Goldin Auctions

[Vintage Vern]

Originally Posted by jayshum

For a live auction to be like eBay, there would have to be a list of times that every item ended at. As others have pointed out, that's not how they work. Yes, there's a time that a lot actually ends, but it's not predetermined because someone can always place another bid before the auctioneer declares a lot sold. Until then, you don't truly know when the lot will close.

Earlier you complained about shill bidders. That's a big reason why people don't want to place a maximum bid early then hope it holds up because they suspect someone else may just bid them up with no real intention of winning the auction. Having extended bidding gives a bidder the chance to keep bidding if they want to without having to place their maximum bid a lot sooner than necessary. While every auction house has their own rules, it usually doesn't take much effort to figure out when a lot is closing. Every auction I bid in shows the amount of time left for each individual lot, and it gets updated accordingly based on the rules of the auction if/when someone places another bid either on the lot or on another lot if the entire auction closes at the same time.

You know exactly when a lot is sold, and it is predetermined, not by a specific time, but a specific procedure for all, the same way, lot after lot. The high bidder wins by the exact same procedure.

A live auction can be over at the same time for every lot. You put your best bid in on 30 items and pray. Extending time won't help that if you get out bid anyway. If bidder A has a max bid of 10k will it change if the hammer drops at a set time vs adding time if bidder B puts in a bid for 11K? The winning bid will always be the highest bid.

May as well just start the auction and let people bid until no one bids again in a 30 minute period. Don't set a end time then extend it. Wouldn't that be the same result? To me you set a deadline then break it without clear cut understanding of how things work. That's what the main discussion is.

In my scenario it was a reserve auction that started at a buck and the shill bidder got the cards to the reserve they wanted. To me just start the bids at your reserve. They didn't try to out bid anyone passed the reserve. The people that hit the reserve won as long as no other bidder bid. The shill bidder knew what to push.

Ebay is kind of a unicorn anyway. They have multiple ways to the same end for both seller and buyer. You can even negotiate a price not listed. It's an auction and garage sale all in one. If you like the BIN price you can end it or you can take a risk and put in an opening bid and hope you win at the end and everything in-between.

The worst type of auction I've been involved in are silent auctions.

[benjulmag]

An auction that ends at a set time with no opportunity for a losing bidder to raise his/her bid by definition cannot achieve the highest price for the consignor. The reason I say "by definition" is because it is a human trait not to know how high we will bid until we are faced with the realization that we will not win the item unless we raise our bid. I can't tell you how many times I ended up placing a bid much higher than I originally intended when my "can't lose bid" had been topped.

I will add that not only is an auction that ends at a set time not in the best interest of the consignor, IMO it is not in the best interest of the bidder. I for one would like the satisfaction of knowing that if I am to end up losing the lot, it was at least via a bidding format that afforded me one last shot to top a bid or know I would not win it.

[oldjudge]

I agree with Corey. I want the opportunity to do something really stupid that I will undoubtedly question the next day, but may be happy about several years down the road. What I don’t like about the Goldin format is that I find it very difficult to find results after a lot closes. Why not just do what REA does and leave all the lots up for everyone to see.
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[calvindog]

Originally Posted by oldjudge

I agree with Corey. I want the opportunity to do something really stupid that I will undoubtedly question the next day, but may be happy about several years down the road. What I don’t like about the Goldin format is that I find it very difficult to find results after a lot closes. Why not just do what REA does and leave all the lots up for everyone to see.
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I agree with all of this, especially the end. Just too complicated to deal with at midnight after 5000 bids have been placed during extended bidding.

[Vintage Vern]

Originally Posted by benjulmag

An auction that ends at a set time with no opportunity for a losing bidder to raise his/her bid by definition cannot achieve the highest price for the consignor. The reason I say "by definition" is because it is a human trait not to know how high we will bid until we are faced with the realization that we will not win the item unless we raise our bid. I can't tell you how many times I ended up placing a bid much higher than I originally intended when my "can't lose bid" had been topped.

I will add that not only is an auction that ends at a set time not in the best interest of the consignor, IMO it is not in the best interest of the bidder. I for one would like the satisfaction of knowing that if I am to end up losing the lot, it was at least via a bidding format that afforded me one last shot to top a bid or know I would not win it.

That's on you. You have all the time in the world to bid higher before the auction ends. Maybe because you know you have a safety net you just hope to lowball a card in hopes you get it that way. People that truly want something, and know they only have 1 shot will bid their max, and call it a day. If most auctions had the same type format as Ebay you could bid high as you feel comfortable with and still not hit your max bid. I made a bid once and knew I had to do something at the end of auction time, and was glad I had that option. I won even though it went much higher then I expected, but was happy I won with my eary max bid.

[doug.goodman]

Originally Posted by Vintage Vern

That's on you. You have all the time in the world to bid higher before the auction ends. Maybe because you know you have a safety net you just hope to lowball a card in hopes you get it that way. People that truly want something, and know they only have 1 shot will bid their max, and call it a day. If most auctions had the same type format as Ebay you could bid high as you feel comfortable with and still not hit your max bid. I made a bid once and knew I had to do something at the end of auction time, and was glad I had that option. I won even though it went much higher then I expected, but was happy I won with my eary max bid.

I always bid an amount higher than I want to pay so that I won't be disappointed if I lose.

And, in ebay style auctions I bid with a few seconds left (no software for me) so there is minimal time for anybody to bid again if they see that I have outbid them.

[Casey2296]

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Goldin is not my cup o tea so I don't bid in his auctions, I do enjoy Heritage, REA, LOTG, and the smaller auction house closing procedures and the West Coast bias that comes with late night/early morning hammers.

Y'all get the National and we get to stay up 3 hours later than you, bathroom breaks not included.
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