Heritage Auctions - Boston Garters

[Mark17]

Originally Posted by oldjudge

As Jeff alluded to, the problem is that the auction software can’t handle this type of bidding. The individual lot totals have to be linked to the aggregate lot so when their total exceeds the aggregate the aggregate needs to be shown as open with the next bid topping the sum of the individual bids. That is the easy part. The hard part is what to do with individual bids when the aggregate exceeds the sum of the individual bids. For example, let’s say that at a point in the auction the aggregate is at $600k and the sum of the individual lots was at $500k. If I only wanted to win one individual lot would the auction software have to keep bumping my bids till I increased the bid on that individual lot by over $100k?
I think my conclusion is that conceptually this type of auction sounds nice, but practically there is no easy way to handle the bidding.
I think this is an unfortunate situation for all involved and that the only fair solution is to reauction the group. Also, if there is a right answer to how to handle this situation that answer must be independent of how much or how little business any of the involved parties has done with HA.

That's what I was thinking. If the aggregate got outbid by the set bidder, and then several aggregate bidders bumped up their respective Max bids to beat the set bid, how would that be calculated?

Let's say the aggregate bid is $500k and the set bid is $520k. Several bidders of individual cards bump their Max bids by $10k, $17k, $14k, 19K, $12k... Does Heritage just bump all those bids to their max, or does there need to be a pro-rated calculation so that the new aggregate beats the set bid only by the required amount? Meaning, those individual bids don't go all the way to their max.

The simplest to do this, especially considering the logic in Heritage's programming, is this: Make it a 2-day close. The first day, all the individual lots close, with the caveat that a Set bid the following day may negate the results. This would encourage bidders to place hard bids higher than just what would be needed to be the top bidder on their lot. The second day, the minimum bid would be the aggregate plus whatever percentage it would need to be beaten by.

[jayshum]

Originally Posted by Mark17

That's what I was thinking. If the aggregate got outbid by the set bidder, and then several aggregate bidders bumped up their respective Max bids to beat the set bid, how would that be calculated?

Let's say the aggregate bid is $500k and the set bid is $520k. Several bidders of individual cards bump their Max bids by $10k, $17k, $14k, 19K, $12k... Does Heritage just bump all those bids to their max, or does there need to be a pro-rated calculation so that the new aggregate beats the set bid only by the required amount? Meaning, those individual bids don't go all the way to their max.

The simplest to do this, especially considering the logic in Heritage's programming, is this: Make it a 2-day close. The first day, all the individual lots close, with the caveat that a Set bid the following day may negate the results. This would encourage bidders to place hard bids higher than just what would be needed to be the top bidder on their lot. The second day, the minimum bid would be the aggregate plus whatever percentage it would need to be beaten by.

Apparently Mile High has run auctions like this. Does anyone know how they manage to avoid problems like this?

[nolemmings]

Originally Posted by jayshum

Apparently Mile High has run auctions like this. Does anyone know how they manage to avoid problems like this?

I believe they don't have individual lot closings or didn't years ago when I bid on an auction of this type. Years ago I bid on some m101-5 cards that were being auctioned in this manner by Mile High. Late in the game the complete set lot was higher, and there was zero I could do about it because I couldn't raise my own high bids on the dozen or so cards I wanted. I had to hope that other cards were being bid that would jump the total or that someone would outbid me so I could increase my bids. That's why I asked in this thread how clearly the rules were spelled out. I wasn't as resourceful as Jay, who said he called the Auction House to basically force an increase in his bids.

[ncinin]

Originally Posted by jayshum

Apparently Mile High has run auctions like this. Does anyone know how they manage to avoid problems like this?

I may have overlooked an answer to this question so forgive me if it is redundant.

Mile High and other auction houses that utilizes the set bid or bids of cards comprising the set format, as the Boston Garters, uses Simple Auction site or Create Auction software.

It appears Heritage uses software they or another company beside Simple and Create developed which is why Mile High and other auction companies have not encountered this problem.