimes, maybe 3? That's 15 minutes. After that, then if it's a tie the first person to bid the highest amount wins. Auction over. That said, I am still considering not having an extended bidding. Just bid the most you want and let the chips fall where they may.

I am not sure I care about bidding strategies, honestly, That is what I do with Auction House bidding, and to a much lesser extent, eBay. This isn't one of those. It's for selling a few things among members. It would be way, way too hard to manage staggered closings and many more rules. I barely want to put all of these rules in place that we are talking about.

I am also considering locking the auction threads after they are over. That way they don't get bumped with current ongoing auctions and it's easier to see active ones.

Originally Posted by JustinD

Couple thoughts-

A. Love the same day end times as easier way to organize.

B. Completely hate extended bidding, and I can’t underline it enough. It’s a PITA to track and for those thinking you will make more, logic says no. Unless a completely new system with a minimum bid amount is created jumping by a set bid amount. Last minute max snipes will far exceed an hour of one dollar increments. If the auction ends at 9 pm and 3 people bid their max at 8:59, the highest max wins and that is the sell price. Far more likely to net sellers more in the long run then little minimum stepped bids.

C. I think all auctions should not end at the same time as it discourages bidding on multiple auctions. There should be a 5 minute gap between auction closings. You may think that extended bidding would help this, no that is not the concern, just another possibility. It has more to do with buyer budgeting. When you know your wins as they complete, you know if it is within a budget to go on. How many of you have dropped out of extended bidding in a traditional auction to know you have the resources to compete on a different lot? I rest my case.

D. Two categories works for me. I am okay with the cliche 1980 date, but I like the mentioned 1970 much better.

[refz]

All fine and good but the cutoff needs to be at minimum 1973-75 in that range perhaps 1972?

Do we really need extended bidding on a 1973 Topps Buddy Bell or a group of 1968 commons? Maybe for higher tier items, my opinion. I’m not a fan of this myself..

Danny

[Leon]

Originally Posted by refz

All fine and good but the cutoff needs to be at minimum 1973-75 in that range perhaps 1972?

Do we really need extended bidding on a 1973 Topps Buddy Bell or a group of 1968 commons? Maybe for higher tier items, my opinion. I’m not a fan of this myself..

Danny

The more I think about what the goal is, the less I like the idea of extended bidding. With this rinky dink platform you can post in about 5-6 different threads, or the same thread, in a minute. It might just be where you put your high bid in at the end, and hope it holds up. If there is a tie the first guess wins.
.

[HercDriver]

For those that don’t want extended bidding or max bids, then no complaints about the lack of quality lots. It just won’t be worth it for the sellers. Why bother bidding until the last minute, when you can get any card for a buck?

[nolemmings]

Originally Posted by Leon

The more I think about what the goal is, the less I like the idea of extended bidding. With this rinky dink platform you can post in about 5-6 different threads, or the same thread, in a minute. It might just be where you put your high bid in at the end, and hope it holds up. If there is a tie the first guess wins.
.

+1. Seems to me that sellers could come out ahead. Waiting until the end may cause someone to place a higher, one time bid that will not be considered a max but instead a fixed bid.

[Casey2296]

Originally Posted by Leon

The reason this hasn't been tried before is because of the managing of it.

These eventual, Live Auctions, sections have to be almost hands free for me. So the fewer rules ie.. ending, starting, increments etc... the better.

I can see $1.00 increments and still see opening bids of $1.00

I still like ending on one night, maybe one for each section such as Monday and Tuesday, as that will definitely get some eyeballs on stuff. And that is what sellers want. Remember, the sellers bring the buyers.

I am definitely not installing any kind of other s/w to do this. This is for fun, not for an ongoing main business. It's not for higher end items, necessarily.

I already have another Live Auction section set up, right below the current one, and ready to go when we are done discussing (in the next few days).

Again, I am tweaking the top post to what my prevailing thoughts are. Every message posted is being taken into consideration.

And yes, we can always revert back to what is there now, which really isn't working that great, by most (but not all) accounts.

Thanks!!

and another regular BST purchase....

C'mon Leon, I can see the bright lights now, "LL's auction house and Vault Service mega sports empire" headquartered in that lil' ol' Texas town you live in.