LOTG Auctions closing rules

[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.

[ooo-ribay]

Originally Posted by 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.

I think the argument for “all at once” was to get the best possible price for the consigner.

I can see perezfan’s point if you are bidding on a bunch of items.

As someone bidding only on one item, I’m with Jeff in that if my item is subject to an individual 15 minute rule, I can be there T 9:00 EST and do what I need to do.

[Topnotchsy]

Originally Posted by ooo-ribay

I think the argument for “all at once” was to get the best possible price for the consigner.

I can see perezfan’s point if you are bidding on a bunch of items.

As someone bidding only on one item, I’m with Jeff in that if my item is subject to an individual 15 minute rule, I can be there T 9:00 EST and do what I need to do.

I've heard the argument, but I don't see how this get the best price for a consigner. In theory, you could expand that argument to never end the auction at all, as more time could always lead to more bids.

In my mind, what drives the final price the highest is the fear of losing the item. And if a person is unsure when the auction will end, their fear of losing the item is countered by a desire to not bid too early. And if the auction ends at a time when many people are no longer awake, it means no opportunity for the excitement of the competition to drive more bids.

[rand1com]

All lots should go to individual clock at 11:00 PM eastern and end when no bids are placed on that lot on 15 minute intervals. Going until 3AM makes no sense. Is it possible to go that long lot by lot, yes, but not likely.

[ruth-gehrig]

Originally Posted by rand1com

All lots should go to individual clock at 11:00 PM eastern and end when no bids are placed on that lot on 15 minute intervals. Going until 3AM makes no sense. Is it possible to go that long lot by lot, yes, but not likely.

Would your opinion be the same if you had an item consigned? How about multiple items?

This is a never ending debate i know but feel like most consigners want auctions open longer for more action and thus money. Buyers would prefer lot by lot so they can win(or not) and hit the bed.

[BRoberts]

Originally Posted by ruth-gehrig

Would your opinion be the same if you had an item consigned? How about multiple items?

Yes and yes.

I will not consign to an auction house whose auctions extend into the wee hours of the morning. Why? Because as a bidder I know I pretty much disregard these auction houses.

If an AH thinks it needs to extend its auction to 3 a.m. in order to maximize prices sold, my guess is it doesn't have a lot of faith in its bidder pool. So I choose not to consign with them.

Purely anecdotal, and many disagree. But when I hear the arguments on why it's a good practice, I don't agree with them.

[rand1com]

Originally Posted by ruth-gehrig

Would your opinion be the same if you had an item consigned? How about multiple items?

This is a never ending debate i know but feel like most consigners want auctions open longer for more action and thus money. Buyers would prefer lot by lot so they can win(or not) and hit the bed.

Yes. I have consigned many items and prefer a reasonable ending time. The items are up for at least two weeks before the last day. Going into the next day on all lots when only a few are getting bid is ridiculous. Most of the auction houses are now reasonable with closing terms.