LOTG Auctions closing rules

[Mark17]

Originally Posted by doug.goodman

The main issue seems to be the late night finish, so why not start extended bidding at noon instead of at 9 pm?

Right. Or, if the working theory is that the longer the auction stays open, the more bids, why not just close all the lots at a reasonable time but run the auction one day longer?

I disagree that running auctions into the wee hours maximizes bids. High hammer prices result from two or more bidders going toe-to-toe. That doesn't happen when some need to get sleep. With a 20- or 30-minute rule per lot, interested parties have plenty of time to slug it out (and maximize the hammer,) and then go to bed.

I also don't like going to bed uncertain if I've won or lost.

[doug.goodman]

Originally Posted by Mark17

Right. Or, if the working theory is that the longer the auction stays open, the more bids, why not just close all the lots at a reasonable time but run the auction one day longer?

I disagree that running auctions into the wee hours maximizes bids. High hammer prices result from two or more bidders going toe-to-toe. That doesn't happen when some need to get sleep. With a 20- or 30-minute rule per lot, interested parties have plenty of time to slug it out (and maximize the hammer,) and then go to bed.

I also don't like going to bed uncertain if I've won or lost.

It's not specifically about the "wee hours", the wee hours are just a byproduct of the 9 pm (or any after dark) start of extended bidding.

My way to guarantee all possible bids (good for sellers), and a pre-wee hours end (good for buyers) is :

1 - Extended bidding starts at noon Eastern.

2 - Only previous bidders can bid on an item.
2a - items with only one bidder close at noon.

3 - Any lot that goes one hour without a bid closes.
3a - When the entire auction goes 10 minutes without a bid the entire auction closes.

4 - The auction will end before the sun goes down on the west coast.

[Mark17]

Originally Posted by doug.goodman

3 - Any lot that goes one hour without a bid closes.
3a - When the entire auction goes 10 minutes without a bid the entire auction closes.

I like your ideas, but see 3a as possibly problematic. Bidders (maybe many bidders) who are trying to outlast their competition might wait 50 minutes before increasing their bids, but suddenly, surprise!, the entire auction ends.

I much prefer the simple Heritage rules - if you're bidding on some lots, you have a 30 minute rule on each one. Battle it out within a reasonable timeframe, know if you've won or lost each lot, and get to bed at a decent hour.

I always place my initial bids on all the lots I'm at all interested in on the first or second day, when the amount necessary to bid is much less than what the lots will sell for. That way I can be active on everything I care about in extended bidding, as some of the lots will exceed what I'd want to pay, allowing me to re-focus on the others. And if any of those low initial bids hold up, great, I've gotten a steal.

I also love the Hunt live auctions. For exciting bidding, nothing comes close, and I think the adrenaline, heat of the moment results in high hammers, when that FAIR WARNING message starts flashing.

[jefferyepayne]

I'm a big fan of lot by lot closing auctions but as expressed in another thread, I don't mind a double close like LOTG does. I do mind the double close not starting until 1am, though. I think some are missing the point. For those of us who need to get up very early, anything past 11 is a huge issue. I'll do it for a lot by lot close but nothing else since it may take hours for things to wrap up.

No, max bids are not the answer, sorry. Many reasons have been discussed elsewhere and, quite honestly, this is a crutch for not addressing the primary issue which is how late auctions close.

And for anyone that thinks bidders bid more in a wee hour auction, there is no evidence of that that I've seen. What I've seen is when you close lot by lot on a 15 minute timer, there is a flurry of action for 30min - 1hr thereafter where all those stallers have to bid to stay in the game. No more bid and stall for an hour or two trying to wait people out. And some might argue all of that action nudges some to bid more than they would have otherwise. I know I have personally decided to go above what I had set as my 'limit' many times when faced with the reality of bidding once more and winning something rare or not winning it at all.

jeff

[doug.goodman]

Originally Posted by Mark17

I like your ideas, but see 3a as possibly problematic. Bidders (maybe many bidders) who are trying to outlast their competition might wait 50 minutes before increasing their bids, but suddenly, surprise!, the entire auction ends.

Part of the "outlasting the competition" logic involves the west vs east late night closing, which goes away with my system.

Also, nobody will wait 50 minutes to increase their bid if the auction might end sooner, the key to late bids in "entire auction closes after X minutes with no bids" auctions is watching the recent bids in the auction. If there hasn't been a bid on anything in 9 minutes then you better bid on the item you want that you aren't winning.

[ooo-ribay]

The LOTG method just became clear to me, since they have an auction going right now. I mistakenly thought it was lot by lot. Whatever. I don’t like this method, but it is what it is. I’m not a big time enough collector to do much other than ebay.

[tiger8mush]

Brunk just had an auction close lot by lot starting on a Thursday morning 2 weeks ago and prices were strong. I don't get this 2am stuff.

[ooo-ribay]

Originally Posted by ooo-ribay

The LOTG method just became clear to me, since they have an auction going right now. I mistakenly thought it was lot by lot. Whatever. I don’t like this method, but it is what it is. I’m not a big time enough collector to do much other than ebay.

It all worked out. A fellow Giants collector and myself were watching the Clyde King Tour of Japan stuff. It all went cheap, IMO. I got what I wanted and my goofy friend forgot to bid.

[Topnotchsy]

I don't mind having an initial period of time where only those who have already bid can continue to bid though I am not really sure the point to be honest.

When it comes to the second half though, I really wish it closed item by item. I think the current approach is counterproductive. I want to wait until the last possible moment to bid, yet at the same time, have no gauge on whether the auction is coming close to ending.

When an item ends individually, I know I need to be there slugging it out during that time. I can anticipate when it will close and time my bids. I can make sure I am there/awake at that time.

I'm curious to hear the economic argument for the current set-up, since I don't really see one.