More reasonable auction closing

[Casey2296]

Originally Posted by Snapolit1

To the extent this whole late closing process is founded on some assumption that buyers are holding $X,XXX in their hand that they are hell bent to spend, and will quickly push their entire stack of chips on to another item in the middle of the night if necessary . . . I just never got that. . . . . . Doesn't ring true to me.

That's exactly how it happens.

Let's say I have 6k to spend and I have 10 cards with initial bids ranked in order of importance, now I know 6K is not going to buy those 10 cards, that would be a fantasy, but maybe that 6K buys 2 or 3 of those cards, or maybe just 1. Sometimes its none by the end of the night.

I won't really know that until 9pm PST when the serious bidding takes place and we are closing on a lot by lot basis, sometimes you know that by 6pm PST with the initial surge of bids and can delete some of the 10.

So, for example, I'm down to 3 cards at 9pm at 2K each, one goes to $2500, now I'm down to 2 cards, one of which may be the $2500 card but I have to cut 1.

2 cards at $4500 with $1500 left in the budget, next cut is all in on one card and increasing my bid to win up to 6K or the big goose egg.

That's my experience but YMMV.

[UKCardGuy]

I have to take exception.. you haven't experienced a late night auction until you bid from the UK. . 9pm closing time = 2am UK time. Normally, I have to just put my best bid on a few items and go to bed.

But on the rare occasion where I'm chasing a card that I "have to get", I've set an alarm to wake up at 4am to check on things in extended bidding.

[conor912]

Originally Posted by Casey2296

That's exactly how it happens.

Let's say I have 6k to spend and I have 10 cards with initial bids ranked in order of importance, now I know 6K is not going to buy those 10 cards, that would be a fantasy, but maybe that 6K buys 2 or 3 of those cards, or maybe just 1. Sometimes its none by the end of the night.

I won't really know that until 9pm PST when the serious bidding takes place and we are closing on a lot by lot basis, sometimes you know that by 6pm PST with the initial surge of bids and can delete some of the 10.

So, for example, I'm down to 3 cards at 9pm at 2K each, one goes to $2500, now I'm down to 2 cards, one of which may be the $2500 card but I have to cut 1.

2 cards at $4500 with $1500 left in the budget, next cut is all in on one card and increasing my bid to win up to 6K or the big goose egg.

That's my experience but YMMV.

Yeah, but this logic makes just as much sense at 6PM as it does at 9.

[philo98]

Originally Posted by UKCardGuy

I have to take exception.. you haven't experienced a late night auction until you bid from the UK. . 9pm closing time = 2am UK time. Normally, I have to just put my best bid on a few items and go to bed.

But on the rare occasion where I'm chasing a card that I "have to get", I've set an alarm to wake up at 4am to check on things in extended bidding.

I was just going to say that. I bid on alot of auctions from SE Asia where there is a 12 hour difference, which puts auction ending between noon and 2pm on Monday or some auctions on Sunday. Those Monday afternoon closings can be very difficult trying to juggle everything else going on. Sunday afternoon closings are great as I know I will win the battle of attrition.

[Rhotchkiss]

Originally Posted by conor912

Yeah, but this logic makes just as much sense at 6PM as it does at 9.

But what you are not considering is that the auction closes all at once, and only after no lot in the auction has gotten a bid for 15 minutes. Under these types of closings, the auctions almost always goes into the wee hours regardless of when extended bidding starts, bc people reposition and revisit things.

On a lot by lot closing, the time the auction ends and extended bidding starts is much less relevant, and 6pm could be as effective as 9pm or midnight

[Leon]

I thought the way the REA auction closed was fine. I am CST and anything ending before 1 am is ok by me. If there was something I couldn't live without, I would have easily been able to bid until I couldn't bid anymore!
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